During challenging economic times, a business needs to tackle the situation on two key fronts:
- Streamlining the present to ensure stability and growth on a day-to-day basis.
- Forward planning to ensure growth is a priority when economic struggles ease.
While it may seem like a grim time for those who are newly graduated to be hitting the job market, in reality, they have the potential to help many organisations survive the lean times, provided the recruitment drive is managed well.
More affordable salaries.
With experience comes value, which is why graduates are often a much more cost-effective choice when it comes to recruitment during hard times. A more experienced employee will have a higher salary than a graduate but do not fall into the trap of replacing experience for the sake of short-term savings. This strategy will seriously undermine your business in the long term. The key is to create a balance between the learned experience of the existing talent within your business and combine it with the energy and enthusiasm of new talent.
Developing a mentorship approach will give a structure in which new graduates can work alongside experienced members of your team, assisting them in their various roles and responsibilities, even if it is not directly related to the role for which they have been directly employed.
A good graduate will be keen to learn all aspects of a business from the ground up. During more challenging times, it is often necessary for everyone to roll up their sleeves and get stuck into what needs to be done in order to fulfil customer needs. Through this mentoring structure, a graduate will see and learn every aspect, from the production line to fulfilment, incorporating sales and marketing. If need be, they can get out on the road and deliver or install so that they learn first-hand who is buying the product and how it is being used.
It also allows your existing team to re-address aspects of the business that they may have neglected for some time due to being too busy and get a fresh pair of eyes on existing systems.
Injecting greater energy and productivity.
There can be no denying that the graduate market comes out hungry and keen to make an impression. Many of them will also be coming out with student loans that will need to be paid off, and they will be looking to further their careers and increase their earnings in as short a time as possible.
Bringing that youth, energy and passion to the workplace is a breath of fresh air. While established management may have already gone through (possibly several) economic crises and recessions, sometimes new energy is just what you need to reinvigorate and revive flagging enthusiasm among other members of the workforce.
For many, this year’s cost of living crisis is biting particularly deeply. No matter which way you turn, households are being squeezed from every side – interest rates, inflation, energy costs, fuel – no aspect of everyday life is left unaffected. It is miserable for millions. Bringing in the energy and relative naivety of younger graduates will help you to balance out the general weariness of the effects of the economy and endeavour to breathe new energy and vitality while weathering the crisis.
Absorbent like sponges.
When there are fewer jobs to go around, graduate recruits are more likely to demonstrate greater job satisfaction than if there was more choice. Studies highlighted that launching your career in a time of job scarcity actually contributed to greater job satisfaction.
This is because of the declining FOMO or Fear of Missing Out – they have a good job in a tough climate. Now they can get their head down and do the best job they possibly can. As a result, the graduate will absorb everything they can, throw themselves into the new role, and in time become valuable and valued members of the team.
Are you looking to recruit a graduate for your company? Upload a vacancy today!
