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A recent report released by Hult International Business School in collaboration with independent research firm Workplace Intelligence highlights a striking trend among employers grappling with significant talent shortages. The findings suggest that many companies are leaning towards hiring robots or artificial intelligence over recent college graduates.
The study involved responses from 800 HR leaders and an equal number of recent graduates, aged 22 to 27, in various business sectors such as finance, marketing, sales, management, logistics, and business analytics.
Despite an overwhelming 98% of HR leaders reporting challenges in finding suitable talent, a notable 89% expressed hesitation in hiring recent graduates.
One of the primary concerns cited by hiring managers was the perceived lack of practical experience among recent graduates, with 60% indicating this as a significant shortcoming. Other deficiencies identified included a lack of global awareness (57%), teamwork abilities (55%), necessary skill sets (51%), and professional etiquette (50%).
Additionally, approximately 30% of HR leaders prefer to leave a position unfilled rather than recruit a recent graduate. A concerning 37% would choose to have a robot or AI fill the role instead, while 45% would opt for hiring a freelancer.
In companies that have historically hired recent graduates, a striking 78% have already terminated some of those employees within the last year.
On the flip side, graduates who have managed to secure positions note that their working experience has been highly beneficial. An impressive 77% indicated they gained more knowledge in just six months on the job than they did throughout their entire four years in college, and 87% acknowledged that their employer offered superior job training compared to their academic institution.
However, over half (55%) felt that their college education left them ill-prepared for their current roles.
As Dan Schawbel, Managing Partner of Workplace Intelligence, pointed out, “Our survey indicated that conventional college programs are not equipping students with the necessary skills to thrive in today’s rapidly changing and tech-centric job market.”
So, what specific skills are HR leaders seeking that seem to be lacking among recent graduates? Technology proficiency, particularly in AI, data analytics, and IT, is essential for 97% of HR leaders, yet only 20% of recent graduates report having these skills.
Martin Boehm, Executive Vice President and Global Dean of Undergraduate Programs at Hult International Business School, emphasized the need for transformation in education, stating, “Simply having theoretical knowledge is no longer sufficient. Education must evolve to focus on cultivating the skills and mindsets required for lifelong learning.”
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