Managing New Graduates & Interns

Candidate Experience

Listening to students share their experiences in how they research and apply to graduate / intern programs has been eye-opening.

When you came to start your search, how did you feel?

• "Terrified"
• "Overwhelmed"
• "No idea"?
• "All the employer websites say the same things .... it becomes a blur?to me"?
• "I used LinkedIn to search for an internship, but had no success"

The application experience was one of frustration, even for top candidates.

• "The number of times I had to complete the same psychometric assessment but for different employers!"
• "Having to make multiple applications to the one employer, just to be considered for a second role".

But there's some good news for the candidate experience coming from government employers.

More government organisations (Federal and State) are offering whole-of-government recruitment processes, where a candidate applies once and is considered by multiple agencies / departments.?That's a step in the right direction.

But many of the platforms that underpin that approach aren't really designed for its use. It makes it clunky (still using spreadsheets) and extends the process time.?

Global Graduate Survey

The CFA?Institute commissioned in 2023 a global survey of current and recent university graduates in key global markets. There were 9,400 respondents including 500 in Australia and it encompassed all disciplines. The results were benchmarked against a 2021 survey.

Here are some highlights:

What do students think gives them an edge in gaining a graduate job?

Skills, internships and networks were of increasing importance. University reputation, grades and extra-curricular activities were less relevant.

What would be your preferred working environment / location?

The top two responses almost equal:

1. “Complete flexibility when I come to the office vs remote”

2. "Hybrid work place"

What do you look for in an employer?

1. Salary on offer 62%

2. Flexible work 39%

3. Career progression 31%

4. Training 30%

5. Positive social and environmental contribution 26%

6. Diversity and inclusion 23%

Salary took a big jump in importance compared to 2021. Employer purpose and mission rated lowly.

Where do you seek information about careers?

"Social media to see what careers look like, in real life"

Only 28% use careers services.

91% of graduates want to make a positive social or environmental contribution through their careers.

How long do you expect to stay in your first graduate job?

40% said no more than 2 years. That's markedly up from 30% in 2021

Effects of Hybrid Work on Graduate Retention ?

We all know that one of the big challenges for managers of graduate programs is balancing the early development needs of new graduates and the hybrid workplace enjoyed by experienced employees.

Informal networks and in-person coaching are powerful influences on graduate development. Yet if they're only meeting in-person with their teams two or three days each week, soft skills, personal initiative, understanding the culture, networks etc., can all suffer.

There is a real risk that graduates don't build a strong connection or sense of loyalty to the organisation. That will lead to higher turnover rates.

In fact, it's consistent with the CFA Institute survey which showed 40% plan to stay no more than 2 years with their first employer.?

To come up with some ideas on how to manage that, we had a look at the traditional hybrid work environment of field sales roles. Typically an entry-level sales graduate would work 4 days "in the field", i.e. meeting customers, and one day in the office.???

To be successful, those graduates require clarity on the role, responsibilities, and performance metrics, backed by

• structured training
• ongoing support
• clear communication
• motivation strategies.?

The outcome of this is that the graduate knows, without being told, if they're doing a good job or not.

Australian Higher Education Accord

The Australian government commissioned the Higher Education Accord with recommendations on how to boost long-term higher education levels. This is from apprenticeships and up.

One recommendation that surprised us was the call for a Jobs Broker service. Essentially an employment platform that makes it easier for students and employers to connect.

That seems odd when there are already job boards like GradConnection, Prosple, Seek, Indeed, LinkedIn and the job boards of each educational institution.

I’m guessing their research?found many?early careers candidates weren’t aware of, or not using those services.

It got us thinking about what a future platform might look like. It won’t be the traditional model?of employers posting jobs and applicants doing multiple applications.

We're sure that?AI will be a key factor, helping students find the "right fit" sector, roles and employers. Employers will also benefit using AI?to automatically assess candidates minimising the number of steps for both parties. And we think higher education institutions will?play a greater role in facilitating work integrated learning and internships.?