Young people and work, a combination that has always characterised not only an important aspect of our economy, but a feedback on the liveliness and attractiveness of our businesses. According to the recent report from the Bank of Italypresented at the headquarters in via Cavour last June 21st, Youth employment in Veneto shows mixed signalsreflecting the challenges and opportunities of the local labour market.
Current employment situation
In 2023, the employment rate in Veneto remained stable, but youth employment has seen a slight increasea positive signal in a general context of economic uncertainty. The sectors that contributed most to this growth were those related to services, tourism and technological innovation.. However, the youth unemployment rate remains high compared to the national average, indicating a persistent difficulty in the transition of young people from the education system to the labor market.
Numbers and trends
According to the report, youth employment growth was 2.5 percent compared to the previous year, with a significant increase in fixed-term hiring and apprenticeship contracts. These contracts, although they offer a first entry into the world of work, do not always translate into stable positionscontributing to job insecurity.
The technology innovation sector saw a 4% increase in youth employmentreflecting greater investment in digital skills. However, traditional sectors such as agriculture and manufacturing have seen a decline in opportunities for young people.i, highlighting a need for requalification and adaptation to new market needs.
Challenges and opportunities
One of the main challenges highlighted by the report is the mismatch between the skills offered by young people and those required by the labour market. Many young graduates struggle to find employment in line with their studies, leading to underemployment and a brain drain to other regions or countries.
The increase in female participation in the labor market, although positive, still shows a significant gap compared to male employment. The female employment rate has grown by 3% in the last five years, but remains approximately 15 percentage points lower than the male one.
Future predictions
Looking ahead, the report predicts that demand for digital and technological skills will continue to grow, offering new opportunities for young people. However, to fully exploit these opportunities, greater investment in training and reskilling will be necessary.
The demographic forecast indicates a decrease in the young population over the next twenty years, with a decline of approximately 72,000 units by 2042. This demographic trend could worsen the labor shortage, making it even more urgent to adopt policies aimed at encouraging birth rates and skilled immigration.
The employment situation of young people in Veneto requires an integrated approach which includes active labor policies, investments in training and measures to facilitate the matching of job supply and demand. Only through a concerted strategy will it be possible to create an inclusive and dynamic labour market, capable of responding to the challenges of the future and offering young people the opportunities they need to build their own future in the region.
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