With a new batch of students having just completed their studies, graduate unemployment is set to rise to a new all time record. Estimations vary to just how many graduates there are currently unemployed, but around seventy thousand seems to be accepted by many. This a huge number, most of these people having got into a significant amount of debt, believing that their university degree will enable them to gain a job that merits their academic achievement. As the statistics show, this is not the case for many.
Small and medium sized businesses should look at graduate unemployment as an excellent opportunity. Here is a large group of people, who have been educated to university level and have gained many transferable skills. Naturally, there will be a number of these graduates who have specific degrees and have a set industry they wish to work in. However, there are many who completed arts or humanities courses, competences to benefit your business. These include research, analytical, interpretive, communication, written, presentational and verbal skills, in addition to many other talents, depending upon the nature of the degree undertaken.
Due to the shortage of graduates currently in employment, wages can initially be kept fairly low. Graduates recognise that competition for jobs is fierce, thus may take jobs based on the experience and opportunities they can gain, rather than for financial reasons. Furthermore, many will accept an initial internship or trial period. This allows you to make an assessment of the potential employee, judging whether or not they will be successful at the job you have in mind for them, and if they will fit into your business.
Another of the many advantages about employing a graduate is that they are willing to learn and will work hard to prove themselves. They know there are thousands of people waiting to take their job, giving them an extra incentive to be a success in their internship or trial period. Additionally, university teaches students to learn, especially in the arts and humanities degrees. This results in the fact that many continue this trait in the workplace, and will be keen to learn about your business as much as possible.
Employing a graduate in undoubtedly a risk, and as much as this blog has made a case for employing a graduate, employing an experienced person is far less risky. However, in business it is important at times to take risks. Currently graduates represent a cost effective solution to employment in small and medium sized business, so taking one on could be the best business decision you will ever make.