Hiring new people to join your team is an arduous process and comes with risks. These risks are compounded when you’re a small business or startup because every new hire needs to be bettering your business. If they don’t, then you’ll end up wasting time and valuable funds finding a replacement.
Hiring graduates presents a cost effective and valuable solution, worth as much as you invest in them. Here we look at why you should invest in graduates for your business, what they bring to the table beyond their qualifications and how to make it financially viable for your business.
Here are 3 reasons to hire graduates.
Hire graduates because they are the most ambitious workers
Graduate recruitment specialists, Instant Impact commented in the Guardian that graduates choose jobs in startups for the opportunities, be they the chance to innovate and be creative, stand out and be responsible from day one, or simply work in a more modern team style without hierarchy.
Figures have also shown that millennials will be the first generation to earn less than their parents. With fewer opportunities to succeed in the same way as their parents, carving out a viable and rewarding career, as soon as possible, is very important to many graduates.
Driving a small business forward requires every member of the team to pull their weight, often a little more than their fair share. In exchange, they get in on the ground floor of a business that will succeed. The better a business does, the more rewards can be earned, both in terms of career credentials and pay.
Graduates are ideally suited then to apply their ambition and drive to a developing business. Graduate jobs are listed at competitive salaries, but you can often afford to offer lower end salaries with the expectation of increases as the business grows. With ambitious graduates on your team, they and you are likely to be reaping those rewards in no time.
Choose from a pool of top graduates with diverse digital skills
1 in 4 students who graduated last year earned top degrees, that means they were awarded with a First Class degree. These top students bring ideas and skills to the table which can have a huge impact on business development and growth.
Hiring graduates, as opposed to more workplace experienced individuals, might seem like a risk. But what graduates lack in experience, they make up for in malleability. Part of the appeal for businesses is in this lack of defined experience, but high level of skill and enthusiasm. Graduates won’t have picked up bad habits and are highly moldable with a vast, fresh, knowledge base to pull from.
The pool of top graduates will be the most plentiful right around graduation, but many students plan for their careers long before they graduate. Advertising and interviewing for these jobs early will ensure you find the best candidates for the role.
New graduates may also appeal to a startup or small business where a small team is responsible for a plethora of duties. In these scenarios, it is key that crossover in some roles occurs, especially digital skills areas like social media and search engine optimisation. Young graduates will likely have familiarity with many of the key avenues needed to boost brand awareness, adding more valuable skills to your business.
Hiring graduates isn’t cheap, but it’s more affordable than you might think
While you might be able to get a qualified and capable graduate for your business even with a lower end salary, if you want to get the most out of them the you need to pay fairly. High cost city living, especially in London, means that if you want to attract great graduates, they need to be paid quite well enough to live comfortably.
There are alternatives if your business can’t quite afford to hire a graduate as a full employee, such as apprenticeship schemes. There has never been a better time to employ an apprentice as standards and numbers have increased, and the trend is set to continue with three million new apprenticeships are promised by 2020.
While apprentices don’t come with the advanced schooling of college graduates, their secondary education qualifications will form the basis for a solid work ethic, while you provide the practical knowledge and experience.
As of April 2017, businesses subjected to the Apprenticeship Levy can supplement the cost of their graduates too. The levy encourages employers to invest in apprenticeship programmes and to raise additional funds to improve the quality and quantity of apprenticeship programs. It also isn’t only areas like construction or similar practical skills that apprentices can be hired for, they are available in most industries.
Hiring graduates for your business can give you to flexibility to craft a unique role for the new employee, while building your company and growing. All at a cost-effective rate that ensures minimal risk to your overhead, which makes it all the most appealing.