Our commitment to addressing
As the world continues to recover from the financial crisis, we face many challenges. One of the most intractable economic and social challenges today is youth unemployment.
Now recognized as a global issue, it occupies headlines around the world and remains firmly on government and business agendas.
"At EY, our purpose is Building a better working world, and we believe that addressing the ongoing youth employment challenge is an important way we can work to fulfill that purpose."
— Mark A. Weinberger, Global Chairman & CEO, EY
Addressing this challenge is not something that we can achieve in isolation. But we recognize the potential we have, as a large global organization, to collaborate with other businesses, governments and NGOs globally to make a real and lasting difference.
Through initiatives around the world, we are helping young people to access higher education, gain work experience and find employment.
- In Europe we’ve joined the Alliance for Youth, and announced our plan to offer 55,000 traineeships and 35,000 internships for young people across the continent by 2020.
- In the US, our Clinton Global Initiative commitment reflects our ongoing support in helping underserved young people to access higher education and plan their future through EY’s signature mentoring program, College MAP (Mentoring for Access and Persistence).
The impact on societies and economies
Youth unemployment represents not only a problem for young people who can’t find work, but also for society as a whole.
For young people, the loss of experience and income at the start of their careers will likely have long-term effects, reducing their lifetime earnings and standards of living, and even affecting their health and life expectancy.
For society as a whole, the risk of a ‘lost generation’ is equally as dramatic. It represents lower tax income, higher benefits payments, and the loss of the combined efforts and skills of a wide cross-section of the population — providing further drag on the economy.
The scope of the issue is huge. We don’t believe that we have all the answers, but at EY we are committed to being part of the solution and fulfilling our purpose of Building a better working world.