Graduate training programmes have become an integral part of many companies workplace training strategies throughout the years.
They are beneficial for both employers and graduates as they give graduates their first working experience straight from university while allowing employers to find the right calibre of employee with a fresh outlook on business and new knowledge of industry trends.
It has been recently stated, however, employers in Britain are finding that despite the time and expense of providing graduate training programmes, many millennial graduates are leaving shortly after the programme is over. Graduate leavers are said to stay with the company that provided their graduate training programme for an average of just two and a half years after the programme has ended.
Surveys have further suggested that the reason in which millennial graduate talent leave their jobs is due to higher salaries. Millennials have experienced a bigger drop in earnings than any other demographic group since 2008, suggesting that they will move roles until they find a salary that matches their skills.
How do you ensure that you retain your millennial graduates?
Provide post training support
Ensure that all employees are fully equipped to deal with and support graduates once they have completed their graduate training programme. By ensuring that graduates receive full support around them they will be comfortable and confident to complete their job role. The importance of setting and meeting expectations to prevent the loss of key skills is vital.
Provide opportunities for growth
Graduates spend their entire life up until this point working towards set goals and targets that will improve and develop their knowledge and skills. Once they have left the comfort of their graduate training programme, it is therefore vital that they understand how their contributions will impact business success. They must also be made aware of a clear career path that will enable them to grow and develop throughout the business.
Understand millennial motivators
Unlike generations before them, the millennial graduates have a different set of expectations, they feel that work-life balance is of the utmost importance and therefore see the need for flexible working hours. They also want a clearly defined career path set out, with an employer who prioritises purpose over profit to retain young talent. They also require a culture of transparency and leadership development.
Provide continuous training opportunities
Millennial graduates are constantly striving to develop both personally and professionally, it is therefore important to ensure that consistent workplace training opportunities are provided. This will not only give millennials the opportunity to better themselves, but it also allows your business to grow through the use of updated technologies and changes within the industry.