Hire a “Gen Y.” - The Benefits to Youth, Community & Your Business
The Millennial Generation (aka Generation Y’s) are people born sometime between the mid-80s to the late 90s. Ambitious, confident and achievement-oriented, they are the fastest growing segment of our future workforce.
Many of Ontario’s young people possess definite employment and career advantages, such as education, innovation, tendencies toward social development and strong global connections. A global generational study conducted by PwC (a network of member accounting firms) characterized today’s youth as “civic-minded with a strong sense of community both locally & globally”, these future leaders and employees of our companies and organizations are talented, team-oriented and certainly, tech-savvy.
However, even with the employability odds stacked in their favor, the unemployment rate for Halton’s young workforce is unacceptably high - almost double the average provincial rate. The cause and determining factors are mixed – some say companies hire only those with work experience requiring minimal training, while others cite the rise of minimum wage as a deterrent for hiring. Nonetheless the fact remains many youth are not being hired and if this issue is not addressed, it will have a negative, ripple effect on our aggregate economic health.
The issue of youth unemployment can persist for many years. The impact of this prolonged detachment to the labour market may result in individuals not having obtained the necessary experience to support career progression and advancement. Also, the economic loss can be substantial, significantly hindering their ability to become financially independent/self-sufficient and preventing them from making the necessary contributions to their communities.
As part of Ontario’s Youth Jobs Strategy, the Youth Employment Fund was developed to support the expansion of employment opportunities and assist youth with acquiring work experience and real-life skills that will benefit them throughout their careers. The goal is to connect businesses with talented, career focused job seekers from 15 to 29 years of age in an effort to help 30,000 young people across the province build skills, find work and/or start a business.
By providing the opportunity of a job placement, employers may be eligible to receive incentives that help cover the cost of wages and training for new hires.
The Youth Employment Fund benefits youth in the workforce and also provides eligible employers with the following:
- Up to $6,800 for training incentives
- Support funds for additional skills development
- Free recruiting support and job matching service
There are various programs, supports and assistance available for businesses and organizations who hire youth talent, students and young entrepreneurs.
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