Panel, Conference Presentation
The Case for Investing in Migrants and Refugees
Milken InstituteCaroline Fairchild, Kerry Kennedy, Jeff Maggioncalda, Gideon Maltz, Saed Moujtahed, John Kluge
- The global refugee population, currently at 20 million, is projected to continue escalating due to significant flows from Burma, South Sudan, and Venezuela.
- U.S. resettlement capacity has been reduced to an annual ceiling of 45,000, with expectations that this program has been "gutted" and failed to provide sufficient facilities, shifting the burden to communities.
- Host countries and the private sector anticipate assisting newly unsettled refugees by leveraging their existing skills and providing job opportunities, though the initial six months to a year post-arrival is viewed as a period of preparation rather than productive work.
- Corporate partners have set specific hiring targets, with Starbucks committed to employing 10,000 refugees over the next five years and WeWork planning to hire 1,500 in the U.S. and Europe.
- Gideon Maltz predicts a study releasing in a couple of weeks will show refugees have significantly lower turnover rates than non-refugees and possess high motivation, hard work, and loyalty.
- Syrian refugees integrated in the U.S. are expected to be more driven toward entrepreneurship and business creation rather than traditional employment.
- Saeed Mujtahed plans to expand the Syrian Institute for Progress beyond Southern California to a larger U.S. presence, contingent on fundraising to build infrastructure that facilitates integration into regular companies.
- Jeff Maggioncalda anticipates the convergence of learning and work due to rapid global changes, predicting that technology and digital means will provide equal access to global education and lifelong learning regardless of location or financial background.
- Specific educational pathways are expected to emerge, including credit transfers from the Google IT certification program to the University of London computer science degree and potential master's completion in Computer Science from the University of Illinois for individuals with no prior college experience or money.
- Gideon Maltz expects U.S. and allied military presence could prevent further refugee flows and serve as a platform for Turkish refugees to return, while also anticipating that increased trade with host countries will make an "enormous difference."
- Kerry Kennedy predicts that the $100 million in armaments agreed upon with Saudi Arabia will result in increased displacement, creating more people who become refugees themselves.
- Gideon Maltz expects the U.S. government to reverse the "Muslim ban," which is viewed as harmful to both refugees and the country, and notes that the current U.S. resettlement program was historically a point of bipartisan pride.
- Investors are presented with an opportunity to provide "large pots of money" to countries accepting high numbers of refugees, potentially accepting slightly lower returns for a major social impact, with a preference for digital educational opportunities over traditional infrastructure.
- The panel focuses on addressing the refugee jobs issue, supporting the UN 2016 compact, and preventing the undermining of the UN, while calling for the private and public sectors to get involved in solutions.