It's crucial to remember that our youth are the future of our economy. At our company, we believe that investing in young people is not only a moral obligation but a wise business decision. Hiring young people brings many benefits, including innovation, diversity, cost-effectiveness, and potential for future leadership. Plus, it's an opportunity to gain valuable insights into younger demographics and a fresh perspective.
However, youth unemployment rates have reached alarming levels in many countries, and the situation is even more dire due to the COVID-19 pandemic. In the UK alone, youth unemployment is expected to cost the country £21 billion in loss of output and growth over the next 36 months. UK companies are also missing out on a £38 billion GDP boost by not improving youth employment prospects.
That's why we're thrilled to launch Youth Challengers, a set of youth-first pledges aimed at reimagining youth employment. We believe that our plan can create an environment where young people can thrive, showcase their skills and enthusiasm, and reach their full potential. Our plan includes developing a toolkit for companies to attract and retain young talent, providing training programs for effective onboarding and training for young employees, conducting workshops and events to connect young people with employers and industry professionals, and establishing a program to support young people in starting their own businesses and becoming entrepreneurs.
At Youth Group, we also understand that financial literacy is crucial to success, and we will provide support and guidance to young people on how to manage their finances and plan for their future. We believe that by providing these resources and opportunities, we can make a meaningful impact on youth employment in 2023 and beyond.
To keep the momentum going, we are excited to announce that we will be launching a new pledge every week throughout 2023. This means that every seven days, we will be introducing a new initiative or program to help young people and companies work together more effectively. Our team has been working hard to create a diverse range of pledges that will address different aspects of the youth employment crisis, from skill development to financial planning.
Youth Group is a relentless advocate of growth and progress. We believe that even small improvements can have a big impact, and we're always striving to do better. With a never-give-up attitude, we're dedicated to pushing boundaries and achieving our goals. That's why we're leading the 'youth' sector in reimagining youth employment and empowering it as an industry in its own right.
Starting with the launch of Youth Jobs this week which is the solution to ensuring that your youth opportunities are being showcased in the right places. No longer will you have to struggle with the challenge of finding a platform that effectively reaches a diverse group of young individuals.
With Youth Jobs, you'll have access to a network of young people who are actively seeking early career opportunities and are eager to connect with companies like yours and with your internships, apprenticeships, or entry-level jobs. Youth Group is the freshest youth-tech company connecting young people with companies. We're building youth-tech solutions that scale the unscalable challenges that both young people and companies face.
We believe that every young person deserves a chance to reach their full potential and contribute to society. We're committed to working with our partners and stakeholders to ensure that our efforts are aligned and coordinated to achieve the best possible outcomes.
This approach will help us keep up with the fast-changing landscape of youth employment, and allow us to adapt and innovate as needed. By constantly introducing new and exciting initiatives, we can stay ahead of the curve and create real change.
We can't wait to share these pledges with you and see the impact they will have on the lives of young people. Join us on this exciting journey as we reimagine youth employment and create a brighter future for all.