The Association of Graduate Recruiters (AGR) has revealed that graduates who secure a position on an employers graduate training scheme are leaving an average of 2 1/2 half years after the programme has ended.
Many of these schemes require a lot of effort to be accepted onto, with multiple interviews, aptitude testing and rigorous screening processes. Therefore it is perhaps surprising that graduates in London are choosing to abandon the companies that have trained them after such a short time.
Why are graduates in London quitting training schemes?
Graduates are being attracted to higher salaries which are being offered by competitor organisations. It is well publicised that living in London can be expensive, therefore money talks when it comes to securing high calibre graduate employees.
For the graduate industry as a whole, the future looks positive. Following the 2008 economic crash, young professionals and graduates took a hit in terms of salaries and living standards, particularly in London. Now, it is estimated that graduates who have completed a training scheme earn an average of £8,000 more than other graduates who are in standard full-time employment.
A second reason for graduates deciding to move on from their original training schemes, is that their employers are failing to meet the promises of career progression that they promoted to candidates when signing them up.
How can London employers keep hold of their best graduate talent?
Hiring costs are expensive for employers so it is vital that efforts are put into retaining the graduates that they’re already invested in. Line managers need to communicate with their graduates to ensure that they are comfortable in their roles. Young people respond well to real-time feedback rather than the traditional, stuffy annual appraisal system. Graduates have an inbuilt desire to want to progress, so it is essential that their training is invested in, so that they don’t look elsewhere in order to achieve their personal career goals.
Work-life balance is important to graduates, but so is the prospect of working for a forward-thinking company with a positive social corporate responsibility.
Pictured below is a graphic which has been drawn up by the UNC Kenan-Flagler Business School who conducted research into the attitude and trends of millennials in the current business world.
Via MBA@UNC:Online Business Degree & The YEC