CIPD: Two-thirds of grads regret taking job as soon as they start, findings show. Employers are wasting money on untargeted graduate recruitment campaigns as research has revealed that a fifth of graduates apply for jobs that do not interest them just to secure their first job.
The report from advisory firm CEB explained that new degree holders are using their first job after university to fill their CV while they search for the career they really want.
Further findings in the report ‘Driving New Success Strategies in Graduate Recruitment’ showed that two-thirds of university leavers said they regretted accepting job offers as soon as they start in the role. And one in four expected to leave their first employer after less than 12 months.
In addition to this, employers told CEB that despite investing millions of pounds a year in the UK graduate recruitment market they cannot find the talent they need.
With new graduates struggling to find the job and the employer that really motivates them to achieve, the report’s authors compared the situation to “a game of roulette” for both groups.
The report also highlighted an issue with graduate recruitment strategies that appeal to the masses to fulfil application quotas. It suggested that this approach is based on the idea of attracting lots of ‘top’ graduates rather than targeting candidates that are the strongest fit for their business. The result is “massive sunken costs against graduate recruitment programmes” with employers paying more than necessary to initially attract graduates and then paying again to replace graduates that leave 12 to 18 months after they start, the report said.
CEB estimated that in the UK the total amount “sunk” in campaigns that fail to deliver quality return on investment was around £112 million on a national spend across UK organisations of £888 million in 2013.
Eugene Burke, one of the report authors and chief science and analytics officer at CEB, said: “Today’s graduate recruitment market is stuck in a vicious circle. Graduates are struggling to wade through generic company messaging to find their way to the right job while businesses are wasting millions chasing high numbers of graduates who leave within the first year.”
He urged employers to rethink their approach to graduate recruitment and challenge their recruiters to show they are delivering the graduate talent that will drive organisational goals.
“Employers need to break down the silos between recruitment and learning and development functions to maximise their investment in acquiring and developing graduate talent. That’s what today’s graduate want – to understand what opportunities there are to develop and grow, demonstrate the talents they have and progress in the organisation. Many firms simply lack clear intelligence on their graduate talent to know what is going to make them stay and be high-performing employees,” Burke added.
The report’s findings are based on analysis of research conducted by CEB and research from external sources including the Association of Graduate Recruiters and Highfliers.