In many ways, the costs of recruiting and onboarding graduate talent are like an iceberg, with much of the risk and cost are hidden beneath the surface:
The obvious upfront costs of recruitment such as job adverts and agency fees are often dwarfed by additional recruitment, onboarding, and training costs. For example, how much managerial time is spent interviewing candidates, how many people hired – particularly for junior positions - are unprepared for the role, lacking the “soft skills” needed to add true value in today’s business environment and need extra training?
Employee retention is also just as important as recruitment. It can take time for new employees to start making an impact, so the hidden costs referenced above can rise greatly if staff leave before they have become “profitable”, increasing businesses’ working capital and potentially crippling smaller organizations.
We surveyed 500 business leaders and 1,000 young workers to uncover all the costs and outline actions you can take to improve the efficiency, cost-effectiveness, and success of your graduate recruitment.
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