Retention has to be a Key part of the overall strategy...
From a good work ethic to a willingness to learn and develop, graduates have many qualities and raw talent. Of course, the cost of training a graduate can be high, but the rewards often justify the initial investment.There can, however, be a challenge around the issue of graduate retention. Although a graduate will give a good return on investment through their work for a company, if an employer is unable to hold on to that graduate they could find themselves back at square one.
While businesses recognise the significance of graduate retention, many companies struggle to identify how to hold on to their graduates.
We can help - retention is as important to us as it is to you. Discovery Graduates has developed a comprehensive support and coaching programme for your new recruits and their managers. Each programme is designed around a company's requirements to fit in with locations, experience within the business and internal buddy or mentoring systems.
Our commitment to you is to ensure that we do whatever it takes to get your recruits to generate the results you and they expect and as such Discovery Graduates will work with you to ensure that expectations are being met from both sides. If this sounds like an area that you'd like to discuss more with us please do get in touch.
To improve Graduate Retention, consider how to: -Improve communication
One key area that can help graduates in their new role, and thus retain them for longer, is communication between graduates and their managers. By opening up a regular dialogue between graduates and their superiors, graduates will feel like they are being listened to and are being their opinion is valued.
Not only that, but a company will be able to better understand the expectations and ambitions of its graduate employees if open and honest communication is established. This will go a long way to helping graduates get the most out of their role; and not only could it keep them in the job for longer but it could also boost their productivity.
The research by the Institute of Leadership and Management revealed that there was a disparity between graduates’ priorities and what managers thought graduates’ priorities were. For example, graduates ranked a healthy work-life balance as a high priority, while managers felt this was less important to graduates.
So, as well as more communication between graduates and their employers, there also needs to be more understanding of what graduates are looking to get out of a role. By managing hopes and expectations, employers can ensure that graduates are satisfied in their role.
It’s certainly true that graduate employees need to be monitored closely, even if simply to keep track of their progress and make sure they are on course. But research has suggested that many graduates feel like they are not given enough independence in their role, which can result in them wanting to leave.
It’s important to keep a close eye on graduates, but it’s also important to remember that they are capable workers who can be trusted to get on with their role. To boost graduate retention, employers need to find ways of giving greater autonomy and independence to graduates in the workplace. By doing this, graduates will feel a greater sense of responsibility within their role and are more likely to want to hang on to it.
The Institute of Leadership and Management’s research highlighted that money, status, career advancement are the key drivers for graduates, so it’s important that employers understand and respond to these motivators. This can be done through better, more regular communication between a graduate and their employer, but also by giving more information to graduates.
Giving graduates as much information as possible should start as soon as they begin their role, but should also continue throughout their time at the company. By giving graduates all the information they want and need, they’ll know better where they stand and what they can expect. This could be anything from the reasons behind their level of salary, to when they can expect to progress through the company.
If companies can factor in these elements, and ensure that graduates know where they stand within a company and where they can hope to stand in the months and years to come, they’ll see graduate retention levels soar.