There's a labor shortage, but recent grads can't always find jobs

As a HR professional, I get a number of different newsletters, publications, blog notices, and other sources of information that lament the "lack of talent" in the workforce. Daily, we hear that hundreds of thousands of jobs remain open at companies across the country. Historically low unemployment rates may slow economic growth as employers struggle to keep pace. Retirees outnumber new entrants to the labor market.  The Talent War is on, and it’s real. Sound familiar? 

On the other side of the fence, I also get publications that describe the frustration of recent graduates having a difficult time landing their first full-time professional gig. Many are under-employed, or even unemployed. For those who attended college, looming student loan payments average about $393 per month, yet many struggle to find full time work at a living wage. 

This begs the question... why are companies so hesitant to offer an opportunity to new grads? 

Job posting after job posting lists "three to five years of work experience" as a requirement, even for entry-level roles. We, as employers, seem unwilling to GIVE job experience to those who are starting out. Sure, many companies offer internships, but then don't count them as "full time experience" when recruiting. Often, recent graduates have multiple internship or co-op experiences, part-time work experience, and/or full time summer job experience. Many have led student organizations, volunteered in the community, and served on teams in school, in civic groups, or as volunteers. These activities ARE work experience, and balanced with academic performance, offer a solid litmus test of how that person might perform as an employee. In fact, that demonstrated track record of balancing courses, work, and volunteerism is likely a better predictor of success than the average company’s interview process alone. 

I know, I know… many of us don’t have the budget or formal programs in place to develop a newly- minted graduate. But consider this: Programs like mentorship offer knowledge transfer from more experienced employees (and often a boost in engagement  from recognition ) at very little cost. â€œBuddy systems” can assist in the effective onboarding and accelerated assimilation of new employees as well. Many community colleges and other resources offer additional training and skill acquisition on flexible schedules and reasonable price tags. In many cases, there are even government programs to help defray the cost to the employer and the employee if additional upskilling, including on the job training, is needed. #CAWD #Apprenticeships  

It seems requiring three to five years of experience may be a self-inflicted wound for many companies trying to find talent.  Is that experience really a deal-breaker in the success of the role, or is the stock phrase of "3-5 years" driving unintended outcomes? Especially in the age of Applicant Tracking Systems that screen out candidates based on keywords, we may be tying our own hands.   Having a motivated, albeit less experienced, person onboard seems to be a better solution than leaving positions vacant. In the end, there really is only one way to gain job experience... someone has to hire you.

What has YOUR experience been, as an applicant or as an employer? Please share your thoughts!