The right graduate has a lot to offer your business. With 1.3 million students enrolled in Australia's universities, according to Universities Australia*, thousands of students graduate every year and apply for full-time positions. Each one hopes this first job will turn into a career, but how often does that really happen?
The average cost-per-hire is $4,129 and it takes 42 days to fill an open position, according to research conducted by the Society for Human Resource Management (SHRM)**. So while a recent graduate can be valuable to a company, hiring the wrong one can be costly.
Finding this 'right' recent graduate therefore becomes a sensitive task – if you don't know what to look for.
The science behind finding the right graduate
Wading through piles of CVs and conducting rounds of interviews contributes to the lengthy hiring process which is why employers need a better way to filter candidates. Science – specifically, neuroscience – can improve this undertaking significantly.
First, you must know what traits you're looking for in your employees which is reliant on the nature of your company and the position you're hiring for. Examples of these traits include communication skills or teamwork ability.
From there, our testing platform can whittle down the pack. This system has graduates from Monash University go through 12 games based on neuroscience research. It's measuring over 80 cognitive, social and emotional traits that are matched to success profiles for specific roles, giving a clear report of the graduates who meet your requirements.
Selecting the best fit for your company
Once science has significantly narrowed down the candidates that are best suited for your company, it's time to hire someone. When reviewing the candidates we provide you, don't discount those who appear to be short on experience. Their test results show a high compatibility with the role you're hiring for.
Instead, pay more attention to those traits, skills and attributes that you identified earlier as these will better determine the compatibility of the candidates. These traits are important because while training can bring an inexperienced hire up to speed, it is their intrinsic attributes that will contribute to their success in a specific role.
By thoughtfully assessing these traits before hiring begins, you're giving your employees a better chance at fitting in and progressing through the company, helping you reduce turnover and correlating expenses.
If you need help finding the right graduate talent, contact the team at Monash Talent to learn more about our advanced recruitment methods today.
*Universities Australia (2017). Australia has one of the best higher education systems in the world. (Accessed May 2018). URL: https://www.universitiesaustralia.edu.au/…/Data%20snapshotv6%20webres.pdf.aspx.
**Society for Human Resource Management. (2016). Average Cost-per-Hire for Companies Is $4,129, SHRM Survey Finds. SHRM. (Accessed May 2018). URL: https://www.shrm.org/about-shrm/press-room/press-releases/pages/human-capital-benchmarking-report.aspx.