IMPACT HIRING: SOLUTION TO GLOBAL UNEMPLOYMENT
In the first article, we discussed impact hiring as a solution to start-up failures. A different perspective necessitates this article to come up.
Unemployment is on the rise across the globe and there is clamour for youth engagement and job creation. Global leaders realised that it is dangerous if the youths are not engaged and they have tried to find solutions. In Nigeria, one of the solutions is Skill Acquisition and Entrepreneurial Development (SAED) for the graduates to engage in Entrepreneurship in order to reduce the alarming rate of unemployment which has increased from 13.7% in 2014 to 19% in 2015 to 21.5% in 2016 and to 43.3% in Q3 2018 (NBS, 201,2015,2016,2018). However, majority of the graduates are not ready to start their businesses but continued to look for jobs which do not exist. Most of them have no understanding of business management because it was not included in their curriculum and they never sold anything while in school thereby creating a gap for them to resonate with SAED program. Moreover, the elderly people who have worked for many years are not ready to leave having found security for the next few years before retirement.
Most businesses are structured for employees to come into the system and use their skills over the years in making money for them. Although, most of them are not developed through constant training over the years and they become useless to themselves and the company. At that point when they are not contributing anymore to the organizational progress, they are asked to leave. Remember that most of the retired people are not engaged in the society making us create redundancy in the society.
At this point, Thinking House Consulting started to think out of the box to find possible solution to global unemployment. Yes, it is impact hiring!
Imagine an intentional and purposeful hiring where an employee comes to the organization to solve problems related to the area of business of the organization where he is employed. At the interview, the employee knows that he is coming to solve a problem to start his company and make it work. The problems are identified along the line in the course of engagement in the organization, and teams are formed to solve the problems. In the long run, the teams will become the shareholders of the companies that will be registered to pursue the solution to the problem while the parent company have major share. After the idea has been fine tuned within 1-2 years, they are asked to start their businesses and supported by the parent company. By this, they transits from job seekers to entrepreneurs for those with the DNA. This will prevent long stay in any organization thereby allowing new people to come into the organization instead of waiting until old employees are retired. Therefore, there is purposeful employee turnover creating constant space in companies for new graduates to come in and work for few years with the mind of solving a problem and starting a company with a group of people on the team.
Thinking House Consulting is working on this approach to see how feasible and practicable it looks. However, we recommend this approach to global leaders and companies to engage unemployed people across the globe.
Written by Tokunbo Adekanla
- National Bureau of Statistics (2014). Statistical News: Labor Force Statistics, 476. Abuja: The NBS
- National Bureau of Statistics (2015). Statistical News: Labor Force Statistics, 476. Abuja: The NBS
- National Bureau of Statistics (2016). Statistical News: Labor Force Statistics, 476. Abuja: The NBS
- National Bureau of Statistics (2018). Statistical News: Labor Force Statistics, 476. Abuja: The NBS