A 10-year, $500-million commitment to unlock the potential of young people in Canada by addressing three critical gaps: experience, skills and networking
TORONTO, March 28, 2017 - In an era of unprecedented economic and technological change, RBC is today unveiling its largest-ever commitment to Canada's future. RBC Future Launch is a 10-year, $500-million initiative to help young people gain access and opportunity to the skills, job experience and career networks needed for the future world of work.
'Tomorrow's prosperity will depend on today's young people and their ability to take on a future that's equally inspiring and unnerving,' said Dave McKay, RBC president and CEO. 'We're sitting at an intersection of history, as a massive generational shift and unprecedented technological revolution come together. And we need to ensure young Canadians are prepared to help take us forward.'
Future Launch is a core part of RBC's celebration of Canada 150, and is the result of two years of conversations with young Canadians from coast to coast to coast.
'Young people - Canada's future - have the confidence, optimism and inspiration to reimagine the way our country works,' McKay said. 'They just need access to the capabilities and connections to make the 21st century, and their place in it, all it should be.'
Working together with young people, RBC will bring community leaders, industry experts, governments, educators and employers to help design solutions and harness resources for young Canadians to chart a more prosperous and inclusive future.
Over 10 years, RBC Future Launch will invest in areas that help young people learn skills, experience jobs, share knowledge and build resilience. The initiative will address the following critical gaps:
A lack of relevant experience. Too many young Canadians miss critical early opportunities because they're stuck in a cycle of 'no experience, no job.' According to the consulting firm McKinsey & Co., 83 per cent of educators believe youth are prepared for the workforce, but only 34 per cent of employers and 44 per cent of young people agree. 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 that job still exists. RBC will help ensure young Canadians gain the skills, from critical thinking to coding to creative design, that will 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 Canadians in guiding young people to the opportunities that exist and will exist, across Canada.
A lack of future readiness. Many young Canadians know their future will be defined by disruption. A new report, Future-proof: Preparing young Canadians for the future of work, by the Brookfield Institute for Innovation + Entrepreneurship, found that 42 per cent of the Canadian labour force is at a high risk of being affected by automation in the next 10 to 20 years. Young Canadians 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 Canadians retool, rethink and rebuild as the age of disruption takes hold.
By helping young people unlock their potential and launch their careers, RBC can assist them with building a stronger future for themselves, and a more prosperous Canada for all. RBC created The Launching Careers Playbook, an interactive, digital resource focused on enabling young people to reach their full potential through three distinct modules: I am starting my career; I manage interns and I create internship programs. The Playbook shares the design principles, practices, and learnings captured from the RBC Career Launch Program over three years, as well as the research and feedback RBC has received from young people and their managers.
More information on RBC Future Launch can be found at www.rbc.com/futurelaunch.
Royal Bank of Canada is Canada's largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis. We have over 80,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 35 other countries. For more information, please visit http://www.rbc.com/.
RBC helps communities prosper, supporting a broad range of community initiatives through donations, community investments and employee volunteer activities. For more information please see: http://www.rbc.com/community-sustainability/.
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Suzanne Willers, RBC Communications, Suzanne.email@example.com,
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