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A Look at the Class of 2017
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It’s official: the class of 2017 is transitioning into the eye-opening “real world.” These recent graduates are eager to make an impact on the organizations where they choose to begin their careers, but their employment expectations may be faced with a harsh reality.
Our new report surveyed this year’s college seniors about their plans to take the workforce by storm. The data leads to two helpful truths and one disrupting lie that help decode the class of 2017 and better recruit the newest batch of candidates. How well do you know your entry-level applicants?
America’s most recent graduates may have just flipped their tassels, but more than 90 percent already feel confident in their ability to nail an interview. It’s no secret that confidence is praised by hiring managers, but don’t be surprised if these ambitious candidates lack key interviewing skills. Sixty-two percent of recruiters surveyed believe that entry-level candidates need to become more familiar with the organization before stepping into the interview room. Kayla Cermak, campus reach recruiter at Southwest Airlines, believes that college seniors must improve their ability to complete prior research on a company and be prepared to express why they are interested. She suggests reading through the job description prior to the interview and thinking through ways that their experience relates.
One way to ensure entry-level applicants are well equipped for an interview is to establish an employer brand that clearly communicates what makes a successful employee. This can be done with consistent information about the culture and mission across all recruitment marketing materials to not only highlight candidates who have done their research, but also attract talent that is best-fit.
Sure, a college education prepares students to enter the workforce, but many new graduates are unaware of the type of jobs for which they are truly qualified. In fact, thirty-two percent of surveyed recruiters have received entry-level applicants who are not qualified for the roles applied.
The biggest factor is the amount of experience that fresh talent brings to the table; to 65 percent of recruiters, two or more internships is what it takes to be considered for an entry-level role today. The good news is that most college seniors have completed at least one internship during their college career, and 65 percent came out of it with applicable skills like time and project management.
College major is another area of disconnect for desired talent. Science, technology, engineering, and mathematics majors top 61 percent of entry-level recruiters’ lists for candidates they are most interested in hiring. However, only 23 percent of college seniors received a STEM degree in 2017. Nevertheless, qualified candidates are out there, and Trudy Steinfeld, associate vice president of student affairs and executive director of the Wasserman Center for Career Development at New York University suggests that the class of 2017 “read job descriptions closely, and if you have 60 percent of the qualifications, apply. If you have 60 percent of the skills they need, they can teach you the rest.”
Understandably, there are certain qualifications that entry-level positions will require outside of a degree. Emphasizing these must-haves through screening questions associated with the application process can reiterate exactly what is non-negotiable regarding skills, and narrow applicants based on that criteria.
We all know that hiring an entry-level employee is a gamble for employers, and candidates should expect their starting compensation to reflect their relatively low experience, right? Not so! On average, college seniors expect to earn $53,483 from their first job, an even higher figure from what we saw last year with the class of 2016. With only 24 percent setting expectations at around $35,000 or less, these candidates may be in for a surprise when receiving an offer. When it comes to negotiation, however, only 42 percent of college seniors believe that salary is negotiable. They may be pleased to know that 67 percent of recruiters say it is likely to happen.
Understanding why the class of 2017 has such high hopes may become clearer after a glance at their post-college debt. Last year, the average college student graduated with $37,172 in student loans, according to student loan expert and president of Cerebly, Inc., Mark Kantrowitz. However, with 87 percent of recruiters agreeing that a four-year degree makes entry-level job seekers instantly competitive, the investment seems worth it. Candid compensation conversations with entry-level candidates offer the opportunity to highlight paths for promotion within the company, as well as exciting benefits packages that may not have been thought of in the past. For example, 71 percent of millennials likely to leave their employers within the next two years are unhappy about how their leadership skills are being developed. Visualizing professional growth potential may swing candidates back into salary reality.
It is common for new graduates to have oversized expectations, but anticipating them can help shape well-informed entry-level hiring techniques to stay ahead of the competition in attracting and retaining the best new entries to the workforce. As time goes on, graduates may expect more, but a great candidate experience and a helpful onboarding program may help to bridge the gap to even the highest of expectations.