New graduates and young professionals are the future of your business. So naturally, you need to make sure that you get the hiring process right. But where do you start?
Understanding current youth employment trends makes sense. By understanding which countries have the best employment rates for job seekers straight out of college, and what skills these job seekers can bring to the table, helps you better understand where you can find qualified graduates with skills that can benefit your company both immediately and long-term.
To get to that point, of course, you have to first understand the nature of today’s youngest professional generation. These details will give you a better idea of the type of graduates entering the workforce in the countries mentioned below.
The Next Generation of Job Seekers
Millennials are so early 2000s. The job-seeking generation of the present and future is best known as Generation Z, and its common characteristics (and challenges) differ significantly from the cohort that came before them.
In a recent article, we highlighted the next generation of job seekers in more detail. To sum up, this cohort:
- Is shaped by an upbringing that was defined by the global economic recession and war on terror.
- Has never known a world in which digital devices, and the information that comes with them, is not at their finger tips.
- Takes a more fiscally conservative and pragmatic approach to their career, placing financial security first.
- Expects to be in their dream job within 10 years, and is willing to move for it.
Youth Employment Rates Around the World
The final bullet point above is especially relevant for global employers seeking to build an international workforce that consists of the best available talent, regardless of country of origin. As Generation Z enters the labor market, a generation defined by its willingness to move for a great career, understanding youth employment trends around the world becomes more crucial than ever.
As this Forbes article highlights, employment rates for college graduates tend to mirror overall economic performance for countries across the world. Put simply, if a nation’s economy is under performing, one of the first groups to feel its effects are new professionals. Experience tends to become more valuable, leaving recent graduates behind.
As a result, it’s no surprise that among OECD countries, Norway and Germany lead the way with only 1.8 percent and 2.4 percent unemployed college graduates, respectively. Unemployment rates for college graduates under 25 also look promising in the United States, with a 2.4 percent rate in 2016 that is less than half the country’s overall average.
The same cannot be said, however, around the world. Here, youth unemployment is on the rise, with a concerning 13.5 percent overall in 2016. The World Bank, in cooperation with the International Labour Organization, has published a detailed breakdown of youth unemployment rates (though not separated by education level) in every country over the past 25 years.
Finding the Right Skills For Your Positions
Of course, successful international recruitment requires more than a simple overview of unemployment rates. In addition, you have to find candidates that match the skill set you look for to fill your positions. Considering the sometimes significant skills gap between education and full-time work, this is a crucial challenge.
The Harvard Business Review, for example, has broken down which countries tend to graduate professionals with the highest English proficiency. Meanwhile, the Hays Global Skills Index uses a mathematic formula to determine which countries graduate the most skilled job seekers. In that calculation, Sweden, the United States, and Luxembourg come out on top.
Generation Z is just starting to become old enough to enter the workforce. At the same time, it will be the definition generation for the next decade of recruitment. That’s why it makes sense to inform and adjust your strategy now, better preparing you for the future of youth employment in your company.
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