The pandemic has had many impacts on society. One of its major impacts has been on employment, in particular relating to young people. According to a survey by the Resolution Foundation, “the current economic crisis risks pushing an additional 600,000 18-24-year-olds into unemployment in the coming year”.
As a result, graduates and young people will be affected by the pandemic in the long run when it comes to employment, facing a decrease in employment prospects, reduced pay and the potential to lose their jobs once they have gained employment.
So how will the pandemic impact youth employment?
One way the pandemic will impact youth employment is with graduate prospects. According to the survey by The Resolution Foundation, “employment rates of graduates entering the labour market during this crisis are projected to be 13% lower than they would have been.”
As the pandemic causes roles to be put on hold and companies having reduced number of positions available, it will become even more difficult than normal to find a first time job. This will affect graduates and young people the most, as they try to find employment after finishing their education. As a result, many young people will face long term unemployment as they search for a career during an uncertain future. In this way, the pandemic will directly impact youth employment.
Another way the pandemic will impact youth employment is economically. According to the study by the Resolution Foundation, “one year after leaving education, the pay of graduates is projected to be 7% lower, and 9% and 19% lower for mid- and low-skilled workers.”
The pandemic has had drastic impacts upon the economy, meaning that many companies have had reduced earnings and will not be able to pay their employees as much as before, due to a lack of income from the lockdown period. As a result, those entering employment with a new job will face lower wages as a direct result, hitting graduates and young people the most. In this way, the pandemic will impact youth employment.
The pandemic will also impact youth employment with redundancies. Due to the current economic crisis, many companies and organisations are facing closures and redundancies, meaning they cannot afford to keep people employed. This means that even if graduates and young people manage to find a new job during the crisis, they risk losing it very quickly. According to a survey, “young people already in work have been among those hardest hit by the crisis with 23% of employees aged 18-24 years old being furloughed and a further 9% losing their jobs.”
This will further increase the rates of unemployment, as young people find themselves back where they started searching for jobs once again and will likely have a severe impact upon young peoples mental health as a direct consequence. As a result, the pandemic will impact youth employment. The pandemic will have several impacts upon youth employment in the long run.