Investing in Early Careers Talent
Employers that integrate graduates and apprentices into the workforce not only support the professional development of young individuals but also benefit from tangible advantages through cost savings, enhanced innovation, new ideas and strengthened succession strategies.
In recent times, we have seen an increase in apprenticeships and the latest cohort contained over 730,000 individuals participating in apprentice schemes. Notably, higher-level apprenticeships (Levels 4 and above) have seen the most significant growth, now accounting for over a third of all apprenticeship starts. Degree-level apprenticeships (Levels 6 and 7) comprised 15% of all starts, reflecting a 7% increase from the prior year’s cohort.
The graduate market remains fairly strong by historic standards, with high levels of competition and employers receiving an average of 80-100 applications for each vacancy, depending on the source you read. Opportunities in technology, finance, and business services (including Marketing and HR) are likely to remain relatively strong, along with health, education, and social care.
So how do we summarise the benefits to employers of investing in early careers talent?
Cost-Effectiveness: Graduates and apprentices typically command lower starting salaries compared to experienced hires, making them a cost-effective option. The median starting salary for graduates is £29,000, and the average apprentice salary is £19,700. Moreover, the government funds 95% of apprenticeship training costs, further reducing expenses for employers.
Proven ROI: Graduates and apprentices contribute significantly to the economy. For instance, graduates add approximately £1 billion of added value annually. Additionally, 60% of apprentices remain with their employer after completing training, enhancing retention and reducing future recruitment costs.
Mouldable Talent: Early career hires can be shaped to align with company culture and processes. Their recent academic experiences make them adaptable and eager to learn, allowing employers to instil desired skills and values effectively.
Diverse Skill Sets and Perspectives: Graduates and apprentices bring fresh ideas and up-to-date knowledge, particularly in emerging fields. Their diverse backgrounds can enhance innovation and problem-solving within teams.
Enhanced Productivity: Young professionals are often agile and quick learners, adapting well to fast-paced work environments. Their enthusiasm and familiarity with current technologies can lead to increased efficiency and productivity.
Succession Planning: Investing in early careers hiring helps build a pipeline of future leaders. By nurturing talent from the outset, companies can ensure continuity and effective succession planning.
At We Optimise, we’re real advocates of early careers recruitment strategies. Just take a look at our case study for a leading law firm, RPC. We’ve generated significant interest and applications for 11 years and counting, with a 100% success rate for filling all their graduate positions.
If you think it’s time to re-think your early careers then talk to the experts, and we’ll tell you more. Contact us today or fill in this form for a FREE recruitment marketing audit.
