By 2020, millennials will constitute 50 per cent of the workforce across the globe, according to PwC’s research. That in itself is an impressive statistic, and it doesn’t even take into account the most recent generation entering the workforce – Generation Z.
This demographic – beginning with those born in 1995, according to most researchers – is just now beginning to graduate from university in search of employment. Luckily for businesses, these young grads have a lot to offer; let’s look at what the numbers say about the benefits there are to hiring young graduates in Australia.
72 per cent of millennials claim to have had to compromise in order to find the right job.
1. Graduates are driven.
There exists a stereotype that young people are entitled and have unrealistically high standards when it comes to employment. However, there’s a reason there are more ingenious startups and under-40 millionaires than ever before – young people are hard-working and ambitious.
56 per cent of the respondents in the PwC survey said they feel like they could (and would) rise to the top with their current employer. One recent female graduate from South Africa expressed her desires to be given room to grow with whatever organisation she ends up working for.
“I want to feel valued, and be given tasks that allow me to stretch myself to the full extent of my abilities.”
2. Graduates are socially/environmentally conscious
Many companies wish to make changes to their social and environmental processes but lack the impetus; bringing more young people on board can be the nudge that businesses need. Generations Y and Z prove this dedication to sustainability through their commuting habits – Urban Land Institute says only 77 per cent of millennials commute by car, compared to 92 per cent of Gen X’ers.
Nearly 90 per cent of young employees say they check their work email outside of business hours.
Young graduates also seek employers that have solid environmental and social policies. One Australian female grad expressed in a Deloitte survey the desire to work for a company that “follows environmentally sustainable practices and offers employees a good work/life balance.”
3. Graduates are flexible
Recent graduates’ priorities might be different to those of Gen X and the Baby Boomers, but they know how to make sacrifices and work hard. According to PwC, 72 per cent of millennials claim to have had to compromise in order to find the right job. Whether it was a lower salary, a poorer location or fewer benefits, recent grads have made trade-offs to get to where they are.
That work flexibility young people want that they often get a bad rap for? It might actually translate into them working harder than you might expect, as nearly 90 per cent of young employees say they check their work email outside of business hours, according to research from Bentley University.
4. Hiring graduates sets businesses up for the future
As the Baby Boomers and Gen X’ers continue to retire, the younger waves of recent graduates will form an increasingly substantial portion of the workforce. With that shift in demographics comes changes to the face of the contemporary workplace – changes that employers need to get behind sooner rather than later.
Deloitte’s survey showed one of second highest values young employees hold is ‘ensuring the long-term future of [the] company/organization.’ Hire grads and treat them right, and they’ll return the favour tenfold.
At Monash Talent, we have access to some of the most qualified graduates in Australia – these young, driven people are eager to start their career. Could it be with your company? Reach out to us today for more information.