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Vodafone graduate scheme held up as blueprint for youth jobs [Western Mail (Wales)](Western Mail (Wales) Via Acquire Media NewsEdge) BUSINESS Secretary Vince Cable has hailed plans by mobile phone giant Vodafone UK to hire 400 graduates over the next five years as a blueprint for British businesses. Mr Cable was yesterday at the company's Newbury headquarters to unveil plans by Vodafone to boost its graduate intake in response to soaring demand. Vodafone will take on about 80 graduates a year, up from its normal annual intake of 50 graduates, offering them extended two- year roles. Mr Cable said: "Graduate schemes like Vodafone's help young people get started in their careers. They show the value of investing in young people who want to train and gain experience in a successful British business." The Government has called on businesses to create more apprenticeships and graduate roles to tackle stubbornly high youth unemployment, amid fears of a "lost generation". Figures released on Thursday by the Office for National Statistics showed about 1.1 million people aged 16 to 24 were not in education, employment or training during January to March - a rate of more than 15%. The new recruits, who start at Vodafone in August, will tackle roles in technology, retail, finance, brand, customer services, legal, communications, human resources and enterprise and will be based in Newbury. Vodafone said it has been inundated with applications for its graduate schemes in recent years. It added 88% of its graduates stay on with the company once their training has finished. Vodafone UK chief executive Guy Laurence said: "Our graduates bring fresh thinking and energy into our business. I always spend time with them as their ideas are interesting and we can learn as much from them as they do from us." Graduates' training has been extended from one year to two. The first year consists of two months in a Vodafone high street store, followed by a couple of five-month spells in any part of the business, and ending with a year-long placement. The telecoms group this week reported its first drop in annual revenues for seven years as Europe's economic woes weigh in. Sales of Pounds 44.4bn for the year to March 31 were 4.2% lower than a year ago. Vodafone's service revenues in southern Europe slumped 11.6% in the year, driven by economic weakness and competition in Spain and Italy, while the figure in the UK was 4% lower. Group operating profits were 3.7% higher at just under Pounds 12bn, but when including a Pounds 7.7bn charge on the shrinking value of its assets in Spain and Italy the company's pre-tax profits fell 66% to Pounds 3.2bn. (c) 2013 ProQuest Information and Learning Company; All Rights Reserved. |