To hire or not to hire is probably the hardest question human resource managers have to ask themselves every day. While there are myriads of guidelines regarding hiring and recruiting HR managers can learn from, the dilemma seems inevitable – especially in today’s age where fresh graduates dominate the talent market with low experience and inadequate knowledge about the world of work. The World Bank reported that the pool talents today are highly driven by fresh graduates with over the past two decades, the number of university graduates in East Asia has increased significantly.
Coming back to the ultimate question of whether “hire or not to hire”, here are the advantages and disadvantages of hiring fresh graduates.
The most practical truth in hiring recent graduates is that they are cheaper to hire. They are willing to take median pay by default because most of them realise the lack of experience they bring. Unlike experienced professionals who have overblown asking prices, they can be your most affordable qualified candidates of all times.
New graduates will be thankful for the opportunity you are giving them, thus, they will be keen to work hard and make a good impression. Besides, they are also a generation who is excited about new things and challenges.
Every company needs a new perspective to generate innovation and ideas – and new grads can give that. They have hot and up-to-date knowledge about the world that can bring a new perspective to organisation. This can also be a source of a new initiative in the organisation that is likely to be a hot topic among team members.
Fresh graduate survey found that younger employees are tech-savvy and well-informed. They know how to keep up with the latest technological trends and they can bring this as an asset to any job. Additionally, this asset can also be passed on to the older generation, creating a diverse harmonious culture of peer-to-peer learning.
Fresh graduates are still fresh – in terms that their mindsets are open to new ideas and knowledge. Recent graduates are typically eager to learn and extremely determined to prove themselves, that’s why many researchers suggest organisations to build a culture of developments.
One of the biggest drawbacks of hiring recent graduates is their lack of skills needed to run certain position. Thusly, you might need to provide intensive training programs for them which sometimes will cost a lot.
Another biggest disadvantage is that fresh grads lack experience. Albeit it can be helped with guidance like training, there are chances that they make bigger mistakes that could threaten the business. Additionally, they are not totally familiar with the ins and outs of an industry, resulting in a little extra hand-holding, especially in the first month of their job.
Most of the new grads are millennials, and millennials like to change job to seek the best employers, as reported in a press release. Fresh graduate millennials look for satisfaction and continuous development. So, if your company is unable to offer both, don’t assume that they will stay with you longer.
Fresh graduates are affordable but sometimes, they set unrealistic expectations about salary. Younger candidates have a sense of entitlement and expect everything to be handed to them on a silver platter. New grads especially are insufficient in skill jobs. At the same time, employers complain about the quality of fresh graduates and their unrealistic salary demand, reported the Strait Times.
Lastly, millennials are prone to be disengaged in their work, wrote Gallup. 71 percent of Millennials were either not engaged or actively disengaged. The study also revealed only 50 percent of them remain with their company for more than one year. And this is bad for business. Low engagement or worst actively disengaged, can result in poor productivity, decreased morale, higher absenteeism, poor customer service, and increase safety incidents.
Every hired candidate has their own skills, and whatever the skills they bring can give positive influence to organisation. So, if you are still unsure to hire fresh grads, offering an internship program can always be a good option.