Just One Step At A Time

Just One Step At A Time…

As a society we can tackle the growing population of those who are in danger of becoming economically inactive, unemployed, or underemployed.

Over the last 25 years, I have worked either in my full-time role or through volunteering to help those facing career changes and choices. For many this is about reaching a potential and/or avoiding stagnation. The UK can, in many ways, provide bundles of opportunity, however navigating through the ‘how, what, and where’ is often the most difficult part, whether that be skills-based knowledge or knowing who to ask for support. This takes enormous grit and determination, as I know from personal experience.

So, what are the latest figures, what can we do about it, and is this a collective approach involving the public, private, and voluntary sectors?

The Facts and Figures

The latest figures from the Office for National Statistics (ONS) on economic inactivity make for uncomfortable reading. Unsurprisingly, the numbers rose during the COVID pandemic, but the latest quarter’s report shows a worrying rise to 21.1% for people aged 16 to 64.

The reasons for economic inactivity are varied, but acknowledging and understanding them is key to bringing about change:

1. Health and Disability: For some, economic inactivity is not a choice but a consequence of health issues or disabilities that may make it a challenge to actively participate in the workforce.
2. Educational Pursuits: Students, a significant portion of the economically inactive, are investing in their future through education and skill development.
3. Family Commitments: Individuals, often women, opt for economic inactivity to give their focus to family responsibilities, be it childcare or caring for elderly family.
4. Retirement: Many individuals become economically inactive due to retirement. As the UK’s population ages, an increasing number of people are leaving the workforce.

This demographic is too often overlooked in the larger tapestry of the UK economy and workforce, but the societal impact is significant. Our energy now must be laser-focused on the ways in which we can affect positive, meaningful change.

It has been my mission over the last two decades to support those who feel marginalised by the economy, the education treadmill, or through health and wellbeing issues. In 2009, when I was appointed National Champion for Enterprise Learning by the Secretary of State for Education, I was instrumental in bringing together a task force of senior individuals from the FTSE 250 and education to collaborate in helping young people, retirees, and those in transition to find the confidence needed to reach their career and financial potential. A few years later, as many friends and colleagues know, this model was adapted through X-Forces Enterprise when we brought together stakeholders to support those from the military community who were at risk of economic inactivity in the wake of reforms instituted after the Iraq and Afghanistan conflicts. This model has since been successfully replicated for the emergency services community.

Returning to the ONS figures, and the challenges we face in the post-COVID world, it’s important to recognise that the belief of 20 years ago that ‘there’s no such thing as a job for life’ has now become ‘there’s no such thing as a career for life.’ Instead of talking about reskilling people in order to help them do their jobs better, we need to be talking about upskilling and redefining careers. And that’s even before we consider AI and the ramifications it will have on the careers landscape!

I’m delighted to be working on a new programme for 2024, which sees Enterprise For Life® working in partnership with London Stock Exchange Group, and will engage other like-minded organisations, beginning with those within the City’s Square Mile. The skills that are taught through Enterprise For Life® provide ongoing learning of how business and the economy works including the private and public sectors, the third sector, volunteering and government both on a local and central level. These skills are important at any age and are particularly invaluable to those who need a better understanding of the commercial landscape, especially when considering a change of career rather than just a job.

Another marginalised group at risk of economic inactivity are care leavers. In the coming months, working closely with our partners, we will address this alongside other reasons for economic inactivity, namely health and wellbeing, educational pursuits, family commitments, and retirement. We will drill down into each and provide a road map for change in each sector. For now, I would love you to share this with anyone interested in this agenda and encourage them to get in touch.