Recruiting university graduates directly could be a challenge for many enterprises. Still, university graduate hiring is a tried-and-true tactic that may provide creative businesses a competitive edge by luring the best new talent right out of college.
Every year, as institutions close for the summer, a fresh batch of students graduate. Since it’s accepted that it takes resources to get graduates to wanted level, some organizations are skeptical about hiring graduates.
However, we at EXM believe that the pros outweigh the cons. Keep reading the article and check out the list of the main reasons we believe recruiting university graduates directly is a great opportunity for your business.
Graduates are full of fresh ideas, new perspectives
Because graduates’ degrees aren’t always applicable to the sector, some companies are reluctant to hire them. Regardless of what they studied in college, graduates bring fresh perspectives and new ideas to the table, which may be invaluable for any business. To confront potentially outmoded notions and build new ways of thinking, the university trains students to examine procedures and concepts with a critical eye. Many firms could profit from having this crucial expertise, yet they don’t. Graduate training programs are a successful means of bringing fresh perspectives to the workplace and diversifying the workforce.
Successful businesses need agile workers who not only can adapt quickly to change but also pursue it. Graduates reach the minimum necessary level of productivity faster than more experienced workers because they are more adaptable and prepared to embrace change. They also learn quickly.
The UK Government study “The link between graduates and economic growth across countries” looks at the boost in productivity that graduates have. It can be challenging to quantify this, but there is evidence at the national level that more graduates will contribute to economic growth as long as businesses can effectively utilize and value them.
Return on Investment (ROI)
Ideas and skills from recent graduates can significantly improve your financial situation. The anticipated cost to employ university graduates in the UK in 2019 was £4,739, while they add about £1 billion of new value to the UK economy each year.
Although the ISE poll reveals that graduate retention is excellent, many businesses worry that after graduates are taught, they will leave, delivering little return on their investment. According to the ISE, graduate retention varies by industry, but on average, after five years, an employer keeps 57% of its intake. The typical first-job tenure is just under 4.5 years.
Fresh graduates make good and fast learners because they are eager to learn and adapt to their new environment. They have a strong passion for learning and expanding their knowledge. They won’t complain much and will put in more effort to demonstrate their qualifications for the position. These graduate attributes will enable the business to expand in a new and better way. Making use of these attributes will be advantageous for your business.
They bring new dynamics to the workplace
A diverse workforce that includes young talent, such as students or recent university graduates, denotes a positive work environment. The main reason is that they foster a strong working connection with more experienced employees. Due to the proactive and forward-thinking environment it creates, your company may be able to draw in even more talent. Additionally, a dynamic staff creates an inviting atmosphere for potential customers.
Familiar with the newest technology
Attracting tech-savvy personnel has never been more crucial for organizations and companies given the growing skills gap in the digital sector. Due to lack of digital skills, SMEs in the UK are confronting an £85 billion productivity gap.
Because technology was so prevalent when they were young, millennials in general have a stronger understanding of contemporary technology. More than 90% of Millennials own smartphones, according to statistics from PEW Research, compared to 68% of Baby Boomers and 90% of Gen Xers. Employing university graduates who are familiar with new technology and are computer savvy can significantly increase your company’s production and efficiency.
University graduates are open to a lower payment
Nobody wants to get paid less than they believe themselves to be worth. New grads, however, are more willing to take lower pay in exchange for on-the-job experience and training. Graduates don’t leave college expecting to go into a job with a high salary because due to no experience. They will be more receptive to decreased pay as long as it is market competitive. It can be worthwhile to explore recruiting graduates at a higher wage if your company is having trouble finding suitable personnel.
While recruiting university graduates directly has undeniable benefits, it also has potential risks. Check out the following, among others:
- A disparate effect issue and the perception of discrimination against older candidates could arise. This of course, only if you post jobs openings primarily in locations where you’ll reach students and recent graduates;
- People who are currently enrolled in school or who have just graduated are less likely to have experience in profession, so they will need more training and a longer time to reach their peak productivity;
- People who are just starting in the workforce might require further training to understand what is proper at work. They might not yet be accustomed to handling work demands and adhering to proper workplace culture rules when necessary.
Businesses of all sizes, from tiny start-ups to massive enterprises, can profit greatly from graduate recruitment. Graduates may be integrated into your organization and tailored to fit it, so think of them as a blank canvas. They have no undesirable behaviors to break!
It’s a good way for businesses to diversify both their staff and their problem-solving methods. University students are challenged to think creatively and develop novel solutions that they bring to the commercial world as graduates. In conclusion, any organization would be wise to invest in graduates.
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