The competition to attract the best graduates has intensified in recent years. The path to attract the best talent is widely believed to be via graduate schemes. These programmes typically entice candidates with their development and training opportunities, distinct career opportunities and the possibility of assignment abroad. Below, we name ten reasons why your company should start a graduate programme:
1. Raw talent that can be shaped
You have the opportunity to mould the graduates into exactly what you need, so they become an integrated part of the organisational culture. The fact that graduates have developed a habit of learning signifies that they will constantly seek to learn at the workplace. Moreover, one of the main advantages of graduates is a high degree of flexibility. They do not have any firm work patterns in their heads yet. Consequently, they often adapt to the workplace a lot easier than older employees. They are also not easily scared away by challenges and obstacles. In many ways, graduates can be perceived as a blank canvas which you can affect via your ideas and ways of working.
2. Graduates have a long-term interest in the company
Graduate programmes are most often tailor-made for high potential, high achieving graduates who wish to contribute to the company in the long-term. Graduates have often applied to the scheme because they believe that they can offer the business a long-term benefit – they want a career path, not just an out-of-university job!
3. New insights
In today’s business world, there are always new technologies emerging and ways to do business. More often than not, graduates are at the forefront of this progress. A great deal of academic research also indicates that innovators do their most groundbreaking work in their youth, whereas senior employees bring continuous improvement but lower levels of innovation.
Due to their many ideas, skills and abilities, graduates can increase the competition within the team, which in turn increases work efficiency and productivity. Yet, graduates are also often greatly experienced team players from their time at university.
4. Feedback opportunities
Placing newly educated, talented people in multiple departments of a company allows for feedback and suggestions on which processes are working and what is not. They can also provide insight into how skills can transfer across departments for the benefit of the company as a whole.
Importantly, the company should not assume that they know what is best for the company and for the graduates themselves. The graduates most probably have gathered a lot of insight, so listen to the feedback they provide.
5. Succession planning
A successful succession plan places a strong priority on planning for a smooth change in managerial positions. Providing a career path for a graduate enables the possibility of them reaching management level within the firm and solving succession planning worries.
6. A deeper understanding of projects and growth opportunities
Are you thinking about expanding geographically or marketing a new line of products but lacking the manpower to look into the potential of such a project? This is where a graduate programme can prove to be a huge help! The work in these schemes tends to be project-based, where the typical assignments last 3-9 months before the graduate is moved on to a different department/project. In this time, they will be able to provide extensive perceptions into the growth opportunities of the project in question. If you choose to move forward with the initiative, it would also prove ideal to hire the graduate into a position to execute the project upon completion of their graduate scheme.
7. Get to figure out where the candidate fits in the organisation
It’s not always easy to figure out which area of your business the graduate fits into, especially considering the many university degrees designed to educate generalists rather than specialists. A graduate programme allows the graduates to spend a few months in every department. Thereby, you can evaluate where their best skills lie.
8. Competitive advantage
As mentioned, graduates who apply for graduate programmes are often amongst the most talented students. Hiring these graduates can often prove a significant competitive advantage – if your company gets the talent, your competitors can’t!
9. Lower salary costs
Graduates earn lower salaries than “experienced hires”. Moreover, during the 1-2 years the graduate programme takes place, the candidates are often willing to take a significantly lower pay than with other entry-level positions. Naturally, if you hire the graduates in a junior managerial role after the programme is completed, a significantly higher wage is expected.
10. Employer branding
A poorly designed recruiting programme for graduates may have resulted in your firm hiring below-par college graduates. By offering training and development opportunities and thereby increasing the awareness of your employer brand, you could be able to cherry-pick the very best candidates.
Are you convinced that a graduate programme is the way to go? If the answer is yes, find your next candidate via Graduateland