South Africa and the UK currently face significant challenges in youth employment, with official unemployment rates reaching 33.5% in South Africa in Q2 of 2024 and 4.1% in the UK from May to July 2024. Globally, according to the International Labour Organisation (ILO), youth unemployment rates were at 15.3% in 2023, with higher rates in developing countries.

The World Economic Forum estimates that 50% of the current workforce needs to upskill or reskill just to stay relevant in today’s rapidly changing job market. Shockingly, this figure is expected to jump to a staggering 90% by 2030.

This skills crisis represents a major threat to both individuals and the global economy. A report by the Boston Consulting Group predicts a loss of $15 trillion in global GDP by 2030 if we fail to address this issue.

So, what are the challenges and opportunities surrounding the future of work?

Innovation Keynote Speaker and Futurist, John Sanei’s work highlights the generational shift in the workplace. While the Baby Boomers and Generation X tend to value stability, work ethic and loyalty, Millennials, Gen Z and Gen Alpha prioritise flexibility, purpose, and continuous learning. From a recent report, Sanei shares that a child who is 10 years old today is likely to switch careers up to 29 times. “We’ve gone from 1 to 2 careers over a lifetime to almost 30 times that in that space of a generation,” he advises. This creates both challenges and opportunities for employers who need to bridge the gap between different generations and attract the talent of tomorrow.

Emerging Trends and the Role of Mentorship:

Klaus Schwab, Founder and Executive Chairman of the World Economic Forum suggests that “we are in the midst of the Fourth Industrial Revolution, a revolution that is fundamentally changing the way we live, work, and relate to one another.”

eLearning and Artificial Intelligence (AI) are revolutionising how we acquire knowledge. The World Economic Forum estimates that AI could create 97 million new jobs by 2025, but also automate 85 million existing jobs. While online platforms can deliver information efficiently, they often struggle to replicate the experiential learning and soft skills development crucial for success.

This is where mentorship becomes important. Mentors provide invaluable guidance and support, helping young people bridge the gap between theoretical knowledge and practical application. By connecting youth with experienced professionals, mentorship fosters skills like critical thinking, problem-solving, communication, and collaboration.

Three ways businesses can partner with nonprofits like SAYes Mentoring to address the skills crisis:

1. Sponsor Mentorship Programmes: Businesses can become champions for youth development by sponsoring mentorship programmes. This investment fosters the creation of a skilled workforce, potentially leading to a future talent pool of loyal employees.
2. Volunteer Subject Matter Experts: Share your expertise! Businesses can encourage employees to become mentors, passing on their valuable industry knowledge and inspiring the next generation.
3. Co-Develop Curriculum: Collaborate with SAYes to develop industry-specific curriculum that integrates mentorship into online learning modules.

Solving the skills crisis requires a collaborative effort between businesses, civil society and the government. By investing in youth development through mentorship programmes, we can equip our future workforce with the skills needed to thrive in a rapidly evolving world.

Ready to make a difference? Contact SAYes Mentoring to discuss how you can become a partner in shaping the future of work.

References:

UK: Office for National Statistics (ONS): https://www.ons.gov.uk/

South Africa: Statistics South Africa: https://www.statssa.gov.za/

International Labour Organization (ILO): https://www.ilo.org/

World Economic Forum: https://www.weforum.org/agenda/2024/08/skills-market-government/

https://www.weforum.org/about/the-fourth-industrial-revolution-by-klaus-schwab/

https://www.forbes.com/councils/forbestechcouncil/2024/03/12/the-future-of-work-embracing-ais-job-creation-potential/#:~:text=The%20World%20Economic%20Forum’s%20Future,between%20humans%2C%20machines%20and%20algorithms.

Boston Consulting Group: https://www.bcg.com/publications/2024/how-governments-can-improve-global-skills-market

John Sanei: https://johnsanei.com/innovation-keynote-speaker/

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