Research by Magnet.me found 28% of graduates leave their employers within 12 months
Students and graduates are not making the right work-place choices and employers are struggling to identify the right ‘fit’ for their businesses, according to research by Magnet.me. The online network designed to help students and recruits found that businesses looking to recruit students and graduates are sending out generic, mass messages resulting into tons of irrelevant applications.
Analysis of the research found that there is a suffocation of the hiring process as recruiters are not able to spend the time necessary to assess individual applications thoroughly. It also showed higher costs for recruiters, blurred decision making and a negative impact on the employer brand as recruiters have to reject high numbers of applicants.
Furthermore, the research indicates that students are aware of only 27% of graduate opportunities available to them, meaning 73% of their potential employers are failing to reach them. Students and graduates (74%) are also making universal job applications, whilst not really knowing what the company or role is like. Of those that do get hired, it leaves a disaffected workforce (68% of graduates admit joining the wrong employer) and high churn rates (28% leave within 12 months).
Vincent Karremans, founder of Magnet.me commented: “Today’s graduate recruitment market finds itself stuck in a terrible place. Young people are struggling to wade through generic company messaging to find their way to the right job while businesses are wasting millions chasing and eventually investing in high numbers of graduates who leave within the first year.”
“Looking at the research it feels as though young people and employers are on completely different planets. Both sides are essentially using an out-of-date scattergun approach that is not working.
Young people, on the whole, are buoyant of securing a job (69%) but highlight a lack of work-place skills (48%) and Brexit (47%) as the top reasons of that could prevent them securing employment in the next 12 months.
Karremans added: “It’s time to move beyond having generic videos of businesses on social media to more of authentic story telling approach to your business if you want the right calibre of candidates coming to you who will impact your business and its culture.”