Education equity could cut skilled worker shortage: Switzerland loses 29 billion francs a year

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There is a growing shortage of skilled workers in Switzerland. There will be a shortage of more than 300,000 skilled workers by 2035, according to a study released Tuesday by consulting firm Oliver Wyman and funding firm Allianz Chance+. However, much of the worker shortage can be compensated by promoting socially disadvantaged talents, both in the Swiss education system and in companies.

The study also measures for the first time the economic costs of a lack of mobilization: Switzerland loses 29 billion Swiss francs and 14,000 young professionals each year. Availability of talent is the number one location factor for companies in Switzerland, according to interviews with executives.

“The numbers show for the first time that this is not just about a few young people. It affects our economy,” says Jürg Schoch (67), President of Allianz Chance+. His agency oversees funding programs at various schools in German-speaking Switzerland.

Young people who speak foreign languages ​​are underestimated

“There are many young people in Switzerland who are underestimated, particularly those who come from poor or foreign-speaking families,” Schoch says. “But you would have the potential, the intelligence and the will.”

Still, the study shows that structural barriers to the education system significantly reduce opportunities for students from “educationally disadvantaged” backgrounds. 1066 teenagers and young adults were asked about their school days and education. A third of those surveyed, who are in the bottom 50 percent by social background, said they had difficulty choosing the right job. They lack role models, they feel that they do not receive enough support despite performing well.

They also find it difficult to finance their education. The first fifty percent of respondents do not have such concerns. “The results are not surprising to us,” says Schoch. Intelligence and effective performance are often of secondary importance to foreign language-speaking youth. “Ultimately, selection also works across language.”

The study aims to help raise awareness that educational inequality in Switzerland is not only a marginal problem, but also a relevant economic factor.

Source :Blick