Retail Industry Leads in Helping Young People Enter Workforce, but Challenges Remain
- M&S urges government to collaborate with businesses to reduce youth unemployment
- Retail sector helps more young people find jobs than any other industry in the UK
- M&S calls for National Insurance relief for employers hiring long-term unemployed or disadvantaged youth
- Apprenticeship Levy reform for better training opportunities
- Marks and Start scheme provides work experience placements to build skills and confidence
- M&S partners with mental health charity YoungMinds to support participants’ wellbeing
Marks and Spencer (M&S) has called on the government to work closely with businesses to address youth unemployment. The company also advocates for National Insurance relief for employers hiring long-term unemployed or disadvantaged young people and reform of the Apprenticeship Levy to enhance training opportunities. Research from M&S and the Centre for Economics and Business Research (CEBR) revealed that retail helps more young people find jobs than any other sector in the UK, with nearly one in four starting their careers in retail. The study estimates these jobs contribute £7.4 billion in gross value added (GVA), equating to 7% of the retail sector’s total economic impact by 2024. However, challenges such as mental health issues persist, with 300,000 young people becoming economically inactive since 2019 due to long-term sickness and mental health concerns. M&S has partnered with The King’s Trust for its Marks and Start scheme, offering a four-week work experience placement to build skills and confidence. Over 12,000 young people have participated in the program, with plans to support an additional 2,000 over three years. M&S has also collaborated with mental health charity YoungMinds, raising £4.4m since their partnership began, helping over six million young people. CEO Stuart Machin emphasized retail’s potential for social mobility and the need for government support to create more opportunities.
Factuality Level: 9
Factuality Justification: The article provides accurate information about Marks and Spencer’s efforts to help reduce youth unemployment and their collaboration with organizations like CEBR, The King’s Trust, and YoungMinds. It also includes relevant statistics and quotes from the CEO of M&S. There is no sensationalism or opinion masquerading as fact, and the information is not repetitive. While there are some minor details about the company’s internal programs, they are relevant to the main topic.
Noise Level: 6
Noise Justification: The article provides relevant information about Marks and Spencer’s efforts to address youth unemployment and mental health issues among young people through their Marks & Start scheme and partnership with YoungMinds. However, it does not delve into broader economic or societal factors contributing to these problems, nor does it explore the limitations of such initiatives in a larger context.
Financial Relevance: Yes
Financial Markets Impacted: Marks and Spencer (M&S) and the retail industry
Financial Rating Justification: The article discusses M&S’s call for government support to reduce youth unemployment and improve the Apprenticeship Levy, which has financial implications. It also mentions the impact of the retail sector on job creation and its contribution to the economy. This makes it relevant to financial topics as it involves companies and their interactions with the government.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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