Salary is no longer the key to attracting graduates to a company, according to a new survey by Ernst and Young. The research finds that quality of training and development remains the most important factor for graduates, with salary and benefits dropping to fifth place in terms of importance. The people and the culture of the company are both more important to today’s graduates than remuneration, the survey finds.
“Money clearly isn’t king for today’s graduates as this drop in importance shows,” said EY’s Julie Stanbridge. “With the graduate job market recovering, the class of 2015 are making longer term decisions about what their first job will bring to their career prospects, rather than focusing on the quick win.”
Hakan Enver, London operations director of City recruiter Morgan McKinley, told City A.M.: “There’s much more of an emphasis on selling the values of the business, the diversity of the business, the progress, the opportunity to get involved in a range of things as opposed to just the core day to day operational aspects, and just really looking at attracting individuals more for the longer term.”
With a work life balance, company culture, and a firm’s reputation now all more important, Stanbridge says that larger firms are under threat: “Start-ups, especially in the tech industry, are leading the way in challenging traditional corporate cultures and norms”, she commented. “Larger graduate employers, however, aren’t resting on their laurels and are placing more importance in creating connections with students through face-to-face interactions at universities and careers fairs, as well as through social media.”