Got Grads? Three industry trends that are reducing the talent pool to a puddleAdmin
Across practically every industry, employers are finding it increasingly difficult to find qualified applicants to fill a range of positions. While certain industries are feeling the pressure more than others, there is a general feeling that the talent pool is shrinking to more of a puddle. A solid influx of new graduate talent is essential for many of our clients to keep their companies running smoothly. Recent trends among college graduates are adversely affecting the ability of many companies to access and recruit this key demographic. The result is what many key employment resources are referring to as the most considerable talent shortage in many years.
Graduates are Opting for More School and Leisure Time
A 2015 report from the Council of Graduate Schools revealed that the number of graduate school applicants had risen 3.5 percent in 2014, the largest annual increase since the Great Recession. According to the National Center for Education Statistics, the number of master’s degree holders is projected to experience an overall increase of 28%. According to Forbes, Millennials are the fastest growing age group when it comes to travel spending because they place more value on experiences and worldliness than work and careers. This leaves a smaller pool of entry level candidates.
The Rules of Recruiting Have Changed
Graduates are simply not applying for jobs in the same way. A recent survey conducted by Beyond.com indicated that 75% of recent graduates are rejecting standard job boards in favor of a more targeted job search. Students are taking advantage of college career centers, utilizing corporate websites and engaging in personal networking to connect directly with their desired employers. This factor alone will make it harder for many employers to find these entry-level candidates, let alone hire them. We can reasonably conclude that this trend will also affect the ability of HR departments and hiring managers to meet hiring goals in many companies.
It’s a Job Seeker’s Market
A recent article by CNBC reported that new graduates are experiencing the best job market in years. The same article noted that 4 out of 5 students considered the availability of jobs in their field before deciding on their major; giving them an additional advantage in the current economy. According to Accenture’s college graduate unemployment study, a shocking 21% of 2016 graduates had already accepted jobs prior to graduation. This percentage will very likely be even higher this year.
As these trends continue to become more prevalent, companies will need to establish new and innovative ways to attract and acquire this new-graduate talent well before graduation day. An experienced, reputable recruiting firm can make all the difference in your ability to cultivate relationships with these candidates and streamline the hiring process. Bradley Staffing Group is actively engaging these types of applicants on a regular basis, tracking their progress, and connecting them to growing organizations in an effort to counter these hiring challenges for our clients.