CEOs call for more youth training

Governments and the corporate sector will be pushed to better empower youths in order to tackle the widespread problem of youth unemployment, according to the head of Infosys Technologies. 

Most newly created jobs focus on areas that are vastly different from the past, making it difficult for youths to find their niche, said Kris Gopalakrishnan, Managing Director and CEO of Infosys Technologies. 

Citing a working group discussion with CEOs who gathered under the scheme of reducing youth unemployment at the G20 Business Summit, Gopalakrishnan noted that jobs of the 21st century are very different from before. 

“They have significant knowledge content,” he said, urging governments and enterprises to better train youths to match the demands being made in the newly created jobs. 

“Bigger anticipation of the type of work, as well as matching the needs and skills can help workers reap the benefits from both crises and restructuring new opportunities,” the CEO said. 

A growing number of youths have been out of jobs from the outset of the 2008 global financial crisis. 

Gopalakrishnan estimated that over 80 million youths were out of work, citing figures from the International Labor Organization. 

The South Korean labor market has been no exception, with an increasing number of younger people struggling to find work. 

A public and private sector partnership, therefore, for training youths to make them more desirable in the job market was crucial, Gopalakrishnan said. 

Companies should be given more incentives such as tax breaks in order to more actively tackle this task, he added. 

Another recommendation from the CEOs was to foster entrepreneurship.

“Entrepreneurships at small and medium-sized companies are the drivers for any economy in terms of job creation,” Gopalakrishnan said.

Some 120 CEOs gathered in Seoul for the Group of 20 Business Summit that kicks off Wednesday for a two-day run.

A final report on their findings and recommendations will be issued on Thursday. The results also will be shared with the Group of 20 national leaders who are here for the G20 Seoul Summit.

Infosys is a global leader in business process outsourcing and is often called the “Microsoft of India” because of its rise from a small venture to a top-tier firm.