Tokunbo Ajasa-Oluwa shares how new research, carried out by Pro Bono Economics, highlights the academic, economic, and social value of investing in young people through our programme.
Gaining a wider insight into our impact
For 20 years Career Ready has been investing in young talent through paid internships, mentoring, skills masterclasses, and workplace visits. In this time, we’ve seen tens of thousands of young people kickstart their futures, moving onto higher education, apprenticeships, or employment once they’ve completed our programme.
We are proud of the impact we’ve had on the lives of young people. But our belief has always been that real change is about the difference you can make five or ten years into the future, as well enabling a wider impact on society, not just on individual lives.
“Real change is about empowering people 5, 10, 15 years into the future. If we can capture this, then we know that we are on the right path.”
Partnering with Pro Bono Economics
Over the last year, we have been proud to work with volunteers from Pro Bono Economics (PBE) to examine the long-term fiscal impact of our programme. Based on data from 2020 research carried out by Opinium, volunteer economists from PBE have analysed the education and economic benefits of our programme for students in England, based on its impact on A-Level attainment.
Academic attainment boost
The analysis carried out by the team at Pro Bono Economics found that our programme has a clear impact on the academic attainment of students studying A-Levels in England, with Career Ready Alumni 14 percentage points more likely to achieve two or more A-Levels than a matched comparison group with a similar background.
The economic impact of investing in young talent
The analysis carried out by Pro Bono Economics also found that by investing in young talent, our programme delivered a wider socio-economic dividend:
- The average long-term economic benefit of this improved academic attainment could be as much as £12,800 per alumnus. This is driven by increased productivity, as measured by increased wages and reduced unemployment
- For a typical annual cohort of 1,800 young people on the programme, there would be a long-term economic benefit of £23.1 million
- Career Ready Alumni are 7 percentage points less likely to be unemployed than a comparison group of similar students
Targeting our investment
It is our mission to ensure that this impact reaches those who need it the most. We have gone to great lengths over the years, working with our school and college partners, to ensure that our programme targets those most in need. But there is more we can do to improve this.
That’s why, as part of our 2021-24 strategy, we will be working closely with our partners, including funders such as Impetus, to ensure that we engage with those young people who would benefit the most from our life-changing impact.
Growing the social dividend
These findings by Pro Bono Economics show how our programme provides a practical, cost-effective way for policy makers and employers to boost social mobility, upskill young people, and stimulate the economy.
But it’s key that we grow this investment to overcome the economic and social mobility challenges we face in the U.K., as well as the opportunity gap facing far too many young people.
At Career Ready, we aim to play our part in achieving this by securing more paid internships for young people next summer, as part of our Internship Guarantee. And we call on employers of all sizes and sectors to join us in making this possible.
We recognise, however, that for many employers, especially SMEs, investing in young talent can be difficult, especially in the current economic landscape. That’s why we’re delighted to have an Internship Investment Fund for SMEs, which will cover the costs of hosting a young person for four-weeks.
So, we urge all employers, regardless of size and sector, to work with us to embrace paid internships and mentoring for young people. We’re here to help you make it happen. And together, we can transform lives and level-up young, diverse talent.
