New Graduates Look For Longevity in a Digital World
Turnover rates are always a top concern for companies. As a new wave of graduates enters the workforce, more and more companies are noticing even bigger challenges in employee retention. This new group of graduates comes with entirely new experiences and a different set of expectations. Their unique characteristics and ideas create a gap that must be bridged to succeed in the complicated digital business world.
How do companies bridge the expectation gap and retain new hires past the one year mark?
How do new graduates find work that is personally fulfilling and long term?
The answers to the issues of both employers and new hires can be found in the top causes of early turnover among new hires.
Top 1-Year Turnover Causes
Current new graduates are uniquely equipped for work in the digital workplace. They are part of the digital generation who were born after the rise of technology. They are generally quick and ready to work, but unprepared for the endless routine of the corporate world. Knowing the top causes for 1-year turnover can help companies and new hires find longevity.
- Boredom- The newest wave of graduates come equipped with instant answers and are often eager, quick, and full of energy. While these are excellent attributes, they can lead to boredom. To keep interest, companies must challenge new hires with interesting assignments while keeping them engaged during their work. New hires can fight boredom by finding more challenging work and assignments on their own. If something needs to be done, they should take the initiative and do it. They can find a challenge and discover issues that are waiting for solutions.
- Meaningful Work- A lot of new graduates are looking for a richer and fuller experience at work. They want to do work that means something. So, doing menial tasks day to day wears on them. If the company doesn’t already fulfill a cause, it is a good idea to get involved in some charitable work. New hires can also investigate non-profits or charities that might match their current company.
- Acknowledgement-Although veteran workers and traditional companies often operate without recognition programs or awards, new graduates thrive on being acknowledged. This doesn’t have to be costly celebrations or big awards. A pat on the back, a letter or announcement can really increase productivity and engage a new hire by letting them know they matter and they are doing a good job.
- Poor Management- In the past, many companies employed a sink or swim mentality with new hires. After training, new employees were dropped in their position and left alone to do their work. There was little guidance or mentoring involved. New graduates desire more instruction and an open door policy. There has to be some compromise as new hires come on board. New hires must strive to be independent workers while employers work to mentor their employees.
- Adapting to Environment- This is a big issue for both employers and new graduates entering the workforce. Difficulty in new hires adapting can lead to:
- Tension Among Employees
- Termination of New Hires
- Resignation of New Hires
- Poor Company Moral
- Lower Profits and Returns on Work
Companies have pre-set social rules that have been practiced long before the new graduates came on board. At the same time, recent graduates are transitioning from a completely different environment. They are being asked to completely change behaviors and ideas they have had for the last 4 -6 years. The answer could be in classes for new hires as they enter the workforce, either from independent consultants or within the company.
Turning Back Turnover Is Simple
Changing the 1-year turnover rate is not difficult when employers and new hires work together to find solutions. Recent graduates offer amazing attributes that can help any company soar into the brave new world of international business and digital exchange. Challenging, educating and adapting new hires to their new work environment will reap endless rewards for both companies and employees.