Tackling Youth Unemployment: Luminar
06 November 2013
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Luminar the nightclub operator that was bought out of administration by a private investment company 18 months ago, is now re-focusing on community and social interest initiatives and goes the extra mile to acquire £45 million of property to renovate, create jobs and enhance community respect for the younger generation.
The Luminar Group wishes to create a leisure acquisition model that develops assets that are a sustainable, long term and low risk investments whilst creating more than 2,500 jobs. The focus on a youth training contract to ensure there is more engagement between shareholders and employees and create a win-win for commerce, education, employment and community.
It is a tremendous attitude by Luminar at a time when unemployment among youth rose by 692,000 from April to July 2013. The focus on high unemployment areas brings a real connection between business and wider social responsibility, principles for other companies to follow and being inspired by.
Almost 1.65 million 18-24 year olds were economically inactive (not in work and not looking for work) in February to April 2013, Luminar have an ideal model for this, by utilising youth contract training, aimed at areas of highest youth unemployment.
Schemes like this are important to stimulating economic growth, while addressing the widespread issue of youth unemployment, with many young people especially struggling to find any form of work with fair pay, hours or security.
The popular chain of Oceana nightclubs is to be rebranded by Luminar as Pryzm, following a spate of recent refurbishments, a move that will protect current and create more jobs. By sustaining the legacy of the current nightclub chain, Luminar are providing an addition to the nightlife of the cities the new Pryzm nightclub are situated.
Further investment in the employees has included the formation of a “Social Media Academy” designed to improve the online communication skills of staff members. A group wide intranet has also been set up to increase the flow of open communication from all employees and senior management. This is sure to benefit the digital skills of the new employees, providing experience they will benefit from in their future careers.
This helps Luminar to open up two way channels of communication with their employees and allows staff to interact with senior management in order to help with their own self improvement, and to suggest improvements to the group that will eventually be for everyone’s benefit.
Luminar now has a more committed workforce that improves business performance, with a wider knock on effect to the wider community and the economy as a whole. Young people gain commercial experience and training, while the acquisition and refurbishment of nightclub venues helps to regenerate the local economy and delivers a low risk, steady return for the Luminar Group.
These developments struck a chord with we me particularly as they echo my ethos on an ethical approach to SME acquisitions. The positive implications to the community surrounding these newly revitalised business is one of the reasons I am looking to protect SME’s from going into liquidation, due to transfer failure.
The Luminar group, by making a real effort to protect jobs, are setting a fine example to the next generation of business managers and helping to sustain communities.