24 Apr How a graduate scheme can improve your bottom line
We know that some companies have reservations about investing time and money into a graduate scheme as a method for hiring new recruits. We understand – it’s not as simple as just recruiting for a new role.
There’s lots more to consider, including what skills you want the graduate to come out with, what departments you want to expose them too, the kind of graduates you want to recruit for the scheme – not to mention whether it’s actually going to benefit the company in the long run.
At Gradvert, we work with organisations every day to design and develop robust, unique graduate schemes to suit their business, and we firmly believe that implementing a graduate scheme in your company will not only deliver results in terms of a successful hire, but will improve your bottom line in the long run too.
You can develop the grads into the employees you need
One of the biggest benefits of providing a graduate scheme is the flexibility it gives you in who you hire, and the opportunity to mould those graduates into the exact people you need for your business through the on-the-job training that you provide them with.
A graduate is a raw talent, and if your programme is up to scratch, they could be extremely talented indeed. By first identifying areas of your company to improve and then using the graduate programme to develop top new candidates to fill those gaps, you are then able to move your business forward.
It will improve productivity
Graduates are fresh out of university, looking for a new challenge, and are also extremely keen to prove themselves. They can breathe a new lease of life into any business, will work hard to impress and this in turn will encourage the rest of the team to step up their game too.
Plus, if the graduate programme you design enables them to fill any gaps and take over a role so that someone more senior can move upward, you will increase productivity as a whole throughout the company and free up some of your more experienced team members to really drive the business forward.
It gives you loyal employees, reducing turnover in the long run
A graduate programme can be so much more valuable to a business than just a new role or an internship, because the length of it requires a certain level of commitment and dedication from those who apply.
This often means that the graduates that go through your scheme have a long-term interest in the company, and are willing to go through a scheme of perhaps 2 years in length to secure a position in your organisation.
Applying to a graduate scheme rather than a normal role or internship often shows that the graduate is keen to deliver long-term value to the business; that they want to start building a career rather than just get any job they can once they leave university. Combine that with the fact that most candidates who complete grad schemes are some of the highest-achieving, and you could be creating a pipeline of extremely talented and loyal employees to help build the future of your business.
Not only will that bring a great amount of talent to your company, but if you can cultivate loyalty in a graduate from the outset, that means they’re less likely to job-hop and move on from you after a short period of time; the money and time you spent investing in their training isn’t wasted; and you don’t have to fork out the resources needed to hire someone else if you do move on. Reducing employee turnover is a fantastic way to improve your bottom line, and a graduate scheme can play a big part in this in the long run.
Gain new insight from the graduates
One of the best parts about a graduate scheme is the fact that the candidate often moves through various departments in the business. They see how different areas of the company work and are exposed to lots of processes. The key benefit here is that you are able to gain insight and feedback from an outsider, a new recruit, who will potentially have a completely different perspective and can add value by suggesting new improvements to processes and operations within the business.
We all know the saying ‘you can’t see the wood for the trees’ – sometimes being in a business means you can’t quite see what is working and what isn’t. But, getting newly educated, talented and creative graduates with a fresh way of thinking to offer their feedback is a fantastic opportunity for boosting your business – and ultimately, your bottom line.
It helps with succession planning
Succession planning is something we all know we need to do, but often isn’t top priority. Things happening in the now come first, and thinking about the future can be tricky to fit in, especially when it comes to figuring out how you’re going to ensure knowledge is passed through the company to secure longevity for the business.
A graduate scheme can be an extremely effective method in your succession planning strategy – you’re ensuring a steady stream of talented new recruits are entering the business consistently, you have the chance to design the scheme entirely around what you need them to know, and you’re developing loyal employees who are going to stick around and drive your business forward in the long term.
There’s no point in neglecting your graduate recruitment strategy and ignoring the potential of a graduate scheme to help your bottom line in the present, if you’re only setting up the business for failure in the long term.
We’ve worked closely with clients like Tiger Retail and The Go-Ahead Group to develop extremely successful, bespoke graduate schemes. To find out how we can do the same for you, email firstname.lastname@example.org today!
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