Almost a quarter of young people start their careers in retail – more than twice the total for any other UK industry – research for Marks & Spencer has shown.
Retailers’ provision of first jobs for youngsters contributes £7.4bn in gross value added to the economy, equivalent to 7% of the retail industry’s total economic impact in 2024, the study by the Centre for Economics and Business Research (CEBR) revealed.
The findings came a time of high youth unemployment when approximately 948,000 young people are not in employment, education or training, having reached the highest level in a decade in December last year, but as retailers face higher employment costs.
Marks & Spencer chiefs want the government to work more closely with businesses to help more young people into work. They believe that employer national insurance contributions relief for businesses that employ the long-term unemployed or young people struggling to find work would “unlock significant opportunities”.
They also want the government to “deliver on its promise of Apprenticeship Levy reform so that more of the funds paid by businesses can be used to offer opportunities”.
“As one of the UK’s biggest retail employers, we have already supported more than 12,000 young people through [work experience scheme] Marks & Start and we’re committed to doing our bit to get more young people into work. But we can’t do it alone – businesses need more support from the government to unlock more opportunities for young people.
“Retail is a dynamic, fast-moving industry where no two days are the same. From working in stores or supply chain to food, fashion or finance and everything in between, it can open up so many opportunities. This is an industry that can give you responsibility from a young age and if you’re willing to work hard, you will go far no matter what your background.”
No comments yet