"Young jobseekers, challenged by a rapidly changing labor market, are having a tough time. The U.S. unemployment rate for 22- to 27-year-old degree holders is the highest in a dozen years outside of the pandemic. Companies are reluctant to add staff amid so much economic uncertainty. The hiring slump is especially hitting professions such as information technology that employ more college graduates, creating nightmarish job hunts for the increasingly smaller number who do complete college. Not to mention fears that artificial intelligence will replace entry-level roles."
"So, Citi Foundation identified youth employability as the theme for its $25 million Global Innovation Challenge this year. The banking group's philanthropic arm is donating a half million dollars to each of 50 groups worldwide that provide digital literacy skills, technical training and career guidance for low-income youth. Employer feedback suggested to Citi Foundation that early career applicants lacked the technical skills necessary for roles many had long prepared to fill, highlighting the need for continued vocational training and the importance of soft skills."
Unemployment for 22- to 27-year-old college degree holders is at its highest level in a dozen years outside the pandemic as companies hesitate to add staff amid economic uncertainty. The hiring slump disproportionately affects fields like information technology that hire more college graduates, intensifying job-search challenges. Employers report early-career applicants often lack necessary technical skills, underscoring demand for continued vocational training and stronger soft skills. Citi Foundation is funding a $25 million Global Innovation Challenge, awarding $500,000 each to 50 groups that deliver digital literacy, technical training and career guidance to low-income youth. Some programs teach AI prompting while also emphasizing teamwork, empathy, judgment and communication.
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