When growing a business, it’s beneficial to analyse all aspects of employee acquisition. To find the right fit for your role, all types and levels should be considered.
With graduate schemes at their highest level in 2016 with a 20.5% increase in the last 3 years, it is clear that although the graduate market is vulnerable to fluctuations, their popularity in businesses is growing.
Typically, graduate schemes offer a structured period of training and development. The duration of graduate training is decided by the employer, however, on average they will last between 12-36 months. Each scheme will follow a structured programme with a combination of “on-the-job” training and formal training interventions. In some cases, graduate schemes will allow graduates to experience all aspects of the organisation from which the graduate can progress and make a career choice based on their placements in various functions. Other graduate schemes will focus heavily on a specific area/degree subject, in these instances, it is not uncommon for graduates to continue their studies by completing a professional qualification alongside their role.
We have outlined 5 reasons why we believe you should consider implementing a graduate development programme for your business;
As graduates will enter the business at an entry level role they are expected to earn substantially lower salaries than that of an experienced hire. However, graduates hold greater potential with a positive outlook and a willingness to learn and develop.
Having just left the lecture theatre, not only are graduates bursting with new up-to-date knowledge in their specific subject fields, but they are also perceptive to the latest trends and competent with the latest technology and will, therefore, bring fresh ideas to your business.
Proven return on investment
Research has shown that annually, graduates contribute approximately £1 billion of added value to the UK economy. So, you have to ask yourself can you really afford not to add them to your business?
Fill future roles
The way in which graduate schemes are structured enables graduates to grow, learn and develop within a professional environment. The skills they acquire go far beyond the ability to effectively complete a job role, they will adopt a sense of empowerment that will give them the drive and commitment to strive towards managerial levels. By allowing graduates to have the potential to be promoted internally will in-turn see them work to the best of their ability to fulfil their full potential.
Although graduates will have little to no experience within a professional role. Their time at university is spent building upon a skill set that is critical to a professional working environment. These key skills include; administration skills, communication and problem-solving skills, time management – and the list goes on.
As modern students are technologically savvy, they will have spent a large part of their degree learning and developing their analytical and critical thinking capabilities which in an ever-increasing technologically dependent world are invaluable skills.