When it comes to recruiting new talent, companies put added effort into securing the brightest minds so they can stay a step ahead of their competitors. Recruiting new graduates is one of the most demanding and competitive types of hiring.
Recruiting graduates can get cutthroat, especially if your company is looking to fill very specialized roles. Young adults fresh out of college are aware that they are hot commodities, so be prepared to pull out all the stops to lure them in.
Jamie Gutfreund, the chief strategist for the Intelligence Group, offers some stunning stats that put the future of the job market into perspective. A staggering 86 million millennials will be integrated into the workplace by 2020. That is a hearty 40% of the working population. That means that if employers want their respective companies to remain competitive, they need to master the art of attracting fresh talent.
Forbes reports on Gutfreund’s findings, giving an overview of how younger generations view their professional lives. 72% of millennials would prefer to be their own boss, but if they had to have a superior, they’d prefer for that person to take on the role of a mentor, rather than governing over them.
The job market has changed dramatically. Younger generations expect more from their employers, and they have the talent to back up their demands. Traditional employee-employer relationships have gone through a transformation in recent years, along with office culture and work-life balance. Younger employees tend to ask employers for better pay or bigger perks, compared to older generations.
How to Entice & Hire New Graduates
When hiring new graduates, you’ll obviously want to entice them the run-of-the-mill perks like a decent salary and health benefits, but there are things you can do beyond that to ensure that new graduates don’t overlook you as a recruiter, or as a company.
- Get a Head Start – The early bird really does get the worm, or recruit in this instance. Don’t risk missing out on the best and brightest. Starting early usually means a full year ahead of schedule. Future graduates are eager to secure a job so they can get back to their studies and finish out the school year. Most soon-to-be graduates start attending careers fairs ahead of graduation. When universities begin to hold career fairs and mixers, recruiters should be there in full force.
- Promotions – According to Business Insider, candidates that fall under the category of Gen Z believe they should be promoted in the first year. To older generations this could seem somwhat pushy. But when you consider the competitive nature of the job market, companies are doing all they can do to lock in fresh talent. Allowing new graduates to see a clear path to success is important. Offer candidates an aggressive promotion schedule.
- Innovative Culture – 88% of graduates would prefer to work in a collaborative work-culture rather than a competitive one. Another telling statistic is that 64% of younger generations say that making the world a better place is a top priority. This could explain the gradual turn towards more inclusiveness in the office and the abandonment of a hyper-competitive work environment. Studies show that younger candidates want a more casual and inclusive atmosphere, rather than one that has a strict dress code and clinical vibe. To recruit new graduates consider including why your company is unlike others by describing your office culture on your career site. Both Google and the Huffington Post have created space for employees to take naps. It is said to boost productivity and company morale. Mercedes-Benz Financial Services of Texas went as far as outfitting 600 of their in-office employees with EnergyPods so they can recharge throughout the day. Offering things like monthly happy hours, mixers, a recreation area and even gyms are now considered solid investments for businesses that want the youngest and brightest of minds to work long term at their company.
- Stock Options – If you’re the position to offer incentives like stock options, you may want to consider that. For startups and smaller companies that don’t yet have the capital to offer outlandish salaries to recruits, offering future employees equity in the business could be very enticing.
- Student Loan Plans – This can be a significant draw for graduates that are trying to fast-track being financially above water. Not only are these young adults bringing with them loads of ambition, which is what you want, but they are often bringing a lot of debt with them as well. Offering student loan assistance packages and incentive plans to hopeful candidates can really be a slam-dunk for your company.
- Support Their Growth – Graduates tend to seek out professional roles that can add to their existing skill set. Meaning, they want to know that their employer cares about their growth and development, while also ensuring that they will come out the other end with something of worth, should they ever broaden their horizons.
Bottom line, businesses will struggle to hire new graduates if they don’t provide a clear commitment to their overall happiness, professional growth and financial health. Consider it an investment in the future of your company. Aligning your business to better suit the needs of up-and-coming talent is a surefire way to hold on to that competitive edge.
As the Millionaire Recruiter, I offer coaching services to those that want to reach out and grab their destiny. Be sure to check out my podcast on Transformation Talk Radio. Learn how to hire new graduates and propel your company into the future. Your time in the sun starts now!