What Will Happen to This Year’s Graduates?
One of the by-products of these difficult economic times has been the dearth of employment opportunities for those graduating from college. With the layoffs of the past 24 months, many of those employers who are hiring have been favoring individuals with experience who can be had at bargain basement prices. But is there wisdom in this for the long term?
Recent surveys indicate that as many as 78% of workers say that they will look for other employment when the economy improves. While some of this can be attributed to restlessness, a good portion can also be attributed to those who have become underemployed during these challenging times. This phenomenon will confront many employers with the choice of improving staff levels and increasing compensation, or enduring the heartburn of losing some good people who want to earn more and work less than the double duty many are performing at present.
But what about the classes of 2008, 2009 and 2010? Depending on the industry segment, unemployment among them has ranged to as high as 25%. With experienced professionals absorbing the slots normally filled by new graduates, these young aspirants are learning that the roaring 2000s have come to an abrupt end.
In 1984, I had the opportunity to ask Ross Perot what advice he would offer to new graduates during a similar economic slowdown. Just start somewhere, he told me, and over time your hard work will be noticed. While it might be easy to dismiss that advice as old-fashioned, many of the employers with whom I visit still comment about those who show up for interviews expecting to be placed on the fast-track. While I would take nothing away from those who are willing to throw their all into any job at this point, the Millennial generation has come of age being imbued with a belief that they’re the next great generation. What they do with this perception in the coming years will determine how great they will be.
Every cohort has its stars, but it’s the performers on the front line that are the heart of productivity and profits. We should all feel for these new young professionals. They’ve been met with a nasty surprise. How can we all work together to help them become competent hardworking professionals? It’s a safe assumption that many of them have learned to adapt in this uncertain world. While I always advise employers to begin with a thorough selection process, taking time to on-board them sufficiently is critical as well. This group is somewhat disillusioned about our marketplace, having been told one thing and experienced another. Look around your organization for internship opportunities. Many large firms have this down to a science and eventually hire a large number of those who begin as interns. As your firm regains its momentum after this slowdown, interns can provide a great segue and give you a chance to observe young graduates in action.
Finally, be circumspect about the applicant who graduated with a business degree 18 months ago and has been working part-time jobs ever since. It may be that the job he was destined for right out of college was given to the laid-off 30-year-old who was willing to work cheap.
TheCollegeGeneration.com Blog Goes Live!
After spending more than a decade assisting community colleges, the staff of the Center for Generational Studies is excited to launch our go-to resource for educators who are looking to obtain cutting-edge insights and strategies for enrolling, teaching, retaining and graduating the most diverse, demanding, wired, impatient and fun-loving cohort of students in US history! Visit www.thecollegegeneration.com blog to help you better understand and connect with the emerging generation of students!
Bob to Serve on Expert Forum
Bob Wendover has been asked to serve in the Expert Forum of the Workforce Diversity Network. The Workforce Diversity Network (WDN) is the nation’s leading network of professionals and organizations dedicated to professional development, understanding, promotion, and management of diversity as an essential part of business success. Its members include Bausch & Lomb, United Way, Verizon, BMW, Time Warner Cable, UNISYS, Xerox, and a host of other household names. Bob’s work will be featured four times a year along with a long list of other leading thinkers on diversity in the workplace.
Case Study
I am 35 and director of distribution for a mid-size industrial supply company. I joined the firm about 12 months ago and it became apparent immediately that corporate strategy seems to be stuck in "do more with less" regardless of the economy. We are seeing a consistent up-tick in orders and could use additional help and a new forklift, but I can’t even get those items on the agenda.
The firm is owned by a 75-year-old engineer who has been through lots of good and bad times. He seems to be living in the past and doesn’t accept that it takes investment to make money and maintain market share. While I do not report directly to him, there is only one level between us. My boss is a long time veteran of the organization and is reluctant to rock the boat. He’s already made that clear. I’m afraid this is going to cost me my best people over time, not to mention lots of heartburn. What would you suggest?
The past two years have brought back vivid memories of tough times for those who remember the Great Depression. Your owner probably learned first hand that a penny saved is a penny earned and these times are reinforcing that philosophy. Of course, these perceptions are being reinforced by your boss, who may be more interested in job security than long term profitability.
I suspect your best hope lies with demonstrating the strength of your argument through numbers. Begin by taking stock of the elements potentially impacted by this refusal to invest some money in operations. These factors probably include delivery times, inventory control, overtime, shipping delays, down time due equipment failure or maintenance, damage due to haste, bookkeeping errors, and of course, employee turnover. You can probably think of others specific to the operation.
Next, calculate the costs of these elements. You’ll have to use some educated guesses to approximate the impact. If you can go back in the records and verify these costs, all the better. Increases in the cost of overtime would be a good example. Be conservative in your estimates so they can’t be attacked as exaggerations.
Finally, build three scenarios; one based on what will happen if everything remains the same, one if you are able to hire additional staff, and one if you are able to purchase an additional forklift. Then present all this to your boss. You’ll obviously need his buy-in and support to convince the owner. I’d also make sure that you’re the one making the presentation rather than your boss. No one will have as much enthusiasm as you do for this effort.
You may be thinking, "Who’s got the time to do this?" But presenting a solid, numbers-based argument is probably the only way convince this old-timer that it will take some investment to leave a profitable legacy.
P.S. We’re always looking for situations we can write about. If you have one you’d like us to address, send us an e-mail with the details. Just put "case study" in the subject line. In return, we’ll send you a coupon for $25 off your next purchase from our on-line store.
McDonalds Uses Nintendo DS to Train Employees
McDonalds uses Nintendo DS gaming consoles to train their part-time workforce to flip burgers and make fries using a customized training software called eSmart. The company is in the process of installing two DS consoles in each of their stores in Japan at a cost of about $2M USD. The ‘games’ teach employees practical tasks like assembling burgers and cleaning their work stations. Trainees can take the consoles home with them and learn during their commute. The company expects the system to cut the training time of their employees by half, partially due of the familiarity of the DS system.
|
