Are you taking the right steps to address entry-level hiring, development and retention?
As an employer, it behooves you to take a look at the goals and expectations of recent college graduates in Modesto and the marketplace as a whole.
A recent survey of more than 1,000 U.S. college seniors who graduate this year, along with another 1,000 who graduated in 2013 and 2014, shows high levels of confidence, preparation, focus and loyalty as these Gen Y employees enter the workforce.
A New Grad Profile
Here are some of the telling statistics that emerged from this research, which paint a picture of these future business leaders:
- 80 percent of 2015 grads believe their education prepared them well for careers, with studies in STEM (science, technology, engineering and math) among the most popular majors.
- Nearly 75 percent expect to stay at their first job for at least three years.
- On the downside, about half of 2013 and 2014 respondents reported that they were underemployed. 41 percent earn less than $25,000 a year. Nearly half hold jobs that don’t require college degrees.
- Many recent graduates prefer to work at smaller companies. 10 percent of this year’s graduates said they plan to work for startups, and another six percent plan to go into business for themselves. This is a one percent decline in both categories from a year ago.
There is some disparity between new graduate expectations and the reality of the working world, which may offer ideas on how to improve your talent supply chain:
- Now that they’ve been out of school for a while, only 64 percent of 2013 and 2014 graduates believe that their education left them well prepared for their jobs.
- 77 percent of 2015 grads said they expect their first employer to provide formal training. Of their 2013 and 2014 counterparts, 53 percent note that they’ve actually received such training.
- 2015 graduates are optimistic about their earning potential. 85 percent of them say they expect to earn more than $25,000 in their entry-level position.
How to Land the Best Gen Y Talent
As a Modesto employer, you can learn a lot from these statistics. Adopt the mindset of a millennial – and you’ll pave the way to attracting and keeping the best of them.
- Promote a positive culture. Millennials put significant emphasis on a positive work environment. Among 2015 graduates, 60 percent said they would settle for a lower salary if a job offered a good social atmosphere. Keep those Happy Hours, wellness programs and team-building initiatives coming.
- Let them know you’re socially conscious. The two most popular employment sectors for new graduates are education and healthcare. Gen Y is more socially conscious than any previous population segment. Demonstrate that your company is just as committed as they are to giving back.
- Prioritize internships and similar programs. It’s increasingly important for you to engage prospective hires early on. 72 percent of 2015 graduates have already completed internships, apprenticeships or co-ops. And 47 percent of 2013 and 2014 grads found their current positions as a result.
- Utilize mobile apps. They continue to grow in popularity when it comes to millennials searching and applying for jobs. Among 2013 and 2014 grads, 36 percent used them – and this year, that percentage soared to 64 percent.
Do you need more ideas on prioritizing entry-level jobs as you build your future workforce? Read our related posts or contact the specialized recruiters at PrideStaff Modesto to learn more.