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News Last Updated: May 20, 2018 - 2:35:33 AM


RBC launches new youth education initiative in the Caribbean
By Sharell Carroll
May 18, 2018 - 10:27:50 PM

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Nassau, The Bahamas — Today, Rob  Johnston, Head of RBC Caribbean Banking, announced that RBC Future Launch, RBC’s signature initiative focused on equipping youth with the opportunities and skills to succeed in an ever-changing and technologically-evolving workforce, will be coming to the Caribbean.

Through RBC Future Launch, RBC works with young people to bring community leaders, industry experts, governments, educators, and employers together to help design solutions and harness resources for our youth to chart a more prosperous future - for themselves, and their communities.

Recent estimates suggest that around the world, 6 out of 10 children entering primary school now will likely end up working in completely new job types that we cannot even imagine today. Even professions previously thought somewhat immune to technological or digital disruption will see fundamental shifts. It is against this backdrop that the next generation will enter the workforce.

“No matter where in the world we go – The Bahamas, Barbados, Trinidad, Canada, wherever – we see young people facing similar challenges when it comes to the job market,” said Johnston. “By bringing stakeholders and students together we can develop solutions to better prepare our youth for the workforce of the future.

Focus groups will take place in several countries in the Caribbean in the coming months to tailor programs that work best in local markets. Broadly speaking, Future Launch will seek to address the following critical issues raised by young people:

  •     A lack of relevant experience. Too many young people miss critical early opportunities because they’re stuck in a cycle of “no experience, no job.” RBC will continue to help educators and employers develop quality work-integrated learning programs to build a more dynamic bridge between school and work.
  •     A lack of relevant skills. Increasingly, young people entering the workforce require a complex set of technical, entrepreneurial and social skills that cannot be attained solely through a formal education. A 2016 report from the World Economic Forum states that by 2020, more than a third of the desired core skill-sets of most occupations will be different from today — if those jobs still exist. RBC will help young people gain the skills, from critical thinking to coding to creative design, to  help them integrate into the workplace of today, and be more competitive for the jobs of tomorrow.
  •     A lack of knowledge networks. Young people are at a disadvantage in the job market if they don’t have an opportunity to learn from others and discover the realities of jobs they’re considering. Many have told RBC that there isn’t enough information on the spectrum of jobs that are available. From social networks to mentoring programs, RBC will harness the vast knowledge and goodwill of stakeholders and community groups in guiding young people to the opportunities that exist and will exist, across the Caribbean and around the world.
  •     A lack of future readiness. Many young people know that their future will be defined by disruption. Significant portions of the labour force are at a high risk of being affected by automation in the next 4 years. Young people are okay with that: they want to be the disruptors and make the future workforce more creative and productive. RBC will help to create opportunities, through our education system, workplaces and communities at large to help young people retool, rethink and rebuild as the age of disruption takes hold.
“We have had tremendous interest with RBC Future Launch in Canada, and I know we will have great achievements here in the Caribbean as well,” added Johnston. “Future Launch is an investment in building the future that we all wish for our children and communities.”

For his announcement, Mr. Johnston was joined by the Hon. Jeffrey Lloyd, Minister of Education, Science and Technology for The Bahamas, representatives and students from The University of The Bahamas, and others who brought diversified perspectives on the solutions needed to further enhance  education youth development opportunities across the region.

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