Baroness Stedman-Scott outlines the importance of the investment management industry’s involvement in the Kickstart scheme
Baroness Deborah Stedman-Scott OBE DL, Minister for Work and Pensions
As the Minister responsible for overseeing the Government’s Kickstart scheme, I was heartened that at the very height of the second wave in infections the investment management industry proactively stepped up and worked with my team to establish a self-funded Kickstart Gateway. Uniquely for a Gateway the employers participating cover the employment costs, as opposed to receiving taxpayer support.
For those not familiar with Kickstart, it was launched last year specifically to try and reduce the scarring effects of long-term unemployment for 16-24 year-olds. We are all too aware this age group’s employment prospects have been disproportionately impacted by the pandemic. The scheme is for those on Universal Credit, who are deemed to be at risk of long term unemployment, and sees successful applicants provided with 25 hours per week of work and training in a business for six-months.
The Investment Association’s Gateway provides an open door to the whole investment management industry to offer a young person in need of a chance with a potentially life changing opportunity. Kickstart builds on Investment20/20’s success in bringing a more diverse pipeline of talent into your industry, enabling young people who may never have heard of investment management to gain sector experience and begin a successful career.
I am aware 17 firms have so far signed up to take part in the Gateway and would like to challenge every firm reading this that hasn’t already joined to ask themselves if they can create an opening for a young person in a need of a break.
I know the Covid-19 pandemic has created a tough environment for many businesses, but with your help as employers, we are investing in the next generation of talent. Creating opportunities across a wide range of sectors, we are laying the foundations for a strong economic recovery. As a result of the opportunities provided through the Investment Association’s Kickstart Gateway, disadvantaged young people will improve their chances of progressing to find long-term, sustainable work in investment management and beyond.
The Government’s 2021 mission is jobs, jobs, jobs. Together, we will build back better, stronger and fairer. I would like to thank all those taking part and urge everyone to do all they can to help our young people at this difficult time.
Baroness Stedman-Scott pictured above
