Business is joining hands with the government, youth and workers to provide a practical response to the youth unemployment crisis.
South Africans can and must make a fresh bid for sustained and inclusive economic prosperity.
This means a partnership between all sectors to chase high rates of economic growth and job creation with single-minded purpose and intensity.
President Cyril Ramaphosa's New Deal is the opportunity to build a dynamic economy that places all South Africans, black and white, poor and rich, at the centre of a sweeping economic project to unlock productivity, investment, skills development and growth, to ensure that prosperity reaches all corners of South Africa.
No section of society can be left behind. Not the marginalised rural, youth or female populations. And particularly not the nine million unemployed South Africans.
There are close to six million unemployed 18- to 34-year-olds who, regardless of what qualifications they hold, are locked out of the experience of work. The Youth Employment Service targets these people.
With the goal of providing one million young people a one-year paid work experience over the next three years, business hopes to make a significant contribution. YES represents the most ambitious attempt yet to use a scaled approach in opening the doors of work to young people, providing work readiness training, a quality work experience and certification to assist the transition to permanent employment or entrepreneurship.The government recently published a gazette detailing provisions in the black empowerment scorecards incorporating recognition for companies that participated in YES so that those companies that met or doubled agreed YES internship targets (expressed as a percentage of net profit after tax or local headcount, whichever is higher) achieved one or two levels up on the broad-based BEE codes. The employment tax incentive will also help to offset some of the cost for companies.
YES is a costly and organisationally massive undertaking for companies. The outcome of the negotiations of the gazetting process will play a significant role in maximising participation.
Absa, Discovery, Exxaro, FirstRand, Imperial, Investec, Nedbank, Netcare, Sasol, Spar, Uber and Woolworths have each committed to more than 400 - some up to 3100 - subjects. As YES champions they are setting the tone for others.
There are three ways of participating. First, employ these young people across your business - bank branches, retail stores, warehouses or logistics chains, services in malls or offices, mines, factories and the like.
Second, pay for, train and place young people in township or community small, medium and micro enterprises.
Third, build township or community hubs as multipurpose tech-rich centres that provide the environment and services for youth training and SMME development and incubation.
Companies have so far committed funding for 15 such hubs, with a goal of building 100 hubs throughout South Africa as visible YES facilities that can bring support and hope to impoverished communities.YES gives meaning to the idea of a social compact. The government, business, communities and labour are taking their share of pain, investment and gain. It is for this reason that Nedlac and the cabinet endorsed YES.
Let us not forget that all the ratings agencies view South Africa's structural unemployment crisis as a long-term inhibitor to our sovereign credit rating.
By supporting YES not only are you making a contribution to the plight of those with little or nothing in society, you are strengthening the case for an investment-grade rating upgrade, for the cost of capital to decline, for investment to increase, for more employees and consumers to enter the economy, and for society to prosper.
This is what is meant by sustainable and inclusive economic growth, by economic dynamism and prosperity for all.
Register as a YES company and join the movement to end youth unemployment. Play your part in making Ramaphosa's New Deal a success. Visit www.yes4youth.co.za to register.
• Investec CEO Koseff and Goldman Sachs MD Coleman are co-convenors of YES..