Why You Should Consider Hiring Recent Grads

Are you in a hiring quandary? All signs point to more businesses, big and small, planning to add to head counts. And many employees are itching to make a change after years of doing more work for the same (or even less) pay. Others simply feel they’ve been stagnating in their jobs for the past few years, and can’t wait to spread their wings at a new company.
So either you’ll need to hire because a current employee leaves for greener pastures, or you’ll want to hire because you’ve got more business than you can handle. Still, you’re leery of the expense involved. What’s a small business owner to do?
Consider hiring a new college grad. If you typically don’t think of recent graduates as a source of employees for your business, it’s time to think again. A survey late last year by the National Association of Colleges and Universities found employers were planning to hire 9.5 percent more graduates from the class of 2012 than from the class of 2011.
A similar study by the Collegiate Employment Research Institute at Michigan State University reports hiring of new college graduates will increase by 7 percent, and described employers as more optimistic about the college labor market than they have been since the pre-recession days of 2007.
The NACU survey reports that most college hires will be driven by attrition—that is, replacing employees who leave existing positions. In other words, new grads aren’t just for entry-level jobs anymore. In today’s economy, businesses are increasingly relying on recent grads to fill slots that might previously have been filled by more experienced employees. The result can be big cost savings: Although amounts vary depending on industry, the CERI report says salaries for recent college graduates average $36,000.
What are some reasons you might want to consider hiring a recent grad to fill an empty position or add to your team?
They’re hungry. Facing big college loans to pay off, and well aware of the competitive market, students are often willing to take lower-paying jobs than grads of past years were willing to settle for. Seeing many of their friends stay unemployed or underemployed for months (or years) is a big motivator.
They can afford to work for less. The growing trend toward students going back home to live with mom and dad after college (or never leaving home in the first place) means many recent grads don’t need as much income to pay their bills.
They’re more experienced. Getting into college is more competitive than ever. And once they’re there, it costs more than ever, too. Today’s recent grads have often been working, at least part-time, since they were in high school, so they have a strong work ethic and know what it takes.
They’re career-focused. Being in college during the recession and seeing parents and family members laid off forced today’s students to be more practical than many in years past. Many students have held internships in their fields of study, gaining valuable experience that will serve them in their first real jobs.
They can hit the ground running. New grads bring experience with social media, tech tools and the Internet that can help your business grow and your older employees learn. Take advantage of their natural know-how in these arenas.