We’ve all heard the news that times are tough for graduates, suffering from cut-backs in jobs and graduate schemes due to the ever-present state of the economy. While bad for ex-students, this is potentially good news for employers as there is a massive pool of keen and well-educated young people, ready to bite your arm off for a job, or even just work experience.
In some respects, these young people are blank canvases that can be moulded to fit your way of working. And, with more degree courses than ever before including a work-placement, plus the majority of students having to supplement their income with a part-time job, it’s likely that employment isn’t a completely alien concept.
If your business is in the fledgling stages, taking on experienced members of staff might be a risky expense you can’t afford. What graduates lack in experience, they make up for in brains, quick-thinking and a fresh attitude. The majority are eager to learn and will cost a lot less than somebody that has earned their stripes following many years on the career ladder. If it’s just a placement you’re offering, potentially, graduates won’t cost a penny – although I have to say, I am not particularly supportive of the current trend for abusing the situation and getting graduates to work for long periods, for nothing.
There is funding available. In the North East, for example, Graduates for Business, offers £70 a week towards the salary of a graduate for the first 15 weeks of their employment. Specifically aimed at smaller businesses, qualifying SMEs must have less than 250 employees and be able to pay new graduates a minimum of £14,000 a year. For information about graduate funding in your area, visit www.businesslink.gov.uk.
For a short-term commitment, a placement can provide a mutually beneficial exchange between employers and graduates – particularly in the summer holidays when those that are still studying have a lot of spare time on their hands. Depending on the length of the placement, this doesn’t necessarily have to be paid – especially if it’s over the summer break – however be realistic, if you take someone on for six months and don’t pay them a bean, then that’s a little unfair!
Rate my placement is a website for undergraduates looking for work experience and employers offering internships – like a job dating agency. Students will ‘rate your placement’ so it’s important that if you get involved, you provide good levels of training. Placements can be anything from a few months to over a year.
Giving these young people a chance could be good for your business and will help dent the massive levels of graduate unemployment. If all goes well, you never know, you might find just the right person to take your company on to the next level.
Business and enterprise minister, Mark Prisk, carried out his first day of “work experience” at small firms this week. This is possibly just a PR stunt, as he has already run his own business and surely knows the score, but his knowledge may be rusty and there are some vital lessons he should learn.
Here are five things he should remind himself of during his time with small firms:
1 Time is precious. Small firms are often run by one or two people, who, alongside keeping the business afloat, clearly don’t have time to battle their way through reams of admin and study the small print of new legislation. Hopefully Mr Prisk will be reminded to keep red tape to a minimum during this Parliament, and make sure any new requirements are accessible and clear.
2 Every business is different. There is no ‘typical’ small business and so the new coalition Government should avoid a one-size-fits-all approach to policy. An MOT garage may have very different needs to a social enterprise caring for disadvantaged children, but both are important to society and neither should be ignored when decisions are made at the top.
3 Small businesses create jobs. If given the environment in which to flourish, for example access to finance and low taxes, many viable start-ups will soon grow and play their part in stamping out unemployment. At a time when we are witnessing record unemployment levels, it makes sense to help small businesses become growing businesses, by ensuring the support is there if they need it.
4 Innovation flourishes in smaller firms. As they aren’t as tied down by bureaucracy and hierarchy, most small firms tend to be more innovative than their larger counterparts. While creative people must be self-motivated, the coalition Government should do all it can to encourage investment in, and the development of, new ideas.
5 There’s no rest for the small business owner. Running a small business is like working on a never-ending election campaign. Particularly in the early stages, small business owners think about their work 24/7, and once they have pleased all the customers, negotiated with suppliers, and got all their books up to date, an early night is a rarity. Mark Prisk and his team should recognise the role played by these dedicated people, small business owners and employees alike, in keeping the UK economy going.
What essential lessons do you think Mark Prisk could learn while he’s making the tea?
Kate Horstead, business writer and member of the Start Up Donut team