Recovery, Renewal, Resilience

Research shows that young people experience more long-lasting labour market impacts due to economic crises than adults, including being the first to lose jobs, working fewer hours, taking more time to secure quality income, and wage scarring where earning losses recover slowly. The International Labour Organisation reported that 17% of young people employed before the pandemic had stopped working entirely, and 42% reported reduced incomes. Additionally, it is widely reported that it is becoming increasingly difficult to source workers with the right skills in sectors where job opportunities exist. Consider developing youth employment initiatives, aimed at promoting domestic employment, skills development, capacity building and enabling equal access opportunities for vulnerable youth:

• Assess your own organisation’s operations and capacity to understand where youth employment opportunities may be protected or enhanced:
  • Recognise the contribution of people who joined your organisation as young people in entry-level roles and try to ensure that restructures do not remove roles that provide a talent pipeline into your organisation.
  • Monitor for age in any furlough and redundancy plans to ensure young people in your existing workforce are not disproportionately affected
• Map labour market information of unemployed young people such as knowledge, skills and abilities, with potential sectors of employment, including consideration for the supply and demand aspects of the labour market
  • Establish a working plan with employment services centres to support registration, profiling, referral, temporary work placements and on-the-job training
• Collaborate with local government and private and public organisations to establish sectors in which temporary employment opportunities for young people could be created e.g. public works and infrastructure maintenance (Nepal)
• Align vocational education and training aimed at up-skilling young people with employment initiatives such as apprenticeships and work experience programmes
• Provide youth-targeted wage subsidy programmes to help young people enter, re-enter or remain in the labour market by reducing costs of recruitment, retention and training
• Continue to provide careers advice in schools, colleges and universities to help young people navigate their employment options during COVID. Ensure careers advisors understand the current labour market and options open to young people so that they can provide timely advice

Remittances from overseas migrant workers make up more than a fifth of GDP in some economies. This type of finance is usually very resilient to natural disasters, and financial slumps as those sending money home are unlikely to follow the behavior of financial markets. However COVID-19 has meant people cannot send money as they normally would due to social distancing and bank/post office closures. This impacts the capacity to send hard cash which made up 80-85% of transaction pre-pandemic. Consider:

• Promoting the digitisation of cash transfers in local communities to support the sending and receiving of remittances as moving cash has become harder
• Giving "mobile-money" agents the status of being an essential service. These small traders serve many times more people than bank branches but struggled to stay open as governments did not deem their services "essential"