More than a dozen American companies have pledged to create 100,000 new jobs for young people between the ages of 16 and 24 years old by 2018. Brands like Wal-Mart, Lyft, Taco Bell, Microsoft, and Starbucks are all a part of the just-launched 100,000 Opportunities Initiative, a push that’s also receiving support from the likes of the Rockefeller Foundation and MacArthur Foundation.
While the news will be most welcome among the youngest sect of millennials, the initiative is also formatted as a generous bit of more general economic relief. “Breaking down barriers to employment for young people doesn’t just help the individual workers – it benefits entire communities and the economy at large,” U.S. Labor Secretary Thomas Perez said earlier this month. “The corporate leaders championing the 100,000 Opportunities Initiative recognize that promoting career opportunities for youth is a win-win, and I hope more employers will follow their lead.”
According to US News, the target age group suffered from an unemployment rate more than doubled the national average as of last month. And while 16 to 24-year olds are often full-time students, the 11.8% unemployment rate among them is nonetheless cause for worry. The 100,000 Opportunities Initiative will likely offer many of the lucky recipients their first positions in the form of part and full-time jobs, apprenticeships, internships, and training programs.
The initiative kicks off with a job fair in Chicago on August 13th and more than 2,000 young people are expected to receive training from some of the participating companies. On top of the training, 200 immediate job offers will be made.
In addition to the immediate effects and impact of the job creation, the 100,000 Opportunities Initiative has potential to spark career mobility for high-school and college graduates, many of whom are simply lacking the initial professional experience that would qualify them for other unfilled positions around the country.
Each company has pledged its own specific commitment, with Starbucks, for example, announcing plans to hire more than 10,000 young people through the program in the next three years. (For reference, 80% of the coffee chain’s workforce are already millennials.) “By using our scale to create pathways to affordable education and meaningful employment for these young men and women, we’re strengthening both our workforce and our economy,” the company’s CEO, Howard Schultz, said in a statement for the initiative. “The rules of engagement for philanthropy are changing,” he later added. “It’s not just about writing a check; rather, our approach is focused on creating a coalition of like minds with local knowledge, expertise on-the-ground and the ability to scale the social impact of an initiative like this to create pathways of opportunity for the literally millions of young people who can benefit from this program.”
Head over to 100k Opportunities website to learn more and look out for a local fair in your area.
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