Once upon a time, landing a job right out of college was easy. After all, less than 5% of adults under age 25 held a bachelor’s degree or higher, which made them stand out from the crowd as having the skills and mindset to be productive. However, now more than 40% of adults in this age group have a college degree, which has led to this being a basic requirement for securing employment. But what about recent college graduates who haven’t had time to gain experience yet? Should you hire a recent college graduate?
As a small business owner, you have a lot to think about. One of the most important things is hiring the right candidates. Let Orcutt & Co. handle the financials of your Cincinnati-based business. We can handle payroll, help with tax planning, and manage your monthly accounting and bookkeeping tasks.
Hiring a recent college graduate is beneficial because they naturally make up the next generation in the workforce. Giving a recent graduate experience will ultimately benefit the workforce and help increase the level of skill within it for years to come. However, you do want to prioritize your own business’s needs as well. Consider if hiring a recent college graduate is right for your business or if you should explore other options.
Since there are so many people with a degree, many business owners want to find a candidate with experience. Consider a few pros and cons of hiring a recent graduate vs. workers who already have experience in their field.
Recent College Grad vs. Experienced Workers
There are advantages and disadvantages associated with both recent college graduates and experienced employees. Before you make your decision, it’s important to consider the candidate and what they bring to the table.
Recent College Graduate
The advantages and disadvantages of hiring a recent college graduate are:
Advantages
- Motivated to grow: more likely to be proactive to learn and grow
- Up-to-date skills: familiar with the latest trends and skills
- Trainable: can be trained to your specific requirements, no habits for them to “unlearn”
- Available & flexible: often have less responsibilities and may be willing to relocate
Disadvantages
- No experience: have the knowledge, but not necessarily the know-how
- Investment in training: don’t have experience, so they must be trained
- High turnover: often are just gaining experience to move to the next company
Experienced Workers
The advantages and disadvantages of hiring an experienced workers are:
Advantages
- Experience: don’t always require as much training as a new graduate
- Knowledge: can educate less experienced employees
- Promotable: are used to being within the workforce and may be ready to move up within the company faster
Disadvantages
- Higher cost: experienced workers expect higher wages for the time they’ve put in
- Resistant to change: often, experienced workers are stuck in the “we’ve always done it this way” mindset
- Need new training: experience isn’t always good because they may not be familiar with the “new” way of doing things
- Plateaued motivation: time working may have caused their motivation and drive to drop
Considerations
When considering whether or not you should hire a recent college graduation, remember, it ultimately comes down to the individual person. Not all recent graduates are motivated and willing to learn. Likewise, not all experienced workers have gained quality experience or will be good at the available job. Be sure you learn more about both types of people before making a hiring decision.
Let Orcutt & Co. Handle Your Financials
There is a lot that goes into running a business, including hiring the right candidates to fill positions. You must take the time to determine whether it’s best to hire a recent college graduate or whether an experienced worker is better.
Let Orcutt & Co. handle your financials. We specialize in monthly accounting and bookkeeping tasks, payroll, and tax prep.
