Written by Guest Author | June 6, 2016
The benefits of taking on talent straight out of university are many. Such workers are cheaper, help to diversify your company’s employee age range and provide your firm with the fresh blood, ideas and energy that it needs to replace retiring older staff and stay competitive in its market.
That’s the theory, anyway. The statistics often tell a rather different story, with graduate worker turnover rates exceeding 50% at many companies.
If your own business is struggling to keep hold of its young talent for long, you may find that the following management leadership mistakes are (at least partly) to blame.
1. Failure to build worker self-confidence
The braggadocio stereotype sometimes used to characterise young graduates is often far off the mark. In reality, many young workers are far from self-confident and need their manager to provide direction and show belief in them.
If you are to get the most out of your graduate employees, you will need to convince them of their potential. Furthermore, you will only be able to do that by leading them away from negative beliefs about their work or performance that may cause them to give up when they have barely begun.
2. Failure to provide ongoing training and education
If there’s anything that new graduate workers dislike almost as much as being underpaid, it’s a lack of training and development opportunities during their time with an employer.
Young workers want to be made to feel that they can gain new skills and progress up the ranks – in the absence of training and education at your firm, they may presume there’s no opportunity to work their way up. Yes, it may be hard to find the time and resources to provide on-the-job training, but don’t ignore its absence as a factor in your high graduate turnover rates.
3. Failure to communicate a higher vision
The Millennial generation that is increasingly coming to dominate the workplace doesn’t just want to collect its pay packet and leave – it also wants to feel that it is contributing to a much grander and more meaningful goal.
Sometimes, even if your company is changing the world for the better, it’s easy for your entry-level workers to forget that amid day-to-day working life. This is why you need to convey your business’s overall vision in a compelling way, while also showing your younger workers the very real impact of their contribution to your company.
It’s one thing to hire great graduate candidates with the help of a leading recruitment agency like Webrecruit, and quite another thing to actually retain them. To achieve the latter, you will need to instil the right attitude in your younger workers, but even more importantly, also a sense that they can progress with your company and that their work for you truly matters.