Written by: Team PredictiveHire
The ROI of hiring youth!
Sapia’s CEO Barb Hyman comments on Australia’s Federal Budget as it relates to the youth.
As Australia rebuilds its economy, investing in the youth is a step in the right direction. However, business and community leaders must guide them towards the right career path, one HR leader said.
“It is comforting and critical that the government has recognised the important need to invest in this younger generation. They are both the worst-affected as a group by COVID in the short term. They are also likely to beat a larger cost of the impact of COVID on the economy and employment opportunities for the next five to 10 years,” said Barbara Hyman, CEO of Sapia.“Despite this, the investment in training only pays off if the individual has a good idea of what jobs they are best suited to. And, we all know, career counselling from school and beyond is pretty much non-existent,” Hyman told HRD.
“The more understanding for the kind of role and environment that brings out the best in an 18- or 25-year-old. The deeper self-awareness they have about their strengths, the more ROI both the government and the individual will get from this massive investment,” she said.
“Scalable career discovery should really be a part of this. R&D backing in this year’s budget should be used. That way, the hundreds of thousands of young people who are making life career choices can do so with confidence. Also, this technology is here now through AI-led personalised scalable career coaching,” Hyman said.
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‘We owe it to the next generation to ensure a strong economy,’ Frydenberg said
The Morrison government is ensuring the next generation won’t be left behind in an economy reeling from the pandemic, Treasurer Frydenberg said.
The Federal Budget 2020 unveiled this week includes incentives to businesses that will hire young Australians, and opens new pathways for upskilling them.
Frydenberg announced a new JobMaker hiring credit, payable for up to 12 months, for companies that will employ workers aged 16 to 35. “It will be paid at the rate of $200 per week for those aged under 30, and $100 per week for those aged between 30 and 35,” he said.