Discussion Overview – Exploring the Dynamics of the Greek Labor Market and Youth Challenges
On March 19, 2025, the seminar “Exploring the Dynamics of the Greek Labor Market and Youth Challenges” was held at the Serafeio of the Municipality of Athens. The event aimed to equip young people with practical knowledge, valuable insights, and useful tools to support their professional development. This was accomplished interactive discussions, fireside chats, and networking sessions, participants gained meaningful experiences and perspectives for their future careers.
Here, we highlight the positions key takeaways and views shared by all speakers. We are greatly honoured to have speakers such as Mr. Panos Tsakloglou, former Deputy Minister of Labor & Professor at the Athens University of Economics and Business, Mr. Kyriakos Filinis, Senior Advisor, Human Capital Development Division at the SEV, Mr. Nikos Giannakopoulos, Professor at the Department of Economics, University of Patras, Mr. Antonis Ballis, Assistant Professor of Financial Technology (Fintech) and Director of the MSc in Fintech program, Aston Business School, Aston University, Ms. Eriketi Diakoumakou, Lawyer, M.Sc., LL.M., Mr. Zisis Psallidas, Audit Manager at Deloitte Luxembourg, Ms. Kleoniki Kontaxi, Lawyer, LL.M. (University of Cambridge), Mr. Apostolis Elekidis, PhD Chemical Engineer, Warehousing Manager – FMCG Sector, Mr. Vasilis Angelopoulos, Co-founder of Get Involved, Senior Sustainability Analyst at the NBG, and Secretary for Economic and Sustainable Development at the ESYN and Mr. Dimitrios Dimopoulos, Head of ESG at Piraeus Bank.
The educational seminar began with a series of individual questions directed at the young participants, aiming to better understand their perceptions and expectations regarding the labor market.
Notably, around 60% of attendees identified lack of experience as the most significant challenge they face as newcomers entering the workforce. Smaller percentages (approximately 15% each) pointed to lack of skills, limited opportunities, and the difficulty of balancing personal and professional life as the most pressing issues.
In a follow-up question, 55% of the audience expressed optimism about their future over the next five years. However, a noteworthy 31% indicated a desire to move abroad in search of more opportunities or better working conditions. Additionally, 9% of participants said they are reconsidering their field of study.
As the survey continued, 45% of respondents identified programming and data analytics as the top skill they aim to learn this year, while 32% prioritized the development of soft skills such as communication, leadership, and time management.
These responses provided valuable insights from young people and served as a springboard for deeper discussion during the speaker sessions that followed.
The Current State of the Greek Economy and the Challenge of the Pension System
Mr. Panagiotis Tsakloglou opened the discussions with a clear presentation on the current state of Greece’s pension system and the major challenges it faces, primarily due to demographic aging. He began by explaining the two main models of social security: the pay-as-you-go system, where current workers’ contributions fund the pensions of today’s retirees, and the fully funded system, where each worker’s contributions are invested to build a personal pension fund for the future.
He emphasized that for many years, Greece relied exclusively on the first model, which led to significant deficits. The establishment of TEKA (the Hellenic Auxiliary Pensions Defined Contribution Fund) marks an important step toward a more sustainable and balanced system. TEKA, a fully funded auxiliary pension fund, enrolls newcomers in the labor market and invests their contributions across diversified portfolios, aiming for optimal returns and long-term stability.
Mr. Tsakloglou also highlighted the critical importance of savings, stressing the particularly low savings rate in Greece. He stressed that relying solely on one’s pension is not enough to secure financial well-being and resiliency in the future.
He placed special emphasis on the need for financial literacy and informed decision-making, especially among young people, many of whom are not fully aware of how the pension system operates or how it will shape their future retirement income. He explained that risk diversification through the three-pillar pension model – national, contributory, and funded pensions – helps reduce uncertainty and enhances long-term economic resilience.
The Challenge of Parallel Transformations in the Labor Market and the Role of Youth
Mr. Nikolaos Giannakopoulos presented a realistic overview of the Greek labor market, drawing comparisons with the broader European environment. He emphasized that although the situation has improved in recent years, Greece still records high unemployment rates, especially among young people, and remains significantly below the EU average. Nonetheless, he noted that the labor market has notably improved, not only compared to the period of the crisis but also relative to the pre-crisis period.
He analyzed key indicators used to assess labor market performance, including unemployment rates, employment levels in the general population, labor force participation, and labor productivity. He stressed that the labor market is not a single, uniform entity but consists of multiple sub-markets with distinct geographic and sectoral characteristics.
Mr. Giannakopoulos also underlined that wages should not be the sole criterion for assessing labor market quality, as they are closely tied to productivity and the value of the goods or services produced. He pointed out the persistent issue of undeclared work, which distorts the true picture of employment in the country.
He concluded by emphasizing the importance of investing not only in general education but also in the specialization of human capital, enabling young people to integrate effectively into the workforce and contribute to the productive upgrading of the Greek economy.
Mr. Kyriakos Filinis offered a dynamic assessment of the Greek labor market. He acknowledged that while the current situation is significantly better than during the economic crisis, several challenges remain, especially for young people. Although overall unemployment has dropped to historically low levels, youth unemployment and overqualification—where university graduates work in jobs that do not utilize their qualifications—remain pressing concerns.
He further noted that the Greek economy is dominated by small enterprises (98% have fewer than 50 employees) and low value-added sectors. This limits opportunities for highly skilled employment and complicates the transition from education to work, which is often marked by periods of unemployment and job searching. These conditions, he explained, are closely tied to the structure of Greece’s productive model.
Mr. Filinis emphasized that the labor market is undergoing significant change, driven by the green and digital transitions. However, this doesn’t mean that professions are disappearing; rather, skills are evolving, and technology acts as a complement—not a substitute—for human labor.
In closing, he highlighted the need for continuous upskilling and lifelong learning, urging young people to make decisions with their future in mind, not just based on current conditions. He also underscored the importance of internships and apprenticeships in enhancing employability, and the role of the Hellenic Federation of Enterprises (SEV) in bridging the gap between education and the labor market.
From Studies to the Labor Market – Brain Drain & Brain Gain
The next part of the event focused on personal journeys, challenges, and reflections on the transition from the university to the labor market. The discussion featured individuals who have contributed to the development of Get Involved and have since gone on to build their own unique career paths.
Ms. Eriketi Diakoumakou highlighted the importance of informed decision-making and participating in initiatives like Get Involved, which opened up new professional horizons and perspectives for her. She stressed that entering the labor market is particularly challenging without practical experience and encouraged young people to take advantage of every opportunity that comes their way. Despite the difficulties faced by newcomers, she emphasized that opportunities are always out there – but must be actively pursued. On the topic of professional development, she noted: “Your only competitor should be yourself.”
Mr. Zisis Psallidas emphasized the value of youth and university organizations, such as Get Involved, in bridging the gap between university and the market. He shared that being connected with like-minded young people played a crucial role in shaping his goals and professional path. He spoke in particular about how Get Involved gave him access to valuable contacts and knowledge, helping him clarify what field he wanted to work in and how to pursue it.
Mr. Apostolos Elekidis shared his experience transitioning from research to the market and the difficulties he faced as an “overqualified” candidate due to his PhD in Chemical Engineering. He stressed the importance of becoming familiar with the interview process, encouraging young professionals to attend as many interviews as possible to gain experience and improve. As he put it: “Things often aren’t the way we imagine them – we need to try things out to discover what really suits us.” He also emphasized staying open to new paths and engaging in activities that teach us new things—such as the Get Involved ECB Simulation Conference was for him, which he described as a formative experience.
Mr. Antonis Ballis focused on the gap between academia and the labor market and how bridging that divide can improve the absorption of recent graduates into the workforce. He recounted his own career path, sharing that he discovered his interest in research in a relative older age and by starting a PhD led him into academia. He noted that professional circumstances can change rapidly, and that success rarely comes quickly, making critical thinking and persistence essential traits for any professional.
Ms. Kleoniki Kontaxi underlined the importance of flexibility and an open mindset. She pointed out that universities in Greece often do not adequately prepare students for working abroad, where they must compete with locals who have a head start. She spoke about the unique challenges of practicing law internationally as a graduate from a Greek national university. She emphasized the need for constant exploration, skill development, and the cultivation of soft skills. She also encouraged young people to actively pursue opportunities and gain experiences, sharing that her involvement in Get Involved was a pivotal step toward securing her current role at the European Central Bank.
Mr. Vasilis Angelopoulos stressed that there are no “one-dimensional” career paths and that every experience holds value. He encouraged participants to stay open to change, to leverage available tools, and to remember that “the skillset doesn’t change – what changes is the context in which it’s applied.” He emphasized the need for young people to remain alert and not hesitate to seize any opportunity that arises.
The discussion concluded with a shared message: be open, experiment, and learn from your journey – not just through your degree, but through the broader arc of your life.
ESG: New Skills – A Challenge or an Opportunity for the Future of Work?
Mr. Dimitrios Dimopoulos delivered the closing remarks of the educational seminar. At the start of his address, he emphasized the importance of integrating sustainability and ESG considerations into the strategic planning of businesses. He noted that investor priorities have increasingly shifted toward sustainable development, that is, economic progress achieved without depleting natural resources and with respect for society as a whole. This shift is now influencing every aspect of business planning. ESG reporting, he explained, serves as a compass, guiding companies toward more responsible and resilient practices.
Mr. Dimopoulos gave emphasis on governance as the foundation of sustainability and highlighted the skills gap currently present in the ESG sector. ESG is not just about technical knowledge, it also requires confidence, communication skills, critical thinking, and writing ability. For this reason, Piraeus Bank has actively supported the establishment of a specialized Master’s program at the University of Piraeus, aimed at shaping the ESG professionals of the future.
He remarked that the labor market is evolving faster than academia when it comes to ESG, underscoring the need for stronger connections between the two. He also stressed that degrees are becoming less important than experience, motivation, and genuine passion for the field.
Addressing current trends, Mr. Dimopoulos spoke about the shift from greenwashing to greenhushing—where companies continue to implement sustainable strategies but with less public promotion, often to avoid scrutiny or backlash.
In closing, he encouraged young people to pursue what they truly love, as passion and consistency are the qualities that truly stand out in recruitment.
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