In today’s rapidly evolving global landscape, youth empowerment has emerged as a critical component of sustainable development. The potential for young people to drive innovation, economic growth, and positive social change is immense. As the world increasingly looks towards solutions to the myriad challenges of the 21st century, youth empowerment has a central role in shaping both the business world and the realisation of the Sustainable Development Goals (SDGs).

Among these SDGs, Goal 8—Decent Work and Economic Growth—promotes inclusive and sustainable economic growth, employment, and decent work. This article explores the significance of youth empowerment in business and its direct connection to achieving SDG 8. It will outline how young people can contribute to business development and innovation, the barriers they face, and how empowering them can unlock solutions to global challenges.

The Youth Demographic and Global Challenges

Often defined as individuals between 15 and 24, youth represent a substantial portion of the global population. According to the United Nations, around 1.2 billion young people are currently worldwide, accounting for 16% of the global population. Most of these individuals live in developing countries, often facing various socio-economic challenges, including limited education, employment opportunities, and healthcare.

However, despite these challenges, young people are uniquely positioned to be catalysts for change. They possess the enthusiasm, creativity, and adaptability needed to tackle complex problems in business, politics, or social movements. Youth engagement is essential to finding solutions that are not only sustainable but also inclusive, ensuring that future generations inherit a more equitable and thriving world.

The Role of Youth Empowerment in Business

Youth empowerment in business refers to equipping young people with the tools, resources, and opportunities to take on leadership roles, contribute to decision-making processes, and drive innovation. This empowerment can take many forms, including education, mentorship, access to capital, and fostering an environment where youth-led businesses are supported and valued.

Innovation and Entrepreneurship

Young people are often at the forefront of innovation, bringing fresh perspectives and new ideas to traditional industries. Their ability to think outside the box and challenge the status quo makes them invaluable in driving business transformation. Entrepreneurs like Mark Zuckerberg, Bill Gates, and Jack Dorsey became successful young, showing that the youth can compete in business and redefine it entirely.

By empowering young people with the necessary skills and resources, businesses can tap into their entrepreneurial spirit, encouraging the creation of new products, services, and technologies that address modern challenges. This, in turn, can lead to new markets and the expansion of existing ones.

Job Creation and Economic Growth

Youth-led businesses have the potential to create thousands of jobs, directly contributing to economic growth and providing employment opportunities for their peers. According to the International Labour Organisation (ILO), the global youth unemployment rate is significantly higher than the general unemployment rate, highlighting the need for job creation targeting young people.

Empowering youth to start their businesses or enter industries where they are underrepresented can directly combat these unemployment challenges. When young entrepreneurs succeed, they create jobs for themselves and others, stimulating broader economic growth and contributing to the goals of SDG 8.

Diversity and Inclusion in the Workplace

Another vital aspect of youth empowerment in business is promoting diversity and inclusion. In many industries, young people represent a more diverse demographic than older generations. This diversity—gender, ethnicity, or socio-economic background—brings a wealth of perspectives to the business table.

Empowering youth in leadership fosters an inclusive business environment where different voices are heard and valued. This can lead to more innovative solutions and better decision-making, as a diverse team is more likely to consider a broader range of ideas and approaches.

The Importance of Youth Empowerment for SDG 8

The link between youth empowerment and SDG 8 is profound, as both aim to create decent work and foster economic growth. SDG 8 mainly focuses on promoting policies encouraging entrepreneurship, innovation, and the development of small and medium-sized enterprises (SMEs). It calls for promoting full and productive employment, creating safe and secure working environments, and enhancing young people’s access to resources and opportunities.

Inclusive and Sustainable Economic Growth

One of the key targets of SDG 8 is to achieve inclusive and sustainable economic growth. Youth empowerment plays an integral role by ensuring that young people have access to the tools, education, and networks they need to succeed in the workforce or as entrepreneurs. By providing young people with the necessary support to pursue their ambitions, societies can create a more equitable economic environment where the benefits of growth are distributed more evenly.

When youth are included in the economy, the overall growth becomes more robust and sustainable. Instead of leaving large segments of the population behind, empowering youth helps to build a more resilient economy that can withstand the shocks of global challenges such as climate change, economic recessions, and pandemics.

Promotion of Decent Work and Employment Opportunities

Youth unemployment remains one of the most pressing issues worldwide, with millions facing barriers to finding decent work. Empowering young people to engage in meaningful employment aligns with SDG 8’s target of achieving full and productive employment for all. For this to happen, governments and businesses must invest in policies and programmes that provide young people with the necessary skills and opportunities.

Programs that focus on youth employment can be immensely beneficial. For example, vocational training programmes, apprenticeships, and internships provide young people with hands-on experience and transferable skills. These experiences increase employability and contribute to bridging the skills gap in industries with high demand for talent, such as technology, healthcare, and green industries.

Skills Development for the Future Workforce

As technology evolves exponentially, the demand for a skilled workforce has never increased. Youth empowerment must focus on skills development that prepares young people for the future workforce. This includes technical and vocational skills and soft skills such as leadership, problem-solving, and communication.

By investing in education and training, young people are better equipped to take on roles in emerging industries such as artificial intelligence, renewable energy, and digital marketing. This helps ensure they are not left behind in the global economy and can actively contribute to developing innovative solutions.

Challenges to Youth Empowerment in Business and SDGs

While the benefits of youth empowerment are straightforward, several challenges must be addressed to fully harness young people’s potential in business and sustainable development.

Access to Education and Training

Access to quality education remains a significant barrier for many young people, particularly in developing countries. Inadequate infrastructure, lack of resources, and socio-economic barriers can prevent young people from acquiring the skills and knowledge they need to succeed in business.

Limited Access to Capital

Starting a business often requires significant financial investment, which many young people cannot access. Securing funding through traditional avenues such as banks can be difficult for young entrepreneurs who may not have a proven track record. Many young people cannot realise their entrepreneurial ambitions without access to venture capital, microloans, or government-backed funding.

Cultural and Societal Barriers

In some regions, cultural and societal norms can limit the opportunities available to young people. Gender inequality, discrimination, and lack of support networks can prevent youth, especially young women, from pursuing leadership roles or business ventures. Overcoming these societal barriers is essential for ensuring all young people have an equal chance of success.

Strategies for Empowering Youth in Business and SDGs

A multi-faceted approach is needed to address these challenges and unlock the full potential of youth empowerment. The following strategies can help support young people in their journey towards becoming drivers of economic growth and contributors to SDG 8:

Invest in Education and Skills Development

Governments, businesses, and NGOs must prioritise education and skills development to prepare young people for the future workforce. This includes promoting vocational training, providing access to online learning platforms, and offering internships or apprenticeships that provide hands-on experience.

Provide Access to Capital and Resources

Support for youth entrepreneurship is essential to achieving SDG 8. Initiatives that give young people access to capital, such as microloans or seed funding, can help them realise their ideas. Additionally, providing mentorship and networking opportunities can help young entrepreneurs build the necessary relationships to succeed.

Promote Inclusive Policies and Representation

It is essential to create inclusive policies that provide equal opportunities for all young people, regardless of gender, ethnicity, or socio-economic background. Encouraging young people’s participation in decision-making processes, whether in business or government, can help ensure their voices are heard and their needs are addressed.

Conclusion

Youth empowerment is essential for business growth and the realisation of the SDGs, particularly SDG 8, which focuses on decent work and economic development. By empowering young people through education, access to capital, and opportunities for entrepreneurship, we can harness their potential to drive innovation, create jobs, and contribute to a more inclusive and sustainable global economy. However, addressing young people’s barriers, including limited access to education and resources, is crucial for unlocking this potential. As the world continues to grapple with the challenges of the 21st century, youth empowerment must be at the forefront of efforts to create a more equitable, resilient, and prosperous future for all.