Real Prospects 2009 received responses from 24,500 graduates, who reported their actual work life experiences, rather than their perceptions pre-employment. The findings reveal a clear gap between the positive experiences of those on a graduate scheme and the frustration of those who are not. The survey shows:
• One in three graduates believes their employer has not met expectations
• Opportunities to progress are important to nine in ten graduates, but fewer than three in five are satisfied with their prospects
• One in three believe management stifles innovation, their opinions are undervalued and they are under confident in senior management
• Given the current economic climate, only 56% feel informed of financial changes
• First full fee-paying cohort of graduates achieve a salary of around £18,114 over four years, but £7k higher if they land a place on a graduate training scheme
• 79% feel confident about their employer’s future despite the recession
• A supportive learning environment doubles loyalty
More than 130 companies have taken part in Real Prospects 2009, verifying their commitment to improving transparency and raising standards within the industry, facilitating more informed decisions for developing graduate programmes.
Mike Hill, chief executive of Graduate Prospects launched Real Prospects 2009 at the AGR’s annual conference, where he called for businesses to work together and learn from the findings in a bid to beat the recession. He explains:
“Graduates have the ambition to drive the UK economy forward, but what we’re hearing is that some employers may be holding them back. Whilst not ignoring the fact that most graduates are happy in their work, particularly those on a graduate training scheme, we have to stand up and take notice of the third whose experiences simply aren’t living up to expectations. There’s no doubt that we’re in an economic recession, so without the lure of fat salaries we need listen to our graduates and learn from employers who run graduate schemes to enable us to better attract and retain talent.
“Investment mustn’t stop after the initial recruitment process if we are to bridge the gap between expectation and reality with better communication, training and scope to innovate. If we want our graduates to be the successful business leaders of the future, we must take the process of their growth seriously, developing the talent pipeline and investing in our future.”
Carl Gilleard, chief executive of the AGR adds: “There is no doubt employers are spoilt for choice in terms of graduate talent this year because of vacancy cuts and increased competition. However, that certainly does not mean they should allow themselves to be complacent or to let their graduate development standards drop. Organisations which create a ‘misery culture’ for graduates by stifling innovation and progression or ignoring work/life balance risk losing their best talent as soon as there is any sign of an economic upturn.
“The AGR continues to campaign for better standards in graduate development in the UK and we hope the results of today’s Real Prospects survey will act as a wake-up call to British business to raise its game in this area.”
Real Prospects is a new annual survey, which launched in January 2009. Responding graduates completed a first degree between 2004 and 2008, and are in full-time or part-time employment.
Organisational leadership and management
Overall, one in three graduates is under confident in the senior team and feels their opinions are undervalued. In addition, just 58% believes their organisation is well-managed with those in the private sector more than likely than those in the public sector to be satisfied with their organisation’s management. In addition, half of graduates reported they wanted to more opportunity to innovate, but 36% felt the company inhibited innovation.
Whilst three in five (60%) felt their managers are good at seeking the views of staff, fewer thought their managers are good at responding to suggestions (55%) or allowing employees to influence final decisions (47%).
One in three graduates believe their employer has under delivered on promises, and those on a training scheme are more likely than those who aren’t to report satisfaction. Further analysis reveals those who have been with their employer fewer than six months are the most likely to report that their expectations have been met, and graduates who have been with their employer for more than four years are least likely.