Graduate internships to combat long-term youth unemployment
Long-term youth unemployment rises by 847% over the past 12 years, according to new TUC findings. The statistics show that the number of 18-24 year olds out of work for a least a year has grown eightfold since 2000. Official unemployment figures released today show the number of young people out of work remaining above the 1million mark – one in five of Britain’s youths. The current job market is clearly having an effect on students’ confidence and ability to find a job. Leading graduate internship provider, Inspiring Interns’ own research reveals that 47% of graduates asked would think twice about studying a purely academic subject if they were to repeat their university years.
Inspiring Interns believes that much needs to be done to combat the scarring effects that long term unemployment will have on young people. Paul Gregg, professor of economic and social policy at the University of Bath, who helped coin the phrase “unemployment scarring”, voiced his concerns;
“We know that exposure to significant periods without work leads to long-term damage. We know that the costs of that to the individuals in higher future unemployment, lower wages, health-related problems is very large.”
Young people can often find it harder to get a job because they lack skills and experience. Inspiring Interns research found that 30% of graduates asked weren’t confident to apply for roles because they lacked work experience. Inspiring Interns Communications Director Andrew Scherer, who began his working life as an intern for Inspiring and is the author of Brilliant Intern, believes that internships are the perfect model to get graduates into meaningful work.
“With a currently saturated job market graduates are finding that they simply cannot compete. They are remaining unemployed or finding menial work that does not make best use of their education”
“An internship gives graduates the chance to learn practical skills which will impress potential employers, as well as make useful industry contacts and even earn themselves full-time work.”