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.
Why graduates are great for start-ups
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.