With steeper falls in job vacancies than in the 2008 financial crisis, the Covid-19 pandemic has caused many students to graduate into an uncertain and rapidly declining job market. Over half a million young people have signed up for universal credit since the lockdown, meaning the need for graduate jobs is higher than ever, and a large enterprise plays a big part in providing more opportunities.
In the UK, a large enterprise can be defined as a company with a least 250 employees, but often, they in fact have many more than this. In 2019, it was reported there were only 7,700 large businesses in the UK in comparison to over 5 million small businesses.
As a large business, there is no one better to support graduates through this challenging time, while also giving yourself the best chance of dealing with the effects of the economic crisis. Your size and success as a large business give you a unique opportunity to invest in the future potential of graduates, in a time when other businesses might not be able to afford it.
We have compiled some of the key reasons as to why large businesses should consider hiring students and graduates.
Resources to invest in training
As a large business, you might have the right resources to hire graduates who have the right knowledge and attitude to work for you but may need further skill training. This means you will have a wider pool of talent to choose from in comparison to a smaller company who perhaps can’t afford to pay for additional training.
There are so many great opportunities for training while working. You could even consider bringing a graduate on as an apprentice, so they get hands-on experience whilst gaining a formal qualification. Furthermore, there is government financial support available for large businesses wanting to hire apprentices.
Your competitors are offering enticing graduate schemes
Many of the most popular graduate schemes in the UK are provided by private sector, large enterprises such as PWC, KPMG, Aldi, Deloitte and Google. These companies offer competitive salaries and employee perks enabling them to hire some of the best graduates. To survive the current economy, you can’t afford to miss out on some of the brightest minds and business brains in the country.
You can offer career trajectory and progression
Given the size of your business, you could entice students and graduates by demonstrating the possibilities for progression into more senior roles over time. For graduates, it is very appealing to see that their job could evolve in the long term, presenting new challenges and opportunities. Furthermore, graduate retention rate is generally very high, with 86% of individuals still in the same role after three years.
Graduates are well known for their eagerness to work and learn. Because of their degree, they have up to date knowledge on a specialist subject and can bring fresh ideas that more experienced colleagues might not have thought of. Hiring graduates is a great way to bring a new lease of life into your company, especially large businesses who might have been doing the same thing for a long period of time.
To learn more about other types of employers, have a read about SME’s and the public sector.