Toward the end of their studies, soon-to-be college graduates must carefully consider what their next step will be — an internship, a part-time job, a full-time job, gig work, or some may decide to take a break to travel or work abroad.
The last few years have been particularly difficult for students due to uncertain job markets. According to a survey released by Monster, nearly half of 2020 graduates in the U.S. were still searching for their next opportunity in 2021 — almost a year past their graduation date.
However, there are industries that have embraced recent graduates and are actively recruiting and incorporating this emerging talent into their teams. As the “Great Resignation” persists and job openings continue to rise, companies are struggling to find highly experienced professionals to fill vacancies. Adzuna, a job hunter search engine, conducted extensive research and found over 63,000 job openings for new graduates in the U.S. alone.
At G-P, we understand the challenges companies face when attempting to source talent. After over a decade in the employment industry, we’ve learned that a team’s diversity is paramount — experience and academics are vital, but having a team that possesses diverse knowledge, as well as cultural and lived experience, adds a competitive edge to any business.
With that in mind, here are a few top tips for hiring college graduates.
The benefits
For companies, giving professionals their first work opportunity can be a great way to revitalize and modernize the workplace – and further enrich teams with fresh talent.
In addition to greater team diversification, companies that broaden their search and recruit college graduates maximize their return on investment. Recruiting for an entry-level position is more cost-effective than hiring a senior professional. Additionally, and as noted in an article by LinkedIn, graduates tend to stay with their employer longer, as they want to accumulate experience and professional exposure.
A few other benefits include:
- Recent graduates are often flexible and can embrace new technology easier and faster.
- Professionals starting their careers tend to be more adaptable and resilient.
- Fresh talent brings new perspectives and a collaborative spirit to teams.
The challenges
While hiring fresh talent and cultivating their skills offers several benefits, it is important to understand the challenges that come with it.
If companies want to hire the top emerging talent around the world, they should consider the following:
- Labor laws and work experience programs: Companies in search of fresh global talent can narrow their search by exploring some of the most highly educated regions, such as South Korea, Japan, or Luxembourg. In addition, companies also have the option of sourcing talent from different programs tailored to students wanting to work part-time. For example, in Canada, many universities offer work experience programs, such as the University of Alberta. Remember, if you plan to hire talent that is still completing their studies, make sure to research how local labor laws impact the employer-student relationship.
- Visas and benefits: Companies need to know what type of visa applies and the requirements when recruiting an international student. For example, the F-1 and J-1 visa category would apply if your company is based in the U.S.
- The potential for culture shock: Companies hiring globally should be mindful of culture shock. An international remote work culture can be daunting for any employee, so it is vital that HR managers consider this when bringing new global graduates into the fold.
Making it work: key considerations before hiring global graduates
Now that we understand some of the challenges and benefits of recruiting college graduates, how can companies mitigate these risks to effectively manage a diverse and fresh team? New graduates seek a positive first job experience, and their desire to grow and evolve with a company will depend on how they are treated and nurtured within an organization.
Before hiring global graduates, it pays to consider:
1. Hiring students on a part-time basis, so they can familiarize themselves gradually with how your company operates. Rather than taking on the responsibility of a full-time position right away, part-time employment provides graduates with a window into how their future career could evolve.
2. Similarly, hiring new graduates as contractors for specific projects is also a great way for companies to evaluate how new team members conduct themselves without the added pressure and commitment of onboarding them as employees for a part-time or full-time position.
3. Having robust, nimble, and efficient HR practices and policies is key to ensuring a smooth transition for students and new graduates into the workforce – and more importantly, into your company. Providing a welcoming space for graduates to develop and receive guidance will likely result in rich benefits for your company.
Hiring global graduates is all about preparation.
Taking on new global talent should be a positive and exciting venture for companies as it brings a breath of fresh air and new perspectives to combat stifled or outdated business models.
In the case of college graduates, they can offer modern and updated ways of thinking to better carry out business objectives, which is something every company can benefit from. In fact, a study by Deloitte found that inclusive companies are twice as likely to meet or exceed financial targets and eight times more likely to achieve better business outcomes.
At G-P, diversity and inclusion are a driving force behind our company culture. In 2021, we completed our first internship program in Galway, Ireland to help up-and-coming professionals learn more about what it takes to succeed professionally. Since then, we have expanded the program to other regions and business units to invest in a new cohort of young global professionals.
Our mission is to break down barriers to global business and support companies working to improve diversity and inclusion by making it fast and easy to hire anyone, anywhere — without setting up an entity or subsidiary.
In just a few clicks, you can begin populating your teams with energized, educated, and global talent through our #1 SaaS-based Global Growth Platform™. Contact us to learn more or request a proposal today.