The evolution of career opportunities for young people is undergoing a significant shift, driven by the pivotal role employers now play in shaping how these opportunities are accessed. A timely development in this arena is Virtual Work Experience (VWEX), which has emerged as a groundbreaking innovation. VWEX offers students valuable insights into various careers for free and promises measurable social and economic benefits for society. In his whitepaper “The ROI of Opportunity: Measuring the Impact of Virtual Work Experience,” Sam Hyams, CEO of the virtual career platform Springpod, elaborates on the tangible value VWEX brings to businesses, students, and the wider community, making it a compelling case for its adoption.
Breaking Down Barriers to Opportunity
A major theme in the discussion around VWEX is its profound impact on social mobility. Traditional in-person work experiences have often been inaccessible to many students due to factors like geography, finances, and social barriers. These limitations have long restricted the ability of young people to gain crucial workplace skills and explore their career potentials. As alarming statistics reveal, only 36% of UK students gain in-person work experience before completing their education, highlighting a significant gap.
VWEX effectively removes these barriers by offering free access to high-quality career learning experiences. This enables students from diverse backgrounds to engage in real-world projects and collaborate with professionals, thereby developing an awareness of their career potential and acquiring highly desired workplace skills. By making these experiences available to all, VWEX plays a vital role in bridging skills gaps and equipping young people for the future workforce. Ultimately, this helps employers reach and nurture a more diverse talent pool, addressing both social and economic disparities in an inclusive manner.
Virtual Work Experience in Practice
High-quality VWEX programs are designed to provide engaging and interactive experiences for students. These programs allow students to connect with employers, complete industry-specific tasks, and build key employability skills without needing to physically visit a workplace. This approach addresses various logistical issues associated with managing in-person work experience programs, such as the allocation of space, equipment, health and safety requirements, and security clearance. Typically, VWEX programs feature live or pre-recorded sessions with industry professionals, interactive assignments, and comprehensive career pathway information. These experiences often culminate in completion certificates that can enhance a young person’s CV or university application. Springpod’s data underscores the effectiveness of VWEX, highlighting its significant social return on investment (SROI). The data reveals that these programs have generated an estimated SROI of £98 million through increased employability, higher future earnings, and a reduction in the number of young people who become NEET (Not in Education, Employment, or Training).
The Business Case for VWEX
VWEX serves as not only a socially transformative initiative but also presents several clear business advantages. Companies participating in VWEX benefit from a more diverse and better-prepared talent pipeline, which in turn reduces recruitment costs and enhances engagement with skilled candidates at scale. Young people who complete VWEX programs are more likely to develop essential employability skills, build confidence, and gain an understanding of industry expectations.
Additionally, businesses that invest in VWEX report significant benefits in employer branding and talent attraction. Specifically, companies engaging in VWEX initiatives have experienced a 40% reduction in hiring expenses. Moreover, data indicates that 87% of students who complete a VWEX program are more likely to consider the employer for future opportunities. This is a crucial advantage for industries facing skills shortages, as early engagement through VWEX helps secure the next generation of talent, creating a robust and engaged workforce for the long term.
Quantifying the Financial Impact
The economic benefits of VWEX participation can be quantified using an open-source SROI framework, which allows organizations to assign a financial value to their investment in early careers. This analysis incorporates factors such as increased lifetime earnings, reduced NEET rates, and improved career readiness, which collectively contribute to the overall £98 million impact figure.
Leading organizations have demonstrated substantial individual contributions to this impact. Barclays, for example, has made a social impact valued at £6,184,319. Similarly, Fujitsu’s social impact contribution totals £5,299,445, and Airbus has contributed £3,684,582. These figures underscore the significance of employer investment in VWEX as a means to drive positive societal change and enhance business outcomes. The compelling evidence makes a strong case for widespread adoption of VWEX, emphasizing its dual role in benefiting society and providing businesses with a well-prepared talent pool.
The Future of Early Careers Engagement
As businesses continue to adapt to changing workforce dynamics, VWEX is set to become increasingly critical in the landscape of career learning. The shift towards digital-first career learning strategies is not merely a response to recent disruptions but represents a long-term approach that aligns with how young people engage with education and work. VWEX embodies this shift by providing flexible, scalable, and accessible career learning opportunities that meet the needs of the modern workforce.
The benefits of VWEX extend beyond immediate educational outcomes, presenting a call to action for businesses, educators, and policymakers to recognize its potential as a strategic tool. By leveraging VWEX, stakeholders can address skills gaps, improve workforce diversity, and ensure that every young person has access to meaningful career opportunities. This holistic approach to early careers engagement empowers young people, enriching their career prospects and contributing to a more inclusive and skilled workforce.
Final Thoughts
The career landscape for young people is evolving notably, influenced by the pivotal role employers have in shaping access to opportunities. A timely development in this field is Virtual Work Experience (VWEX), a groundbreaking innovation. VWEX provides students with invaluable insights into various careers at no cost, offering measurable social and economic benefits. Sam Hyams, CEO of the virtual career platform Springpod, delves into the tangible value VWEX brings to businesses, students, and the broader community in his whitepaper, “The ROI of Opportunity: Measuring the Impact of Virtual Work Experience.” He elaborates on how VWEX not only benefits individual students by providing exposure to potential career paths but also offers a return on investment for companies and society at large. It enhances workforce diversity, reduces hiring costs, and broadens the talent pool. Thus, VWEX stands out as a compelling option for adoption, promising a future where career access is wider and more inclusive.