The Challenge: Education: Generating Returns. Sustainably.
Overall, there is an estimated $2.5 trillion annual funding gap towards the UN SDGs as a whole. Compared to global financial flows, this figure represents a drop in the ocean. Hence, galvanising private capital is critical to solving these global challenges. Indeed, education is the cornerstone of sustainable development and investing in education is associated with a demonstrably positive multiplier effect towards achieving many of the other SDGs.
The Lead2030 Challenge for SDG4, supported by Credit Suisse, has launched a global search for impactful enterprises that look to further narrow the gap in achieving SDG4.
Spandana Palaypu, ZoEasy
Many jobseekers go overseas in search of economic opportunity. They represent a crucial sector of the economy. In the UAE, this community forms 43% (4 million) of the overall population. However, recruitment in this sector is archaic and cumbersome, as it relies on middle-men who prey on the financial desperation of the workers.
The migrant worker community mainly comprises youth, often lacking the basic education, guidance and skills needed to pursue their aspired overseas careers. This makes them susceptible to fraud and exploitation.
Middle-men have strong leverage over placement pricing, and though governments are trying to regulate this, the majority of these costs are borne by migrant workers (up to $3000USD). Furthermore, there is often a disparity between the skills and expectations of jobseekers and employers, leading to conflict, low productivity, high costs, and attrition.
ZoEasy, with a database of over 65,000 jobseekers, aims to positively impact this segment by educating and matching jobseekers with best-fit validated employers in a more ethical and transparent manner. With training, skills development, and government collaboration at the core of its process, ZoEasy ensures sustainable job creation at living wages and reduces inequalities through knowledge exchange among jobseekers.
In a hugely successful pilot programme, ZoEasy placed 100 jobseekers in roles suited to them, with each employee now earning a better salary and working in fair conditions. Spandana and her team have partnered with government bodies in India and secured space with Union at the Area 2071 innovation hub, a Dubai Government Initiative created to achieve the UAE Prime Minister's 100-year vision.
“We can't wait to embark on this amazing journey and amplify our social impact through Lead 2030 and Credit Suisse's guidance and mentorship.”