The Challenge: Education: Generating Returns. Sustainably.
Overall there is an estimated $2.5 trillion annual funding gap towards the UN SDGs as a whole. Yet versus global financial flows this figure represents a drop in the ocean. Hence, it is critical to galvanise private capital towards 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 launched a global search for impactful enterprises that look to further narrow the gap in achieving SDG4.
Spandana Palaypu, ZoEasy
Many job seekers go overseas in search of economic empowerment, and are a crucial part of the economy. In the UAE alone, this community forms 43% (4 million) of the overall population. However, recruitment in this sector is archaic/cumbersome as it relies on low qualified middle-men who prey on the financial desperation of these workers.
The migrant worker community mainly comprises of youth, many of whome lack the basic education, guidance and skills needed to pursue overseas careers they aspire to, thus, making 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 USD 3000). Furthermore, there is often a disparity between the skills and expectations of job seekers and employers, leading to conflict, low productivity and high costs/attrition.
ZoEasy, now with a database of over 65,0000 job seekers, aims to positively impact this segment by educating and matching job seekers with best-fit validated employers in a more ethical and transparent manner. With training, skills development and government collaborations being at the core of its process, ZoEasy ensures sustainable job creation at fair wages and reduces inequalities through knowledge exchange among job seekers.
In a hugely successful pilot program, ZoEasy placed 100 job seekers in roles suited to them with each individual employee now earning a better salary and enjoying much improved working conditions. Spandana and her team have partnered with government bodies in India and have been incubated by Union at Area 2071 – A Dubai Government Initiative that has been 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.”