As 2016 draws to a close, we summarise seven essential graduate recruitment lessons highlighted on our blogs this year:-
Gamification in graduate recruitment is essential, especially in sectors where talent is in short supply such as engineering. That sector alone requires double the number of current graduates to meet predicted demand. As an extra screening filter gamification forms part of your assessment process for measuring candidate quality. Great examples of gamification in hiring include PwC’s Multipoly which was originally introduced as part of an employer branding campaign. Careers app Debut is a further example of gamification used by over 41 brands including Microsoft, Google and Lloyds Bank. Social media, AI, wearables and virtual reality will also continue to drive digital recruitment in 2017.
Make drastic reductions in your time to hire
KPMG raised the bar for time to hire in August 2016 by drastically reducing the time taken for candidate assessments from several weeks to a single day. Potential new hires are now notified of the outcome of their application within two days. Time to hire must remain a high priority in order to attract graduate talent in 2017.
Adapt to artificial intelligence
As AI continues to pose a threat to a growing number of jobs, the ‘big four’ accountancy firms, EY, Deloitte, PwC and KPMG are automating entry level jobs. The nature of skills required is changing in response to this shift. For example, PwC plans to hire 500 additional data scientists within the next two years following a demand for data driven insights from its customers. HR analytics will help your business to predict and adapt to the effect of technology in your workplace.
Be prepared to pay for talent
High Fliers reported an increase in graduate pay of 3.3% last year, with average starting salaries standing at £30,000 at leading firms. Law and accounting firms and investment banks offer starting salaries as high as £47,000 and supermarket brand Aldi is renowned for its high graduate pay levels. The Graduate Market For 2016 found that over 1,000 graduate jobs were turned down at the last minute in the previous year. UK employers were also reportedly paying 30% above current market rates to graduates in IT and finance, many from non-British Universities in an effort to meet demand.
Local trends affect hiring strategies
According to a new report, approximately one quarter of all graduates find employment in London after completing their degree. Earlier research found that just 12% stay close to their University, while 45% work and study close to home. Being aware of regional trends will help to create and finalise your own graduate recruitment strategy. Recruitment analytics identify the source of your most successful graduate hires.
Train for soft skills
A CV Library survey found that the biggest disadvantage new graduate hires have is their lack of experience and perceived ‘employability’. CIPD Chief Executive Peter Cheese called for business schools and employers to collaborate to tackle the UK's soft skills gap and the lack of ‘basic employability skills’. The highest indicators of employability according to recruiters are ‘professional experience’ and a ‘high degree of specialisation’, criteria that can be quickly screened through HR technology.
Open up your talent pool
Recruitment in specific sectors such as the banking sectoris biased towards candidates from wealthier backgrounds, with applicants filtered based on which secondary schools they attended in some cases. Anonymised CVs screened through recruitment software are the only way to minimise bias in hiring and expand your talent pool to access the most qualified candidates. As graduate calibre roles are expected to fall between now and 2022 to less than a third of all positions, the removal of your graduate filter will improve hiring success. Penguin House Publishing, EY and PwC were among the first to take this step.
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You might also like to read:-
The Great Apprenticeship Turn-off & The UK Skills Gap
Improve Your Graduate Recruitment Success In 2017
For an in-depth analysis, download our essential graduate recruitment guide.For a report and advice on soft skills, please refer to our report on the UK soft skills shortage.