The initiative pledges to create work experience and internships, creating more than 100,000 jobs and training opportunities in the coming years.
Nestlé has already created almost 8,000 opportunities in the last eight months.
Companies will also go out into the community and offer young people practical advice, CV clinics, and interview preparation.
The ‘Alliance for YOUth’ partners will be active members of the European Commission’s European Alliance for Apprenticeships, as ambassadors of vocational training across Europe.
‘Alliance for YOUth’ members include Cargill, DS Smith, Facebook, Google and Nielsen.
The initiative says it will work with policy-makers and the education sector to foster employability and job creation.
According to a survey from Nielsen, 23% of young people in Europe see unemployment as the biggest problem faced by society over the next five to 10 years.
55% of those questioned who were unemployed said governments were most to blame for not resolving the lack of opportunities for young people.
Around 2,000 young people across the UK, Germany, France, Italy and Spain aged between 18 and 29 years old took part in the survey.
40% of those aged 21-24 feared job prospects in their country were not good over the next 12 months.
The ‘Alliance for YOUth’ programme is part of Nestle’s European youth employment initiative called ‘Nestlé Needs YOUth’.