Every May brings a deluge of avid college graduates ready to join the workforce. These potential employees bring fresh ideas, up-to-date knowledge of the latest technologies and a keen understanding of what consumers in their generation want. However, organizations that want to reap these benefits must be able to attract and retain this demographic since they’re more likely to quit their jobs than older age groups.
The following actionable strategies can help companies successfully foster engagement, loyalty, and retention rates among recent college graduates.
1. Implement Effective Onboarding and Orientation
According to a recent survey of American workers, 83% felt overwhelmed by how much information they needed to assimilate to work effectively. Many cited this issue as a reason for wanting to seek employment elsewhere.
New hires feeling overwhelmed signals a lapse in the organization’s onboarding and orientation process. Before assigning tasks, companies must equip employees with the requisite facts about the work, including what the job entails and how to succeed. Pairing recruits with mentors who can guide them through their initial months and scheduling frequent one-on-one meetings can help alleviate these challenges.
2. Offer Meaningful Work
People are likely to resign when they feel unfulfilled or bored by their work — more so for recent college graduates, given their higher job mobility. Interns and recruits are often given grunt work that doesn’t align with their skills and barely generates value for the company.
Organizations that provide meaningful work and offer opportunities to contribute to impactful projects will likely see higher employee retention rates in college graduates than those that don’t.
3. Encourage Work-Life Balance From the Beginning
This generation of fresh employees significantly emphasizes work-life balance when searching for full-time work. According to the Institute of Student Employers, 68% of recent graduates would leave a job without an equilibrium between their professional responsibilities and personal life.
A critical aspect of this consideration is the provision of hybrid work. Companies offering generous working hour flexibility from the start will likely retain new hires better than positions that enforce strict schedules. It’s also essential to incorporate policies that allow work-from-home options and personal days to encourage employees to feel their best.
4. Offer a Fair Salary
Recent grads often join the workforce with the burden of hefty student loans. On top of that, they must navigate economic realities like rising rents, utilities and transportation costs. These considerations make a compelling case for companies to offer fair wages for entry-level positions or risk losing workers. In 2022, 54% of Gen Z employees quit because of unsatisfactory pay.
In today’s digital landscape, young professionals can potentially earn more from streaming their gaming sessions or hosting podcasts than working a traditional job. Given such options, it’s easy to see why they consider commensurate compensation a key factor in staying with an employer.
5. Create Room to Grow Professionally
It’s unquestionably true that recent college graduates will not be as proficient as seasoned employees. Only 42.5% of new hires exhibit strong work ethic and professionalism. Hence, there is a need to provide them with ample room to grow in their roles and acquire core competencies.
Providing recruits and interns with opportunities for professional growth addresses their desire for career advancement and skill development. A lack of such prospects can lead to dissatisfaction and eventual turnover. In addition to investing in focused training programs, companies should establish transparent promotion pathways, outlining the experiences required for vertical and lateral moves.
6. Highlight Community Involvement Initiatives
Research shows that 77% of Gen-Zers want to work with an employer whose values align with their own, particularly regarding climate change and diversity. The age of focusing solely on ramping up profits and minimizing losses is long gone. Organizations must support programs that contribute positively to local communities and encourage new hires to participate actively in such causes.
These initiatives demonstrate a commitment to something more profound than just making money and can be a critical factor in boosting retention of college graduates.
7. Provide Job Security Assurance
The increasing reliance on artificial intelligence and machine learning automation means today’s employees are more fearful about losing their jobs than ever before. AI’s ability to automate everyday tasks already led to 3,900 job losses in May 2023, so such concerns are not unfounded. The heightened anxiety and decreased morale ultimately contribute to higher turnover rates.
Providing assurances of job security fosters a sense of stability among fresh employees. People who feel secure in their positions are more likely to invest in their roles and commit to the organization long term.
Businesses must communicate openly about the role of new hires in their operations and implement strategies to mitigate displacement fears. This includes offering training programs that help employees adapt to new technologies, ensuring they remain valuable assets to the company.
Improve College Grads’ Retention in the Workplace
Reducing turnover among recently onboarded college graduates requires a multifaceted approach encompassing work-life balance, fair pay, career development and purpose-driven work. Companies implementing these strategies create an environment where young professionals feel valued, engaged and motivated to contribute in the long term.
Read more: 4 Ways to Boost Employee Retention in a Post-Covid World
