As employers finalise their graduate recruitment processes for 2017, here are four trends HR needs to be aware of:-
Understand the Brexit effect
The newly released UK Graduate Careers Survey 2017 from High Fliers[1] found that three quarters of students are expecting a tougher and 'limited' job market following the Brexit result. In response, sectors vulnerable to Brexit, have seen a drop in the number of graduate applicants. Accountancy applications have fallen 21% compared to last year, with an 18% drop in finance and 17% in investment banking. A robust graduate recruitment process supported by HR technology is essential to combat any decline in candidates. Away from the Brexit effect, teaching positions have also seen a fall in applications, which is believed to be primarily the result of the ongoing public sector pay cap.
Work on reducing job offer rejections
Around half of all businesses were unable to fill their graduate vacancies last year due to an increase in last minute reneging on job offers. In total, it’s estimated that 1,000 graduate jobs were unfilled in 2016. The more positive your candidate experience, the more likely you are to retain the interest of graduate recruits and secure acceptance of your job offers. Incorporate tech initiatives into your hiring process such as gamification and augmented and virtual reality to engage with prospective hires. Time to hire also plays a crucial part in your graduate recruitment success.
Last year KPMG drastically reduced its assessment duration, combining all tests into a one day event, rather than over several weeks. Candidates were also informed of the outcome of their application within two days.