1) Affordable
Graduates earn lower salaries than experienced hires but have huge potential. The average (median) starting salary for graduates was £29,000 (ISE). For a benchmark figure, search the current average graduate salary for your type of position.
2) Proven return on investment
Their ideas and skills can make a huge difference to your bottom line. Graduates contribute approximately £1 billion of added value to the UK economy on an annual basis, according to research by the Institute of Student Employers (ISE). The estimated cost to hire a graduate in 2020 was just £4,739.
3) Ready to mould
You have the opportunity to shape them into what you need, so they become part of the culture. Graduates have developed a habit for learning so will seek to continuously learn in the working environment. They are often perceived as a “blank canvas”, open to new ideas, ways of working and experiences.
4) Solid business skills
Studying helps students develop core transferable skills such as written and oral communication, problem-solving, presentation, organisation and data analysis. Technical graduates will also have up-to-date specialist or technical skills gained from studies. Many will have experience of applying academic knowledge through work placements, maybe whilst at a competitor firm.
5) New perspectives
Graduates can inject new ideas and apply current thinking from academia. Recruiting graduates can also increase diversity within the work team.
6) Speed to value
Graduates learn more quickly and provide more immediate financial returns. They are more enthusiastic and willing to take on challenges. Graduates understand and have the ability to adapt to change.
7) Succession planning
Provide a career path for a graduate and enable them to reach management level within your firm and solve succession planning concerns. Graduate retention is good with only 26% of graduates leaving within three years according to the ISE.
