 Good evening and welcome. My name is Peter Cappelli. I'm a professor at the Wharton School at the University of Pennsylvania in Philadelphia. It's a pleasure to have all you with us tonight for our open forum. The topic tonight is unemployment and we're going to talk about many of the issues around it just to set a little bit of context. At the moment the estimates suggest that there are 200 million people worldwide unemployed. The current economic downturn driven by the financial crisis from a few years ago. Some people estimate have pushed 300 million individuals into poverty worldwide. Unemployment is 48 million in the OECD countries right now. In places like Spain it's 50 percent or 25 percent, sorry, youth unemployment especially high in places like Spain. It's now 56 percent of youth are unemployed and you go around the world you can see similar statistics. The effects we know of unemployment are very severe on health, on people who are starting out, delays in terms of getting your life going and organized, deprivation of all kinds. It's a terrible thing. If this had been a national or natural disaster it would have been of unprecedented magnitude to do this much damage so quickly. So that's the context. It's not just a OECD problem. If you travel to the developing world you see similar problems in the country like China or India. Every percentage point unemployment is equivalent to about eight million people. So it's a very big problem worldwide. We're going to talk a little bit about that today with our panel and I think working from this side from my far right Jamie McCullough who's the CEO of Education for Job Training or sorry Education for Employment which is a job training and economic development program based in the Middle East and North African countries. Next next to Jamie is Chris Gopala Krishna, the co-founder and executive co-chair of Infosys, one of the world's leading information technology companies. And next to my right is Sharon Burrow, General Secretary of the International Trade Union Congress. Confederation, sorry. The International Group representing trade unions and trade union members worldwide. To my left is Mr. Frederick Reinfeld who is Prime Minister of Sweden. Simple job description there. No need to say more. To his left is the Director General of the ILO, Mr. Guy Ryder, international agency in charge of examining and reporting on what's going on in the workplace around the world. And last on our left is Nafes Al-Dakak, who's a strategic planning officer at the Queen Rania for Education Development Foundation in Jordan. We're going to open it up for conversation and questions from the audience in just a bit, but before then we're going to have a little discussion up here and we've asked the first question maybe to go to Nafes and Nafes is the least senior in terms of age person on the panel and has recently been hunting for a job himself, so I thought maybe we could put a human face on this by asking him what his experience was like and Nafes is a graduate of Yale University, which I understand is a good place. So should have been easy, right? What did you experience? What happened? So I guess to start with unemployment given the statistics you raise and what a lot we hear about is a very personal issue for this generation. And it's I guess to put it briefly is probably one of the most humbling experience most people go through, right? And I guess that's for multiple reasons. One, to start with me, I had to go through 25 job applications to land two jobs, right? And I graduated Yale, so I'm, I'd argue maybe not the typical graduate, so if it took me 25 jobs, 25 job applications at two jobs, and that's not even counting number of interviews, right? So it's a very long process. I think there may be three problems that I experienced. One, the job search is very confusing, right? Nobody's really sure what employers want to a hundred percent. I try to help a lot of people younger than me with this now and nobody knows do they want a one-page resume? Is it a two-page resume if I'm applying to a UK company and what goes around that? Second, I guess it's very frustrating because I remember this clearly being going to school and doing interviews at the same time because you feel there's a clear mismatch between what you're learning sometimes and what the employers are asking of you and maybe they're asking too much of you. And I specifically remember going to the dean of my school and saying, listen, I have two finals tomorrow, but I have a job interview after that. I think I'm going to forget the finals because once I graduate school, it's whether I'm employed or not. That's the whole purpose of this thing. And I think maybe the biggest issue with all this is it's a really demoralizing process. And I'd like to quote a friend who, again, graduated Yale and now is doing her master's at MIT. So a quite accomplished, very smart young girl. And I was asking her what is she about to do? What is she looking forward after graduation? And this is what she said. She said, I'm scared of jobs. I'm scared of jobs because after my last experience, it was the first time I felt I had to work so hard for things and failed so much. It's just so weird that after such a great education, employment is so hard. I really don't understand what I'm doing wrong. And I guess there's a big need here around maybe mentorship and guidance towards employment to work, education to employment transition. And it's something I guess I'm glad to say that the youth have really noticed. If you look at the Global Shaper Hubs from Charlotte to Kiev to Joburg to Dubai to Kuala Lumpur, most of the hubs and if people are not familiar with the Global Shapers program, it's a program that brings, by the way, initiative that brings young people together that are passionate about their societies and their employment. So most of their first projects have been around mentoring youth and helping them find jobs, whether it's at the high school level, whether it's at the university level. Maybe for a little bit of an overview of what's going on, we could ask a guy writer to tell us a little bit about how things look and, you know, why we aren't maybe making faster progress on this. Certainly it's a different story depending where you are in the world, what's happening there. But is there a simple or could you tell us a simple sort of story about how things stand and why we're not moving faster and creating new jobs? Thanks very much. I'm helped in the few words. I'm going to say by what Nafes has just reminded us all of, which is the reality of the experience of unemployment, which I think should be very present in the minds of us all. The experience of being unemployed for young people, I've heard it described in that quote you've given illustrates it to perfection, is that the experience of being unemployed, particularly at the beginning of your professional life, but not only that, is an experience of learned hopelessness. It's demoralizing. It actually diminishes you as a person and your potential for the future. Now what are the numbers? The numbers are extremely bad. When some of the messages that I suspect and in some ways hope that Davos will be projecting are that we are over the worst of the crisis, things are getting better. Global unemployment continues to get worse. After two years of some improvement, the ILO's figures just published show that in 2012, 4.2 million were added to the global unemployment figures. And that that trend looks set to continue in the two coming years. So I think and I hope that Davos will focus on that reality. Obviously the advanced world is feeling the brunt of these negative developments, but it is a global phenomenon. It is a global phenomenon and I think that the transmission belts of unemployment from the epicenter countries of the crisis is being felt in development processes more generally. Now why is getting back to something approaching full or acceptable levels of employment apparently eluding policymakers nationally and internationally? It's a question that we really need to, I think, focus on a little bit more clearly. There is a line of thought, I think, which is that the global economy has now changed. It's of a different nature than it was, perhaps, that the time when countries could easily subscribe to full employment as a consensus-based priority for national policy and international policy making. We know that globalization has complicated labor market dynamics. We know the effects of technology. We're aware of the polarization of skills profiles in demand. We're aware of the mismatch of skills which are being produced by the educational system and those which are in demand from a rapidly evolving economy. All of those are realities. All of those are policy challenges that we need to address. And yet we're failing badly, I think, to do so in any way which is commensurate with the size and gravity of the problem. I think we have to look at our skills mismatches. The figures are there. The evidence is there. But why is it wrong? Do we simply point the finger at an educational system which is failing young people? Or do we look also at the behavior of enterprises and the actors on the labor markets? I sometimes get the impression that employers, and they're in a position to be extremely demanding in current labor market conditions. I mean, when you've got 2,500 applicants for a job, you can afford to look for the perfect product. But does that mean that industry employers are actually stepping back from what I think should be one of their responsibilities which is to help us out? Do they want the complete product coming onto the labor market out of school, out of university? Or do they have a responsibility in a part through apprenticeships, through investing in their workforce? And one has to wonder if the contractual commitment between enterprises and their workforces are what they used to be. And are they playing up to their full role? And if not, how can government play its role in getting them back into the frame? I also think that the youth employment, there are two things that I think we need to focus and I'll close with this very closely on. One, of course, is the drama of youth unemployment, particularly in Europe but not exclusively in Europe. I'm sitting next to the Prime Minister of a country which is a great record with youth employment guarantees, with youth guarantees. Now, if a young person's out of work for a certain period of time, is it beyond our capacities in Europe to offer them an opportunity at a job, at further education? It requires an investment but the cost of doing nothing in terms of lost production, in terms of social benefits payable to those people, well, the cost of doing nothing is much greater than investment required. And the second, and I'll finish with this, is long term unemployment, the point at which the notion of employability becomes an issue. When you're out of a labour market for a year, well, that learned hopelessness begins to affect your attitude towards work and labour markets. We have to stop that happening. One third of young people in Europe who are unemployed have been out of a job for more than six months. So that lost generation is in formation right now and we have to stop it from going further. Sure. As I was saying before, that the evidence is pretty clear, this problem is terrible. Guy just reminded us how bad it is. I know you and your organisation and its members are spending a lot of time in the political process to try to elevate the issue. Why aren't we making more progress on the political side? I mean, what's the politics of this problem? Well, there's a crisis in political leadership. And while I might compliment Sweden in a moment, because they're one country that stands out as having a commitment with the unions to full employment, nevertheless, if you look around the world, you can find maybe four or five countries where there's serious scaling up of apprenticeships, where there's investment in jobs. And we know, remember, we know how we built economies. The evidence is in. We actually invested in infrastructure, particularly nationwide infrastructure, transport, telecommunications, industry policy, innovation, R&D. Remember the debates we used to have about how to actually scale up different sectors at which countries had particular competitive advantage. None of those conversations are going on. Social dialogue has all but disappeared, except in a handful of countries where business, unions and government are saying, how do we fix the problem? And part of it, I hate to say, is because many governments have simply lost both their moral authority when they wake up every morning more worried about what the stock market is doing than whether their people can eat, whether they have a job, whether their school systems or their health schemes are supporting people. And they've lost their democratic authority when, in fact, the Troika or any some other institutional setting, the marriage of the bond markets and the ratings agencies, are dictating their response. So, you know, I've characterised the record here as played again, Sam. You hear the same things, the same things. And yet, when we're in Tokyo with the IMF meetings in, I think it was about October, September, I felt a moment of optimism, just a moment of optimism when the chief economist had the courage to say they got the multiplier impact wrong. He didn't say we got the policies wrong, but that's what they meant. The negative impact of austerity without a growth plan, without jobs, none of us in the union would say you don't need fiscal consolidation from time to time. But we all know economics 101, pro-cyclical measures, where you simply make victims of working people and their families. You attack labour rights, et cetera. That's driven the economies of Europe into recession. So, let me say this one more time. If we don't learn from our history, if somehow the orthodoxy of failed economic policy characterises it as you will, the Washington consensus, the speculative greed, whatever it is, if you don't learn that we built economies together, we invested together, if you go back to Sweden, they put social protection in place in the 1890s. In countries like mine, this one, others, they were post-depression World War II settlement. That gave us social and economic stability. But guys lost generation. The young people, that's a social and economic time bomb. We're seeing a rise in organised crime. We're seeing a rise in domestic violence at a desperation. Young people and women pushed into the informal sector. We can fix this. In fact, the business community with Guy Ryder's leadership this year will have a discussion about how to formalise jobs. But, frankly, the answer is employment. It's jobs, jobs and jobs. That will drive growth, not the other way round. And until governments stand up and have the courage to say full employment matters, our young people matter, let's scale up inclusion in the labour market even as we drive jobs, whether it's in the care economy, in the green economy, we've all done the research. We can tell you what investment will drive. And we have a stake in this. We have $25 trillion of workers' capital, pension money, invested in the global economy. We want it out of the speculative environment into the real economy. And we want governments to sit down and look with us about what it will take to drive the confidence that is about responsible return. Long-term, responsible return, not the speculative greed. I'll leave you with two figures, if I can. One is $240 billion was added by the wealthiest 100 last year. You know what that would pay for? Social protection floor for the 50 poorest countries. There's $21 trillion in tax havens offshore. So where's the courage of governments to end extreme wealth and make people pay a fair share? And finally, if we just gave people an income rise, you might kickstart demand. And when there's $6 trillion on corporate balance books, then we know the solutions are there, but the political courage is not. Just briefly, which of the countries you think really are making progress on this, having good dialogue? Okay. Well, we can tell you from our global poll, actually. If you look at the optimism in the global poll, you won't find it in many places. This has a statistic in here that's frightening. When overwhelmingly, people say the next generation will be worse off. People are saying their children, their grandchildren will be worse off. Where are you bucking the trend? A little on that. Brazil, emerging economy, deliberate policies with inclusion both from growth and social protection at the same time. In Australia, my own country, the unemployment question has always been on the agenda. We have a robust apprenticeship system, a robust skills system that attempts to try and match those skills, niche matches, but we have investment in jobs. Australian government got criticised for actually making public investment in broadband, the future transmission belts of our economy, but it's working. So I'm quite proud of my own country. In parts of Europe, in Scandinavia, Nordic countries, the dialogue is still there. It's a bit fractured, but the dialogue is still there. But like I said, you can count them on your fingers and that's the tragedy because wherever you go in the world, whether it's conflict, whether it's unacceptable conditionality, whatever it is, governments have lost their courage to stand up and say, let's sit down and figure this out. And I would say the G20 is failing us because in London and Pittsburgh, we knew that they cared about jobs. They were right up their front and centre, income led growth, jobs at the heart of recovery. Toronto, we saw the orthodoxy of austerity with no plan for jobs hit and that's what's been driving us since. Chris, maybe we could ask you to say just a little bit about what's happening in India, obviously a different economic context and now one where India is doing better than the rest of the OECD countries in Europe in particular, but also could you say a little about the role of employers as you see this in this context? Sure. So clearly every country has its own problems and challenges and a country with large population like India, which is in the path to industrialization actually has its own challenges and problems. First and foremost, 70% of the population is dependent on agriculture still and as the economy grows, as the standard of living increases, less and less number of people are going to depend on agriculture. That means more than 700 billion people will have to be moved from agriculture to some other sector. These are people who have very low level of education or sometimes no education or illiteracy is still 30%. That's one problem. The second problem is under employment. So even if you have people who have some education, there's a mismatch between education and what jobs are being created today. Even though the per capita income is still about $1,500, India's actually become a services economy today. More than 50% of the GDP is actually from the services sector. So for a developing country to depend so much on services is very unique actually and to be employed in the services sector you really need a good education, you need soft skills training and things like that. So there is a mismatch between the education, what the education they get and what jobs are being created today. So there's an under employment issue and a skills gap issue. This is being recognized by the government. So the government has launched one of the largest skilling programs I believe. Their target is by 2020 to retrain 500 million people. It's one of the largest. And also today 17% of the economy consists of manufacturing. They want to take it to 24% of the economy so that they can create manufacturing jobs. So that's from an India perspective. The IT sector in India has benefited from globalization, has created a significant number of jobs. It's one of the show pieces of liberalization, show pieces of people moving into middle class, etc. In the last 20 years the IT sector has created about 2.5 million jobs. And these jobs were created by the sector itself investing in education and training. So rather than wait for the university system to produce the graduates that are required for the growth of the industry, the industry invested and created a finishing school. Most companies in India have that. Our enforcers, we can train on any given day 14,000 people. We've created a very large capacity to train. This training is not trivial. In our case, the entry-level training program is six months. That means after an engineering degree, a person joining the company goes through another six months training to actually start on a project, to start on a job. So the industry has created these employable people. Further, the industry also has created a continuing education program. And the business model includes this continuing education expense. It's built into the business model. In an industry that is fast changing, technology is fast changing, this is again very, very important. Because you have to retain your employees and you have to retain your employees in a fast changing industry like ours. The challenge has been that we are impacted by business cycles. And for example, today, our utilization rates are very low because global economy is going through a slow period and we have significant number of people on what we call bench or unutilized capacity. But we are retaining them. We are giving them additional training and we are confident that in the future, we will be able to use them as growth comes back and things like that. Chris, I'm not sure everybody quite gets that. So you didn't lay anybody off in the downturn? We did not lay anybody off. We said that, of course, every company looks at performance and let's go people. But we said, if your performance is good, you continue to and no lay off at all based on a slowdown in the business and things like that. And we retain those employees and it's a large number, 18,000 people. Large number. So we are retaining them and we are continuing to train them and they are getting deployed as and when opportunity arises. So I strongly believe that to address these complex issues today, it has to be a partnership between government, academic institutions and industry. The government has a role to play in looking at forecasting what kind of jobs would be created, working in looking at what industries will provide the jobs that are required based on the strengths of the country, based on the environment in which the country is, the competitiveness of the country. They also need to look at funding. You talked about the Nordic countries. In the Nordic countries, there are special funding the government provides to businesses to retain people, etc. Academic institutions will have to stay current, will have to be flexible and that is a challenge today. And also continuously interact with the industry to understand what the industry is looking for, what skills they are looking for, etc. And the industry has the responsibility to make sure that they provide all the information, they provide the forecast, they also fund part of the training on an ongoing basis so that they get a continuous supply of people. So this has to be a win-win kind of situation, a joint responsibility for all the people concerned. Jamie, you're the person here who is closest to sort of on the ground trying to get people jobs and especially youth and probably especially people who we wouldn't think of as being particularly advantaged in finding jobs. And I know you've done some of this in the US but particularly in the Middle East, North Africa. Is there a common theme to what is missing that's making it difficult for these folks to be employable and particularly in the area you're working now? Is there something specific there? Yes, so first I want to say you could all leave this room incredibly depressed based on the statistics and the comments of my fellow panelists and it is a truly global crisis we're dealing with. But I'd like to try to shine a little light and a little hope into this conversation because I think there are also some really powerful examples of things that are working. You mentioned Australia. We'll talk about other country examples but there are also models that are working. We think we have one that's working at a small scale and we'd like to scale up and as part of the Global Agenda Council on Youth Unemployment we're trying to position other approaches that have worked in different geographies to showcase the models that really need to be adopted by policymakers, government, business, and educational institutions. My organization called Education for Employment is called that for a reason because in the region we work a lot of young people are coming out of school and they're getting education for unemployment, right? So they're getting a lot of education, they're getting degrees, they're graduating from high school, from university. The region has invested in a lot of publicly subsidized education all the way through university which is a great thing but the quality of the education is not where it should be. The degrees that people are getting are not relevant in the job market and education for employment was designed to bridge that gap. I often say that in a way we should be putting ourselves out of business because we're plugging a gap to try to make these systems work a little better. We basically are doing three things. We're partnering with businesses to help identify the skills that entry-level employees need and then we're re-engineering the skills to make sure that young graduates can be skilled up in a short period of time placed in jobs and retained in jobs for at least a year or more. At least get that first job and that first experience to get their life on track. We ask businesses to identify the skills, to commit to hiring our graduates and to pay a little bit but we're essentially bringing subsidized training with job commitments to these markets. It's worked, as I said, on a small scale. We're now up to training and placing about 3,000 young people across six countries in the Middle East and North Africa. Jeremy, can I just stop you? Could you tell us a little about what the skills are that these folks don't have that keep them out of the labor market until you train them? It's actually two things for us. It's skills and access. So as Nafah has pointed out, we don't have a lot of Yale University graduates in the region. Most of our graduates are coming from institutions that frankly the private sector thinks are not of quality and will not on paper look at graduates that come from these institutions. So we're also trying to provide access to employers. But what we really focus on is these soft skills that everybody talks about. The saying that businesses hire for technical skills but fire for soft skills is what we focus on. We're focusing first on the soft skills. We are getting young people who've never been exposed to the world of work, getting them into simulated work environments, very practical hands-on training experiences, internships for one or two weeks on the job to get a first exposure to the job before they actually get the job. And then support mentoring. We have a whole alumni program to provide support once they're on the job because as many of you know, it's not enough to just get the job the first time your boss yells at you, you want to quit. And we want to have somebody there that they can call and ask advice. So you've got to have that long-term support. And I'd just like to ask a question to the audience because this is something that I try to ask when I go around the region. How many of you started your first job with a low-skill, low-wage job? Well, I personally did. My first job was as a busboy, busing dishes. And one of the things I'm always struck by in the region that we work in is that so many young people have such high expectations for their first job because of their family and they invest at the time and energy in getting a degree, which is understandable. But I always try to urge people to at least take that first step, get that first job experience, something under your belt, something on your resume that other employers will recognize as basic job experience. And that's one of the other things we're dealing with, at least in our region, is that sometimes young people are putting up their own barriers to getting into the labor market. And we're trying to change attitudes in that respect as well. While we're doing an audience poll, maybe I could ask a quick one. How many of you have an immediate family member, which might include yourself, who is out of work right now? Just want to see how extensive it is. That includes me, I have an unemployed son. The Spanish apparently have a great new expression for this among youth unemployment. Nina's not in school, not in employment. And I've got one of those home as well. Mr. Prime Minister, I'm sure people ask you this all the time. Why aren't you fixing the problem? What is it that is the hardest part? I mean, I'm sure you have the interest in doing it. What is the hardest part for a government, in terms of trying to make progress in this? What are the roadblocks? I think job creation is the most important question. But I think employability in our time is probably the toughest case to solve. Let's be honest. When we listen to India, and I compare with Sweden, we used to have people in the farmers in the countryside 150 years ago. We used to have people in the industry, but they are basically gone. So, where are they? Well, that's the question. They are very much in the now booming, private-serviced sector with high-skilled jobs. But, and this is the problem, it's very clear that what the employers are asking in quality and experience have risen enormously. So, it's not that much of a difference the young people coming out of schools. I would say that they are even better, better educated. They know more about the world now, the youngsters than I did, and the generation before me. But you have never seen anything like what we have in the labour market now, what they are asking in competence and in experience. That's the new challenge. Just give you a figure on Sweden. When we take the portion of low-income jobs in the Swedish economy, it's now 2.5 percent. Average European Union is 17 percent. If you have a low-income part of your economy, that is 2.5 percent, many of the first jobs are gone. There is no first jobs. So, if you don't get your first job, how do you get your second? And that is our problem. So, we are trying to, of course, educate young people, but what we have understood is exactly what you said. It's not enough. It's not the right kind of skills employers are talking about social skills, looking at networks, asking for young people to take a lot of responsibilities directly and preferably with a very low wage. And all of this is coming to the young generation. So, what are we trying to do? Well, first of all, you need definitely to have an educational system which also takes in the part that you mentioned, that you also add on these kind of skills which is not only learned in school but also others. And we are trying to finance these programs. We give coaches to young people to try to get them to increase all the other kinds of skills, as you mentioned. We are talking to the social partners and also trade unions trying to make a deal with the social partners saying that you can get your first job with 75 percent payment and 25 percent education on the work which is actually partly funded by government money where we give support also to the employees because we know what the employees would do well. We don't have the time. We don't have the resources. So, we need to be there and to support this to make it happen. It's a kind of apprenticeship but we are trying to make it more modern. The youngsters tend to be more mobile than when you get midlife or older. So, we actually, in some municipalities, we support buses going from one very often scarcely populated part of the country and help them to come into another country. So, I have a lot of youngsters who actually are now have a first job in Oslo in Norway where the service sector is greater and bigger and gets a lot of Swedish youngsters a job which is not always in the place in Sweden. We are trying to hold this but we would also need actually, I'm not saying that I want a larger portion of low income jobs because it doesn't sound very nice but you need actually also not all of these jobs being complicated directly because you will never get the youngsters into the first jobs. So, we are trying to see how we could actually expand and I'm saying this with good circumstances and good wages. We are trying to expand the private service sector in Sweden. Then I also await one other thing I should mention and that we have a huge generation shift in our labour market coming especially in the public parts of the labour market. They tend to go very old now. So, I'm a little bit worrying that they are not preparing themselves for this as if there were a lot of young people just waiting to come in and they haven't prepared themselves and I know that this will not really work. When I look at the labour market, the industry, the big companies are sizing down, putting machines in, people out. The public sector is growing older when you look at the workforce. So, I have to look very much at the small and medium sized businesses. There's where I get the biggest chance of getting young people in and also of course new smart innovation solutions especially among youngsters if they can start a business of their own. All of this that I now mentioned are we trying to do but I think it's very important to say it's not a lack of wanting to do or understanding the problem of being unemployed. It's actually something structurally that has happened with our economy, with the situation especially in Nordic Europe that we have never seen before and that is why this is getting so complicated. That's a great point. The entry, the first step on the job ladder is gone. This question relates to the skills gap story which is very contentious. I was in one panel today or one group of participants of one global agenda council, the World Economic Forum, mainly employers who were absolutely persuaded that there are many jobs out there available but the people, particularly young people, don't have the skills to do it. It's a failure of education. There's another global agenda council which is mainly not employers. They are absolutely persuaded that that's not true, that the problem is really on the employer side. There's something the employers are not doing. I wonder what the rest of you would think about this. Do you have a view on the skills gap? Maybe Chris, I could ask you first because you're obviously close to this as an employer. What's your sense of the skills gap problem? So the skills gap can arise because of two things. Because of the dynamic change in employment and what jobs are being created, by the time a person graduates, so for example, graduate degree of three years or four years, the job scene would have changed and now he or she has no way of actually changing their track. So that's one reason. So they got off on a losing track, went nowhere. Went nowhere. That's one reason. And the second reason is actually not at the entry level but at the mid-level and things like that where you have to do continuing education in order to keep up with the changes that are happening. Technology is rapidly changing. New tools are being deployed. Less number of people are sometimes required and new jobs are being created in some other part of the organization. So who is going to retrain these people and who's going to fund the retraining of these people? And hence you have, again, a skills gap challenge because jobs are available but you don't have the people who can take up these jobs. This is also a challenge. Anybody want to jump in on this yet? I actually want to touch on that and something the minister mentioned in terms of, because I think as more economies industrialize, you're probably your small services sector will or your low wage sector will shrink. And one of the startups I've worked with in the Middle East, it's called Nebish, which means to look for something in Arabic. And one thing they do is they've created an online marketplace for basically anybody. You have a certain skill and you can put that skill up online. You advertise it and employers can start tapping into that. And I guess the whole concept of micro work is also coming in, right? Where you take what you used to have in a factory and you put it all online and people do certain tasks. So I think there's some potential there because usually when we talk about entrepreneurship, we talk just about how the entrepreneur will create a job for him and other people. But they're also startups that are working exactly in that space, right? So if you have somebody that's 17, that's 16, they can start at a very young age if they're a graphic designer. I mean, I know some 10, like 10, 15-year-olds that do amazing things with graphic design, with game development, and sometimes very simple tasks. And you get to accumulate that on your resume so that by the time you get to these employers that are apparently demanding or they're crazy demands, you can say, well, here are a couple of projects that I've contributed to. Sharon, you want to jump in on this? Well, I want to be a bit provocative and say this is a luxury discussion in my view. You know, I've worked in skills all my life, started life as a teacher and indeed as a union leader in Australia, always had a place in the skills councils, et cetera. So don't let me give you the misunderstanding. I don't care about skills. I'm passionate about them and there is a misalignment. But you know, for a tiny percentage of the population really, when the real issue is that the jobs are not there. If we were simply sitting around a table and saying, how do we align skills? Then I would say, do you take it sector by sector? You know, what do we need in the retail sector to upskill? What do you need in agriculture? What's the IT marriage on top of the maritime industry or whatever it is? We know how to do that. But that's not the problem overall. The problem is that you've got not enough jobs to soak up the 70 million I think guy, young unemployed people today, but the more than 200 million. And that doesn't pick up Chris's point about underemployment. The informal sector is growing. It's now 40% of the global economy. And indeed in every country, it's not a North-South divide in the G20. The informal sector, which is about desperation, people being pushed into desperate survivability incomes, is actually 20 to 90%. That's in the G20 countries. So all I'm saying to you is, until we start saying how do we grow the jobs? How do we get the multipliers tracking that actually has employment-rich multipliers associated with investment? How do we invest in infrastructure, in green jobs, in the care economy, in the things that we know work? Then this is only going to take us this deep. Guy, do you have a sense looking across the literature on this as to what do you make of the skills gap story? Well, the first comment is perhaps an obvious comment, but it's worth making nonetheless, is a skills gap is a natural consequence of a dynamic economy. If economy was stagnating, skills stay the same. And we all just sit back and let it happen. So there's nothing new about this. I don't think there's anything new, but the Prime Minister says that perhaps, and I'm quite persuaded by the argument, that we're dealing, at least in the developed world, with a rate of change and a nature of change, which is outside our experience, and that requires us to develop new responses. Who's going to move? You can almost hear employers saying, I'm not saying who's on the right side of the argument, saying that we can't find the people of the right skills. What then does the enterprise do? I mean, there is a legitimate argument to say, if you need certain skills set, you have a responsibility in a role in developing and investing in those skills. And then, as Chris has said, you hang on to your workers. You actually make it part of the capital of your company. That's one thing. And the second side is, well, to what extent is this a responsibility of government? To what extent are we investing in the right type of, not only identifying the areas in which educational systems need to evolve, but actually investing in educational systems to make sure that in a knowledge-based economy, increasingly, actually doing what we ask of them to do. I worry that everybody sits back and watches, who's going to blink here? And then we get into trouble. That's a great point. Can I ask you, if you think employees have some responsibility individuals do, governments do, companies, how do you split that out if you have a proportionate? Yeah, of course the individual has responsibility. And I go a long way and believe that activation policies are the right types of policies in labour markets further than some would go. On the other hand, I think we should be very careful of the notion that training and acquisition of skills creates its own market for those skills. It simply does not for the reasons that Sharon Burrow has just pointed out. So sure there is. The individual has responsibility, business does, the state does. And somehow the dialogue doesn't seem to produce, as I think it should, the results that we would all benefit from all of us. We're about to turn to questions from the audience. And while you're thinking about a good question, let me point out the reason that you're down there and we're up here. I just heard that you're sitting in a swimming pool. This was a swimming pool. It is now an auditorium. So people in the front are in the deep end. Those in the shallow end in the back. And if you have questions in just a second, we'll come around with some microphones. But while you're getting your hand up, Chris, maybe if I could ask you a quick one. And that is for your company, it's, or why does it make sense for your company to hang on to employees and retrain them, given that at least in many countries of the world, including mine, this almost never happens anymore. They just churn, get rid of them, bring in a new group as soon as business turns up. Why does it work for you guys? Well, why do you do it? Why do you do it? No, why it works for us is because we built a financial model which includes investment into education. From the beginning, we saw that we have to create the workforce. We cannot wait for the system to produce the workforce. So we built a business model, which includes training. We have been actually working with about 400 engineering colleges in India to improve the standards and things like some of the things you talked about. We have a program called Campus Connect. We train teachers. We give them our training material and things like that. And the reason why it is important in a country like India is that the societal pressure is huge. Family pressure is huge. Peer pressure is very huge. And it's quite, you know, in a country like India, you know, the expectation on a student is very, very high. Many a time, the student is actually the first student who has got a graduate degree and things like that in their family. And so, you know, he or she is expected to be a breadwinner and raise the standard of living such that they escape poverty. So we have a sense of responsibility, which I think is being by and large being recognized and adhered to. We have our first question here. And you can direct it either to an individual up here or to the panel and we'll just pick. I wanted to ask a question on policymakers and the perspective toward the creation of jobs. It's my impression that often manufacturing jobs are considered the most attractive jobs to try to create in domestic markets. But often the discussion perhaps as Ms. Burrow referenced in the green energy industry, my industry. Unfortunately, many of the incentives created by policymakers are for manufacturing. And we all know that global corporations move manufacturing jobs when better incentives are created in other markets. So my question is, when will incentives be created systematically by policymakers to look at non-exportable jobs as the reality in our globalized economy is often young people are being trained for jobs that in five years or in 10 years may no longer be in their home market? Sort of an industrial policy question. Mr. Prime Minister, what do you think? I think there's been a lot of wrong decisions in pushing subsidies into old industries or manufacturing sites of different kinds. We have this history in Sweden as well. We learned that if they do not at the end of the day stay competitive, we can use very much of our tax money but the job will go anyhow. I think it's more important to invest in people to say that, okay, the structures may go, companies might fail, but we need to increase mobility and resources among people for them to be able to be employed in other parts of our economy. But just also because I agree with you, I think that one of the potentially very interesting labour markets that actually are growing is the green economy or the sustainable energy sector. Sweden now has 50% of the energy consumption based on renewable energy. We have a 10 times boom when it comes to windmill power which is actually now being built all over the country. It's at the pace where I now have protests from people saying we don't want any more wind energy now because they are so ugly. So people complain about a lot of things. But still, I think you have a point and we are heavily subsidising these kind, not to the companies in itself but to the energy in itself. We are making the market price compatible to using fossil fuels and we are pushing also taxation on usage of fossil fuels and through that we are now reshaping the energy consumption in Sweden and it's actually creating jobs. So I agree with your point. Well in fact, it's a really valid point because it's one of the industry sectors. We have to green every industry sector if we're going to make the transition that will actually save the planet. And for the unions it's very simple. There are no jobs on a dead planet. So we actually did the research in an effort to convince governments at UNFCC processes, at Rio, I must say we're not making much headway but we investigated last year 12 countries in key sectors and how many jobs it would create if you invested 2% a year in green jobs for five years and the answer in just 12 countries is 48 million new jobs. Now, what could you do in 50 countries? In fact, if you look at India and China and the growth of jobs in the green economy where they've deliberately invested in green technologies then you see the answer. But I just want to give you a perspective that we've got to green every job and I don't care what you call them new energy jobs, green jobs, whatever but we looked at all sectors because you actually can't provide green standards whether it's green building standards or new infrastructure standards whether it's technology on roads with smart tech tiles or whatever it is you can't do it unless you've got supply chain that actually goes back to manufacturing. And the question really is not about having a debate about global trade but what is it that actually sustains the ambitions around lowering our ecological footprint? You know, when you actually build green buildings in Australia for example one of the most ridiculous things is we have six star green building standards but we manufacture glass in Australia but we actually were importing glass from the same company in Germany because why they put the photovoltaics often came from somewhere else in the glass there and shipped it back to Australia. That's a disaster ecologically in terms of the carbon footprint of transport so we are going to see a much more localisation so this is an integrated economic strategy and while global trade will continue to exist obviously competition will drive it nevertheless you are seeing firms and countries that are saying well wait a minute we've got to join this up so it's actually a circle economy and not simply patchwork approaches to green transitions but there are jobs, jobs and jobs there. Chris going to follow up but while we could while he's going can we get our next question queued up in the audience? Very quickly I strongly believe that green jobs would be what internet was in the second half of the 20th century. I strongly believe that it impacts every sector and creates great opportunity for job creation. Well we're waiting for a brave hand to go up. Chris can I just Jamie can I follow up with this with your JD back. Go ahead yes man can we get a microphone? Peter may I just would love to take a crack at something that came up earlier just to see if we can join two themes in this conversation. We were talking about is it about the skills gap is it about job creation and I'd love to see more efforts to better define the skills that are necessary for young people to be entrepreneurs and to be and to be productive because I think a lot of the skills are the same and this is something we're finding because we're doing both entrepreneurship programming and job skill matching and a lot of the skills that employers are looking for are the same skills that young entrepreneurs need problem-solving creative thinking working in teams strategic thinking about their business same skills apply for employers and it's the kind of skills that you know a lot of people say but we can't predict the specific technical skills five ten years out but there are some of those basic skills that are going to last a lifetime and I just want to mention one other thing which is that you know we you mentioned three or four countries are dealing with this seriously why don't we have many more countries developing national youth employment or employment strategies with clear multi-stakeholder processes that involve government education business they're making commitments they're tracking progress unemployment and we're trying to again model this with with our council there's some efforts going on in Cambodia hopefully in North Africa but we need to see more we need to see we've got national competitive strategies why don't we have national youth employment strategies that bring everybody together get shared commitments and track progress and I'd love to come back in 10 years to the weft and be able to report that every government needs a jobs plan if every country had a jobs plan and people were committed to it we can rebuild our societies and our economies that's that's the challenge sounds like a lack of political will could I like this program is in India yep 500 million jobs by 2020 that's true that's true just one quick point on Jamie's comment there that's very optimistic comment to suggest that there are common skills that all young people need to succeed in the workplace they're also exactly the skills that most educators say people need as well yes we had a question in the back yes my question is the Federal Reserve the US Federal Reserve has a dual mandate their mandate is to control inflation but they have an additional mandate which is to have a goal of full employment if you look at the ECB for example and this is an area as everyone knows that has one of the highest unemployment rates especially among the youth in countries like Spain, Portugal, Greece their mandate is solely to control the inflation so my question to the panel is is it not necessary to think about resetting the goals of the ECB in their monetary policy not having it as a goal for employment we could ask you that one Guy but just to be clear this hasn't exactly caused the US government to focus on unemployment right so you need probably more than just a mandate for that guy what do you what do you think well I'd love to think that the mandates made the difference that they should the IMF also has within it in terms of constitution a goal to promote full employment and rising living standards you know we don't always live 100% by our mandates what I would say is I would hesitate to get involved in the ECB's internal politics but certainly the ECB should in whatever configuration it's working in Europe be it in the TRUICA with the IMF and the Commission certainly be party to policies which when put together give the type of priority to jobs and employment which we're hearing the unanimous view of this panel being is absolutely essential and my experiences and I agree with the questioner I don't I'm not sure that the ECB has that on its radar screen they could argue it's not our mandate but they're working with others whom it certainly is within the mandate of and who have political responsibilities and expressed political commitments in that regard so I have every sympathy with the terms of the question I'm not sure that attacking the problem in quite that manner would be the most effective but I sympathize very much with the thought open for another question yes sir in the back it's not working he can't do anything in the evening he likes to go to the fitness program and he can't come any more he gets back to work with the employment and then he has the money anyway and then you actually have to ask yourself is now the man is our system that we have here and if I look at the poster and it says looking for a job then you don't have to say looking for a job but I want to do a job thank you sir so if I could maybe rephrase the question about individual responsibility here conversation we started before how much should the individual be accountable for the fact that they are not finding jobs or not able to keep jobs what do we think on that anybody want to take a shot at that I guess just to broaden that scope the individual usually is a product of the education system and is a product of the system that produced them and I guess that's something the gentleman highlighted is that maybe going back to the overall skills that Jamie highlighted around entrepreneurship and that is discipline showing up to work commitment and all that so I think asking whose fault is it is like playing a game of football where the goal is to pass the ball instead of score and I think here it's where all the system it's an ecosystem that needs to promote job creation like we just said but needs to also give people the skills to show up to work and to do the job well Peter I can also take a crack at this so I couldn't tell from the question of being a worker but certainly in our experience with young people it goes back to the question of creating these pathways and the supports that last for a while I mean you can't just get somebody into a job and expect them to perform a day one you've got to have a support structure so you've got to have some mentoring you've got to have somebody at the company hopefully who sits down with the person and sort of talks through how they pace themselves how they can try to do the job without getting tired after a day of work so I mean anyway the broader point is that we need those systems for mentoring and coaching and businesses are starting to do this but I think we also need to make it easier for businesses to adopt apprenticeship and mentoring models within the companies and it sounds like Infosys and there are other leaders that are doing that but we need not only the job creation and the job matching whatever it is but we need the ongoing training and support to make people really thrive in the workforce Let's maybe ask the panel about programs to be able to learn as you're working and to contribute as you're learning and working your way up the organization certainly part of the problem might be the lower tier of those jobs are gone but why do we think we are having as a world I think a real trouble with respect to producing enough apprenticeship programs in many countries of the world they seem to be withering a bit Guy do you have a sense of that or can you help us with that for others generation apprenticeships were available they were part of industrial policy they were part of working life when I came on the labour market they practically disappeared I know that's not the case in Germany and Austria and other countries I think we have to rediscover if not apprenticeships in the pure form as I might see them in the classic form as Prime Minister said well in Sweden you have things not entirely apprenticeships they may gain some financial support from the state to make them work I think they're tremendous I think it is really a time to rediscover them they work I think the experience of those countries which have persisted with apprenticeships I think Switzerland is also one of them has shown that they work and I think it's a tremendous place where this coming together of responsibilities we've talked about the individuals responsibility as part of the equation definitely but also the partnerships between businesses and I think there is a real thought amongst many businesses I hear it that they feel that they have a role in this area the state of course and organised labour as well trade unions have a very important role in regulating the manner in which apprenticeships and this type of scheme are operated they can have pitfalls it's important that there's a strong consensus in industry about how they should operate that way they're more effective tell us a little about the Swedish experience with this they're probably under pressure in some ways in Sweden as well well I agree to the description we have not had that kind of success with the apprenticeship program I've actually been here in Switzerland looking at a much more effective and successful apprenticeship schemes that you are having in this country also as mentioned in Germany and I also say Denmark so we have countries where this is actually a part of their model why is that not the case in Sweden well to be frank I think many of the companies in there strive at being more effective also have said that we haven't got the resources or the time for the apprenticeship either it's not very not an example of good leadership and I don't understand how they foresee the future of their companies and then the problem might be that apprenticeship is very much linked to bigger companies in my country much of the bigger companies have actually been downsizing not employing new people the new people have come into new companies which very often are very small just one or two in small companies and they cannot bear apprenticeship schemes so this is also part of the explanation I think you have to have some resources in a company and be quite big to be able to have apprenticeship and a lot of investments in your employers and give them themselves the time needed but again as I mentioned we are trying to do our part with our social partners talking about what we call the job pact which is exactly what I mentioned 75% salary 25% education with support and we also have other schemes because as I mentioned we see this as one of the main factors to increase employability among the young to get them in to show themselves to be able to say that I am not perfect the first day or the first week and that you give me some time to learn on the job training all of these things you need to take care of if you want to tackle youth unemployment of the day Sharon in many parts of the world unions carry most of the apprenticeship programs and I think the most iconic reason for this is the participants pay off the apprentice program the rest of their life with their dues they stay attached to the union even if they leave one employer or another what's happened in the union sector with many different models that is a model that exists in some places other models are tripartite models other models are business and labour but what is clear is it works it actually works it is about inclusion we look at what has worked and let's renew it by all means but these key elements of apprenticeship are inclusion they are about mentoring they are about qualifications based and they are about a mixture of work and education and one of the things that we have called for jointly as business and labour from the business and labour community associated with the G20 is the scaling up of apprenticeships we need to make sure that they are of course inclusive of women, young women as well because too often in the last few decades they've become traditional male apprenticeships because we've put for good reason the courses like nursing and so on into universities as they've been upskilled but we need to go back to those models because while you're creating jobs you can include people and one of the failings why this has dissipated in part is if you look at the amount that business and it's terrific to have Chris here with a different perspective every business, public or private sector businesses would in fact invest in apprenticeships yes there's some government subsidies yes we do training wage awards by collective bargaining with unions and so on but the amount spent now in structured training by business has taken a dive in the last 15 years in fact I was looking at some figures Guy you'd put out just this week where productivity investments in workers has fallen by something like 1% or they're about so we used to be over 2% on average and now it's 1% of total labour cost well I'm not sure actually because I only saw the headline figures but I can tell you them by country there are in fact much bigger than that in some countries but if the productivity fall in investments in a worker has fallen from over 2% globally to 1.8 or something then you've got a serious amount of money that is not going in by business investing in their own sustainable futures and of course it's all about attacking secure jobs as well work is now so insecure the short term contract the churn that's there I don't know frankly how businesses survive on the bottom line when they can't retain skills so again smart businesses are going to continue to invest I just want to give the prime minister a little tip there are models that actually support apprenticeships in small to medium enterprise group training companies whatever you might call them where they actually employ the young people but they spend time in different small to medium enterprises again supported by business labour and indeed subsidies not for profit adventures I might say these things work and people get the mentorship that you're talking about so I can only say that investing in jobs is our key priority but inclusion in the labour market has to be a responsibility for all of us not the young person alone but all of us if we want to build decent societies where we give our children and grandchildren purpose and opportunity another question back there one here please maybe we could get a microphone back to the question there so we're ready okay I had a question what coming from the discussion from the analysis that about from about a hundred maybe 200 years ago we all came from countries which had a large of part of the population working in agriculture and now moving to and through the whole industry revolution now into maybe a new area but a lot of discontinuity and a lot of anxiety about how are we going to progress to various crisis I remember a couple of years ago I had a talk with an architect who came from Iraq and especially around the area around the time when they had a lot the biggest turmoil of their system being overthrown the thing that scared him the most was that there were a lot of people unemployed in his area which led to a lot of people going into all kinds of military factions which caused probably a large part of terrorism and other turmoil and I think that's one thing that I haven't really heard much about in the panel now is the the the effect that you have when like in Spain when you have 40% of people unemployed where is Spain going so maybe we can pursue that maybe with Jamie and Fez in your parts of the world where you're working somebody at the conference here was indicating that every major conflict in modern times was precipitated by young male unemployment rates greater than 30% what's your feel about it in your parts of the world I come from the Middle East and there of Spain is still a phenomenon I guess looking at Egypt one of the examples and I guess this is one of the statistics that really got me to think about really education reform so 98% of PhD graduates in Egypt at some point were unemployed right so actually specifically in Egypt I think and I might the data might have changed I guess the guy would know is that the more educated you are the more unemployed you are so there's this whole social contract where you give somebody the tools and you give them this false promise and when that false promise doesn't get realized we've seen what the agitation creates right and the region right now in the Middle East we have the highest youth unemployment rate in the world as a region and that is creating a lot of instability all over the region you've got to give young people something to do you've got to get them productive either in school getting educated or in the workforce or giving them some other opportunity to start a business or you know I have a board member who was a cabinet secretary and she said you know if young people are left alone too long they're going to get into trouble in whatever society so I think it's incredibly important to provide job opportunities in any of these societies to give people the hope and dignity of work I mean that is something that resonates for all of us working in this in this area that work is one of the grounding elements of human dignity it's by far the top concern in Gallup's polling worldwide year after year in the Middle East jobs before the Arab Spring were a top priority and they're still a top priority I mean that does not change it's a common theme I'd love to just ask one question to some of our expert policy makers that Nafez brought off before which is we haven't talked much about discussion about meaningful work and inclusion but Nafez brought a really good point that we're seeing there's a lot more sort of project based work, technology based work do we need to start rethinking policies to allow more flexible work arrangements where young people are connected on the internet doing project based work getting some safety net but not necessarily the expectation of a nine to five salary job where a company that's going to last for 20, 30 years as most people, as you all know most of the jobs created are not by big companies and they don't last a lifetime they're small companies people change careers now 7, 10, 15 times in their lifetime implicit in anybody's answer is whether we think this is a good thing or if it's not a good thing whether it could actually be diverted or whether we're kind of stuck with it does anybody want to take a quick stab at that or why don't we get you to follow up so one percent of the population of Sweden is of Iraqi origin one percent so a lot of the people leaving the war time, especially the war between Iran and Iraq ended up in far north in Sweden 100,000 of them, nearly an extra percent is actually from Iran so I think don't forget the question of mobility throughout the world and that we also stand open to other societies in time of crisis when I left Sweden this morning my main news newspaper in Stockholm was headed by now the Spaniards and the Greeks are coming to Sweden so we have now a huge increase in people coming from Mediterranean countries searching for a job in Scandinavia and in my country and we stand open to that, that is also a part of helping this problem I don't think you can create anything on your own sometimes you actually need to be mobile and also other countries need to be open and longer term a huge issue with exploding birth rates in the Middle East, in North Africa and declining birth rates here in Europe so we want to take a quick stab at Jamie's question here which was about changing nature of work anybody have a feel as to whether we are accommodated or block it or what do you think I remember the Mohtar Kent CEO of Kola yesterday and he said even as a company and I guess he said collectively with their bottlers and everything they employ 700,000 people they were already thinking about how this whole nature of work needs to change and if you look at employees with the largest satisfaction, Google, all the San Francisco tech scene a lot of them have changed this definition there is no more time to it you come in and it is you are graded or you are evaluated how long it takes to work and how long that takes different people like to work at different times especially for the younger generation one thing I am not noticing about my colleagues is people have a much more flexible definition of where they would like to work and how they would like to work speaking as an older person I could say we have the same interest we just couldn't get employers to do it for us let's move I just need to put this in perspective because all of that is true and we have always accommodated changes in the nature there was a time when women didn't participate in work largely because they couldn't manage work and family we have found ways to accommodate that with both the care economy, childcare secure part-time work time out of the workforce men increasingly being part of the caring environment but this is again a luxury let me tell you about Qatar 1.2 million people migrants building the state of Qatar working in slave labour conditions why because there are no jobs in their own country do the Nepali young men want to be in Qatar or the domestic workers want to be there from India or the Philippines no they want to be with their families but there are no jobs and so when we talk about you know this end of the spectrum of course we have to be intellectually interested and find the solutions for changing patterns of work but most workers only change their destination of work out of desperation we talk about global mobility I'm globally mobile, many of you are but most people don't leave more than about 10 kilometres from their villages so let's not make policy only for the small number let's actually look at the world in reality because what we are about is that sense of purpose that underpins community so I'm not saying these things are wrong to think about but I don't want people to think that if we solve those problems which are intellectually challenging and interesting we'll have actually built sustainable communities that have the dignity you were talking about we're getting very close to the end we have a couple more hands up could we get short questions and I hope short answers to make sure we get them all in so there was a question I think in the back a microphone there yes sir yeah we've talked a lot about the consequences of youth unemployment globally but I'm wondering why you think this is such a hard problem for governments to deal with and which governments are dealing with it well if anything touched on that a little bit before but anybody want to take a shot at it well I don't think it's a hard problem I just think we need political will I think it is a hard problem and we need political will and that's the social dialogue mix you know we had our next hand up down here in front yes sir good evening my name is Robert Stewart I'm from Canada I've run telecom companies and 15 years ago introduced a technology called voice over the internet protocol that allows 2 billion people today to talk around the world to create employment to create trade investment savings and it's led it was led by the Nordic countries by Asia in the manufacturing process I hope I can report in 2 years time that a new technology I will be introducing this year will allow people to make transfers of cash to create wealth to invest in themselves and their friends and to bank it on cell phones and knowing that billions of young people today use cell phones around the world I'm going to reduce the cost to that to about 1% of what it is today I hope it works for this I hope it's a solution to end the discussion on tonight it might help so a point about infrastructure for entrepreneurship yes sir he needs a microphone Hi I'm a professor at New York University so I've been listening very carefully to the discussions you're among friends exactly so one of the things I often hear from people who have real work unlike professors is that they are overworked I'm sure many of them in this room who claim they are overworked they are doing the jobs of 3 people why don't they go out and employ 2 more is what I don't understand so that's my first question my second question is why are universities run by administrators and not by students students should run them they need jobs we have lots of work for them they could run a credit union there is a very good university in the United States the credit union including lending decisions are made by students so why don't the students acquire the necessary work by actually working at the enterprise which is supposed to train them and my last thought is that when universities are unable to place their students are they creating defects are we in fact admitting way too many people because we have empty seats and we know full well that we are going to be unable to employ them well after 4 years I think many parts there I think a guy sort of answered the first one we shouldn't expect supply to create its own demand and this interesting question particularly in law schools right now which charge a lot of money people are graduating without jobs but I think it's hard for the universities to guarantee jobs since nobody else seems to be able to do that either your first point I forgot the first part one of the reasons why people feel they're overworked is they have to learn and do because of the constant change we are saying and second is severe competition so you are expected the expectation levels have gone up of what is performance I think and that puts a lot of stress and strain actually on the individual but that's unfortunately caused by the competition that has been created now if you hold on to a job so that you do everything possible to continue to hold on just a quick comment there's always this discussion about accountability who's accountable for young people getting into the job market with the right skills etc and I do think that universities and schools have to start feeling accountable for the next step traditionally as you know they're accountable for graduation rates they need to be accountable for what happens after graduation not them alone but I'd love to see schools starting to judge their success by where their graduates end up and some do but a lot don't just a brief caveat to that though we also have a problem of creeping vocationalism so master's degrees in my town there's a school that offers a master's degree in pharmaceutical marketing you know we're getting so narrow that it actually puts people at risk if you don't get a job in that context we're about to wrap up here so I'll panel very briefly put you all on the spot if you had one point that you could with your magic wand get the appropriate policy people to accept what would it be one point that you'd like to stick in their mind what would it be and anyone who's prepared could go first we want governments to have a jobs plan and we want the social partners to sit down and figure that out and just acknowledge the innovator here because I don't think you got acknowledged but before Christmas we had a massive fight with governments and old business models who wanted to actually control the internet and put pricing policies on VoIP and so on so keep the good work going but a jobs plan supported by that kind of investment in infrastructure and we're in business so we do budgeting in companies we do budgeting etc I think it's equally important to do a manpower plan of forecasting which is not one year or two year but five years or ten years out because it takes that much time actually to prepare people you're not creating widgets you have to create a person who's capable of doing a particular job I think that's very very important in the long term planning for people okay? Youth Guarantees I think soak up this appalling reservoir of the knee that you mentioned the Spanish phrase neither in employment neither in training that's the lost generation in formation as I put it earlier on youth guarantee schemes learn from Sweden learn from Finland and others I think it's very important we call ourselves sometimes the rich world or the rich but these rich countries are highly indebted so they are rich and poor at the same time and China owns everything and I'm just mentioning this because this idea that I just have to sign a paper and then it's solved that is not reflecting the problem as it is it's not just to take a decision to employ everyone we have a public sector we need a balance we need to be able to finance jobs with good wages that cost I have to ask for taxes from people to be able to actually fund that that is the balance we have to strike then it's when it gets complicated and we are already highly indebted I would direct investments to the educational system and we are doing so and then I mean every child should have better education better support early in life because that's probably the best way to deal with a lot of these problems I guess just to follow up on what the Prime Minister said an emphasis on mentorship because poverty isn't just about a lack of resources it's about a lack of access to people that can help you make more of yourself so you need those people to guide you through those transitions to tell you what's needed at every stage so more mentorship that would be my message said Sharon's point but I would also love to see we are now acknowledging a global crisis with unemployment and youth unemployment youth unemployment in particular and as we've done in healthcare and other areas where we've put together big global funds and consortia to tackle malnutrition disease I'd like to see a global fund for employment and resources that are really invested in drawing down the rate of unemployment globally in addition to the country plans and that kind of global consortia I think could have the seeds in a place like Davos I think we're at the end of our time here please join me in thanking our panel for I think a very frank and interesting and enlightening discussion thank you all