The second quarter of 2024 has been one of the most difficult in the last two years in terms of employment, according to recent data (INE). Although a reduction in unemployment figures has been observed, challenges persist and are reflected in various economic and social indicators. Since EIP International Business School, we believe these challenges also present opportunities for innovation and growth in the labor market.
Key Employment Data Second Quarter
The second quarter report highlights several critical points:
- Increase in Unemployment: Despite a slight decrease in overall unemployment figures, the rate remains high compared to the last two years.
- Most Affected Sectors: The service and manufacturing sectors have been the most affected, showing a significant decrease in the number of jobs available.
- Young Population and Unemployment: The unemployment rate among young people remains alarmingly high, raising concerns about the future of employment for this generation.
Perspective from EIP International Business School
As an institution dedicated to training highly trained leaders and professionals, at EIP International Business School, we see this scenario as a call to action. We firmly believe that, while the current data is concerning, it also offers a unique opportunity to reimagine and revitalize the labor market. Here are some strategies and approaches to address these challenges:
- Innovation in Vocational Education and Training: It is essential that educational institutions adapt their programs to equip students with relevant and current skills. At EIP, we are implementing courses that address emerging market needs, such as digitalization, artificial intelligence and sustainability.
- Promotion of Entrepreneurship: Encouraging the entrepreneurial spirit among young people can be an effective solution to combat unemployment. Startup incubation programs and access to financing can help turn innovative ideas into successful businesses.
- Collaboration with the Private Sector: Collaboration between educational institutions and companies is crucial. At EIP, we work closely with the private sector to ensure our graduates are prepared for the demands of today's job market.
- Labor Support and Flexibility Policies: Government policies should focus on supporting both employers and employees. This includes tax incentives for companies that hire young people and the promotion of flexible working arrangements.
EIP's contribution to the Sustainable Development Goals
At EIP International Business School, we are committed not only to training competent professionals, but also to contributing to the Sustainable Development Goals (SDGs) established by the United Nations. Our approach includes:
- Quality Education (SDG 4): We offer educational programs that ensure high-quality training, preparing students for the challenges of today's world of work.
- Work and Economic Growth (SDG 8): Through our guaranteed employment initiatives, we help reduce unemployment rates and foster inclusive and sustainable economic growth.
- Reducing Inequalities (SDG 10): We implement inclusive policies that ensure equitable access to education and employment opportunities for all our students, regardless of their origin.
Conclusion
The second quarter of 2024 has proven to be a very challenging period for the labor market, but it also offers us an opportunity to innovate and adapt.
It is evident that the unemployment rate for those under 25 years of age, standing at 28,36% in the fourth quarter of 2023. This high youth unemployment rate highlights the need for specific interventions for this demographic group. These data highlight the differences in the impact of unemployment according to age group, with young people being the most affected.
So far this year, at EIP International Business School we have managed to change the lives of more than 200 students, who have entered the labor market with their first experience thanks to the quality of the training received and the guarantee of employment that we provide upon completion of the professional masters.
At EIP International Business School, we are committed to leading this change, ensuring that our students not only find employment, but are also able to create and lead in an ever-evolving work environment. With a combination of high-quality education, encouraging entrepreneurship and collaborating with the private sector, we believe we can overcome these challenges and build a more prosperous and resilient future for all.
