Are you a fresh graduate looking for a job? Well there just might be some great news for you as many companies are creating more jobs for youths this year. Keep reading to learn more….
Entrepreneurs to Create 10 Million Jobs
A recent study conducted by Accenture found that entrepreneurs can help to create around 10 million jobs for youths in the G20 nations, provided the current obstacles to entrepreneurship were removed. The report also found that almost 74 per cent of the surveyed entrepreneurs plan to hire fresh talents this year. Although it may come as good news to most young graduates, but you shouldn’t start jumping with joy just yet. You should know that many entrepreneurs are concerned about the shortage of relevant skills in applicants which is keeping most of the graduate vacancies unfilled.
The Accenture Study
The study, titled “The Promise of Digital Entrepreneurs: Creating 10 Million Youth Jobs in The G20 Countries” has been conducted by Accenture and reviews the opinions of over 1,000 entrepreneurs. It also focuses on the barriers which are preventing entrepreneurs from creating new jobs and developing the economy. The survey found that 85 per cent respondents think they play a key role in job creation for youths. However, they also believe that they face various challenges like lack of funding, sustaining innovation, scaling, expanding globally and hiring right skills which are creating a hindrance.
What Does It Reveal?
The new report discovered that numerous entrepreneurs think that more attempts can be made to promote youth job creation in their respective nations. Only 26 per cent of respondents consider that their government has taken relevant and adequate steps to support job creation for young people. Moreover, around 54 per cent of entrepreneurs believe that a dearth of incentives act as obstacles in recruiting more fresh graduates.
Bruno Berthon, Managing Director of Cross-Industry Strategy Lead, Accenture Strategy, said “While there is no simple solution to the challenge of youth unemployment, this study provides evidence to suggest that entrepreneurs can play a vital role in reinvigorating youth job creation. Policymakers are not blind to the importance of entrepreneurs.” He added “However, digital technologies are enabling and accelerating entrepreneurship, and in many cases, the legislative and regulatory environment is struggling to keep pace. Countries that are able to foster and support entrepreneurs will be better positioned to create jobs, restore growth and enhance the overall quality of life for their citizens.”
Skills Shortages- The Key Challenge
For most entrepreneurs, the primary concern is the shortage of relevant skills in fresh applicants. About 78 per cent said recruiting people with the right skills is a serious challenge; whereas 62 per cent think skills shortages is among the top 3 concerns related to recruitment. This shortage of skills and talents was experienced by entrepreneurs across industries and sectors by both new and established firms.
More Opportunities with Open Innovation
According to the survey, most new jobs are expected to be created by organisations that are more export and innovation oriented. 91 per cent of respondents who have innovation-centric firms are more confident that they will create jobs than firms where innovation is considered unimportant. 76 per cent of entrepreneurs think that open innovation is an enabler of innovation in business. Furthermore, 86 per cent respondents collaborate with their clients to develop better offerings.
The study also observed that 91 per cent entrepreneurs who think open innovation is important are anticipating increase in revenues; while only 54 per cent of those entrepreneurs who think innovation is not essential, are expecting growth. Bruno Berthon said, “As business leaders seek growth, they are increasingly finding the need to look beyond their shores and beyond their existing products and services. This underscores the importance of policies that support risk and enterprise as a route to sustainable economic recovery in many markets that are experiencing sluggish growth today.”
He further added, “More countries are adopting entrepreneur-friendly policies, but many of these policies are still largely fragmented, and many of the entrepreneurs we surveyed consider them insufficient. Entrepreneurs are seeking a simplified regulatory environment that encourages open innovation, and offers them a combination of tax incentives and access to better and more flexible financing.”
So What Do You Think?
Will you be able to take on the opportunity and land a great job? Or do you need to acquire additional skills and knowledge for a better career? Let us know what you think. Feel free to share your views in the comments.
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