Three stages of retention to consider:
Attraction through to commencement
Grad program
Life after grad program
Expectation of between 50% and 90% retention during the first 12 months
Post grad program, expectation is between 70% - 75% retention, depending on the length of the program
Issues impacting retention include:
Amount spent on recruitment of grads and need for a return on investment
Organisational fit
Market forces
Commitment
Retention after the grad program ends
Increased exits at 2 – 3 years
Exit for more money (eg engineering to mining)
Retaining between offer and placement
Losing to overseas opportunities
People leave cultures and organisations, not jobs
Personal / professional development
What are grads seeking?
Organisational / individual value fit
Early intervention in offer process – advise candidates as soon as possible
Personable employers, providing information as required
Learning and development
Career opportunities
Organisational sell matching reality
Personal development
Challenge
2 way communication
Clear communication of benefits other than remuneration
Reality of graduate experience
Career pathways
Autonomy and responsibility
Talent management
Dealing with competition, money, location and lifestyle
To use their degree
$$
Lifestyle, balance
Meet their personal goals
Non-financial benefits
Genuine interviewer(s)
To be challenged within a supportive environment
Ability to settle HECS, making their degree worthwhile
Correlation of information between unis / employers and grads
Unis need to be clear on expectations in order to assist students achieve their career goals
What is the influence of parents?
Depends on cultural background and often more prevalent with actual degree choice
Information about what study path to follow to achieve success
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Best retention strategies as suggested by employers:
Attraction through to commencement
Ongoing meeting between grads and organisation prior to placement, both formal and informal
Inclusion in organisation events
Buddy system which commences before placements, inviting grads to social events and staff meetings
Onboarding prior to official start date – short term contract, part time, in area person will be joining; make sure candidates engage with the business eg Development Day
Ongoing employment from offer to placement on part time basis or during semester breaks
Flexible commencement options
Early engagement with organisation
Use existing grads in promotions on campus
Employer newsflash distributed to students
Provide sufficient information to make an informed decision if made a counter offer. Sell the benefits.
Stay in contact!
Acceptance gift.
Involve new grads with your recruitment campaign
Provide new / potential grads with details of real life grad experience
Grad Program
Make your program challenging!
Ensure expectations are being met
Ensure you have a support framework for your graduates
Use coaches, mentors and / or buddies throughout your grad program
Develop strategy that provides ongoing, consistent and relevant communication between grads, mentor, buddy, supervisor, recruiter etc
Use technology eg Google groups
“Club Grad” after commencement. Own budget, managed by grads, advertised to prospective grads
Quarterly interaction with other grads
Transfers to other locations / teams
Structure of program: rotation versus no rotation
Career pathway mapping with clear direction examples of other employees
Organisation-wide graduate projects which cross functional groups
Mentor for professional and personal development
Structured development program with the ability to be flexible if required
Encourage ownership of career progression by grads
Structured development program
Ensure grads are aware of their potential career progression. Clearly define the capabilities required for advancement
Create a talent program offered to the top graduates in your organisation, which is aspirational, project based and business specific and with development specifically structured for the individual
Support post-graduate studies
Grad profiles on website as early as first year (eg Australian Govt; Unilever)
Offer project work across business units to expand their exposure and experience
Provide support for innovation
Social events such as sports activities appeal to competitive nature amongst grads as well as providing interaction with others
Run “master classes”, which combine speakers with a social activity
Accommodate student / grad values and their desire to contribute to society / community
Offer the opportunity to attend Community Days – organise volunteer work in the community
Ensure both grads and their managers / supervisors are educated around each others' style of communication (eg generational styles)
Consider offering flexible work practices eg compressed weeks, remote access to work from home, family friendly policies, job sharing etc
Life after grad program
Transitioning grads to mainstream employees, managing expectations and the culture of the organisation
Sabbatical – eligible after 3 years for 6 months unpaid leave with $5000 for airfares; 3 months leave either paid or unpaid with paid airfare
Provide support to grads nearing completion of their grad program to start managing their career eg transition workshops from ‘grad program' to ‘normal employee'
Incorporate group debrief of grad program participants at program completion to define ongoing career goals / aspirations
After a few years, create an alumni graduate network
Explore opportunities for national / international or client secondments
Offer career breaks – 3, 6 or 12 months |
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AAGE to develop a “How To” Workshop based on retention. To be delivered during 2009.
AAGE to use suggestions provided to create a summary of best practice to include on AAGE website as a resource for members. To be actioned by the next Forum on 20 November 2008. |