As covered in a recent Irish times article, graduates are facing some of the lowest unemployment rates since the last boom. Indeed, a recent survey by the Higher Education Authority shows that nearly 70% of all graduates are currently in employment and the majority of these are based here in Ireland. There hasn’t been a better time in the last 10 years, especially for STEM graduates to exit education and enter the working world.
Companies in the Life Sciences sector are seeing the benefits of recent influx of STEM graduates. With an unemployment rate at 6.1%, graduates in Ireland are entering an employment environment that is unrecognisable to what is was 8 years ago.
There are many benefits to hiring graduates and we have seen companies taking advantage of this in greater numbers in recent years by including them in the organisations talent strategy.
Graduates – what are the benefits?
Salary Cost
- There is an initial cost saving benefit for your talent strategy as starting salaries are often less than what is expected from more experienced staff. Graduates on average look for anywhere between €21,000 to €33,000 depending on industry.
Willingness to Learn
- Usually the fundamental skills required for the position would have been attained in their college education. With no professional experience these graduates are your blank canvas, yours to be moulded into the best organisational fit.
- Often straight from the classroom and into the professional working world, graduates are able to quickly absorb information, train at a higher rate and take direction well.
New Perspectives
- Injecting a new way of thinking both from an academic and generational stand point, graduates can bring a fresh perspective and increase team diversity.
- They provide an element of flexibility as bad work habits are yet to be formed which allows for graduates to quickly adapt to the established culture.
- As technology continues to evolve at a rapid pace, graduates are usually at the forefront of strides in technology.
Succession planning
- Providing a career path for young graduates allows for hiring managers to move new hires laterally throughout the organisation. This experience prepares future managers with a holistic understanding of the organisation.
- By thinking of graduates long term capabilities, investing the time and resources could ensure you have the right people in the right place when management positions arise.
With the graduating class of 2018 soon to be released eagerly looking for their first opportunity, the question is, can supply meet demand? With over 8000 jobs forecasted for the next few years in the Life Sciences sector it’s time for our STEM graduates to shine and for organisations to take advantage.
