Thinking about hiring fresh graduates? Or perhaps you’re thinking of not hiring them? Fresh graduates have little to no experience, yes, but with that comes several pros and cons. Before you encounter that dilemma head-on, we’ve broken the pros and cons for you to decide more easily.
Undoubtedly, millennials rule the game when it comes to innovation and creativity. Fresh out of university, they’re raring to go and have not yet been jaded by the corporate world. They’re potentially key resources of ideas that your company can tap into, and can offer new perspectives. If your company is trying to upkeep a hip and trendy image, then all the more should you be hiring fresh grads.
However, with newbies also comes a lack of experience. Save for the usual internship, fresh grads typically don’t have enough experience in the corporate world. It takes time to train them – not just assimilating them into the company culture and protocol, but into working life and work habits in general. It could even take up to six months! So before you hire a new fresh grad, you’ve got to think about the extra time needed to properly groom your fresh grad hires.
Were you full of energy on your first day of work, willing to do anything your boss told you to? The same goes for fresh grads, especially since it’s probably their first day of work, ever! It’s their first job and they want to make an impression. They’re more energetic, and have the capacity to do more. Moreover, fresh graduates often don’t have family commitments, so chances are, they’ll be more committed to work instead.
Conversely, it’s known that millennials enjoy job-hopping. Even though it’s cheaper to hire them, after half a year or so, you might not even see them at your company anymore. Nearly 1 in 3 fresh graduates quit in less than a year, according to Today. Also, more fresh graduates are choosing freelance or part-time work instead of working full-time. Preferences have definitely shifted and people are not going to stay at a company for 10 years anymore. So when you hire a fresh graduate, it’s safe to say that he/she might be using your company as a stepping stone.
From a pragmatic perspective, it’s much cheaper to hire fresh graduates. With minimal experience, they are paid less by default. Even though the median salary for fresh graduates has risen in the past few years, $3,400 is still much lesser compared to someone with 3 years’ of experience, who could command more than $5,000.
Ironically, fresh graduates do have higher expectations for their salary. With the rising median salaries, fresh graduates are going to expect more too. In 2017, more than 64% of fresh graduates expected a salary of more than $3000, which is an increase from 55% in 2009. 3 out of 4 also said that they expected a promotion within 2 years’ of work. Even if this sounds ridiculous, it’s something you have to keep in mind while hiring them.
Regardless, hiring fresh graduates has become a necessity instead of choice for most companies. Continuity is a huge factor, as you need to constantly hire graduates ensure a steady flow of employees to hand the baton over to. Times change really quickly, and if you’ve got a gap between employee ages, it might become difficult to bridge that generational gap as well. Fresh graduates can definitely be awesome additions to your team!
Ultimately, it does boil down to the individual. Not all fresh graduates change their jobs in a matter of months, and not all experienced hires are uncreative, jaded people. These are some pointers to keep in mind, but it’s always good to assess the person as an individual. Happy hiring! ?
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