The Candidate Compass report conducted by Milkround found that 70% of graduates are willing to back out of a job offer they’ve accepted. But why? This on top of those who decline job positions creates an issue for graduates and employers when it comes to finding the right fit. As graduation day has recently been and gone, we see an influx of graduates looking to take their first step on the career ladder. This is an exciting time for many, as some retreat back home to their parents or some decide to stay put in their new-found home in which they have studied.
The report that asked 5,000 graduates found that:
- 30% have already backed out of a job role
- 34% have declined a job
- 64% of those who have said they didn’t know how to decline the offer
- 22% said they had received a better offer elsewhere
- 9% said they had changed their mind
Francesca Parkinson at Milkround, commented:
“Initially looking at these findings, it’s perhaps surprising that so many graduates are happy to renege on a job offer, considering the challenges of finding a first job at such an early stage of their career.
“It shows that the mindset of graduates has changed. We believe the top graduates are confident enough to accept multiple offers, knowing that they can take their pick of jobs. We should also consider that some students are simply acting like rational consumers – buying into what’s being marketed by employers when they get an initial offer, but not necessarily putting too much thought into what they’re actually purchasing.
“For employers that want to halt the reneging of offers, communication with candidates will be key, making sure they really understand the role, the benefit, learning and development opportunities, and the company culture. Keeping recruits engaged with the company all the way from the acceptance stage to their first day is now a must.”
Following on from what Francesca previously explained, it is important for employers and recruiters to be clear on the role along with the company culture. This will give the candidate a much clearer understanding of what is expected from them and also what they can get in return such as perks. We understand that it is a candidate driven market now, as candidates have the choice in where they work and have a better understanding of what they are looking for in their next job. Less than 1% turned down a job because of unsatisfactory company benefits. This shows the employers must be offering more than just a wage to attract new talent.
Nearly one in ten (7%) said it was due to salary. A report last year found that graduates expected to earn £28,000 – £396 more than what is actually on offer. Out of the 34% who declined the job said that they weren’t confident in their skills (58%), while 19% said it was because the role wasn’t right for them.
Milkround’s research showed that more than half (53%) of internships result in job offers, but 72% of the people who received an offer from their internship declined it, with 4% accepting an offer elsewhere. Maybe this was due expectations or discovering that the role was in fact not for them.
It is hard when you are finally released into the big wide working world after years spent in education to discover the cost of life, the reality of wages along with finding out what you actually want to do. We have all been there and we wish all graduates good luck in finding their dream job.