Economic Recovery ‘Depends On Young Employees’

The next generation of young professionals, including those who are registered with science graduate recruitment agencies, will be the ones to help the UK economy recover.

Over the last few months, the country’s financial situation has been hit hard by the coronavirus pandemic, as many businesses have been forced to close down to keep their staff safe.

As a result, leading economic forecaster from EY Item Club Mark Gregory predicted the UK economy will shrink by as much as much as eight per cent in 2020.

Speaking with the Guardian, he anticipated the damage caused by the crisis could last until 2023, saying: “This is an undoubtedly challenging environment for businesses and forecasting is extremely difficult.”

The news provider reported the economy shrank by 20.4 per cent in April, suggesting it could result in the worst recession the country has experienced in more than 300 years.

Therefore, employers need to kickstart their recruitment process to get industries back on track as soon as possible.

Consequently, the Confederation of British Industry (CBI) has written to the Prime Minister to suggest ways to focus its recovery plans, including prioritising young workers.

CBI director-general Dame Carolyn Fairbairn suggested focusing on creating new jobs and providing training and learning opportunities.

She stated: “A world class test and trace system is the foundation for a UK that is safe to visit, invest in, work and study in. Two other priorities also stand out: jobs, especially for young people, and investment.”

The CBI also recommended investing in green infrastructure to encourage a more sustainable future, and kickstarting consumer demand to improve UK competitiveness.

Dame Fairbairn stated: “Without immediate intervention, pre-crisis inequalities across regions, gender and race will worsen. Long-term unemployment will leave generational scars. And business investment will need to bounce back fast to create the jobs of the future.”

She went on to say: “Time is of the essence. Smart, fast policy is needed now to accelerate the process to minimise the human cost and, in particular, protect the futures of our young people.”

The Trades Union Congress (TUC) also called for the government to protect young people’s careers, saying those aged 25 or under are most at risk of losing their jobs.

It found that job vacancies have dropped by 25 per cent compared with the same period last year, while there has also been a surge in lay-offs, recessions and staff being furloughed.

General secretary of the TUC Frances O’Grady said: “We know it’s a tough road ahead. But the more people there are in work, the faster we can work our way out of recession.”

She added: “Young people, in particular, can’t be left to the misery of long-term unemployment. And it’s the best value option for the treasury.”

The TUC proposed a job guarantee scheme to create additional roles; offer secure contracts of at least six months; pay at least the real living wage; enable work that benefits the country; give training opportunities; and provide guaranteed access to trade union representation.