Experience is the knowledge that enables you to recognize a mistake when you make it again. This quote is highly significant with respect to today’s corporate world. With technological advancement and growing competition, there is little room for mistakes. This is why industry favors a candidate with experience over a fresh graduate.
However, this is gradually changing. With increasing demand for talent, several startups and e-commerce companies have resorted to hiring fresh graduates, especially in the case of bulk hiring. From the HR perspective, here are a few insights on what the industry wants and how the gap between education and industry can be bridged.
Individuals with experience are preferred over fresh graduates primarily because organizations want employees to start contributing from day one, that too without investing much time and money in additional training. Also, individuals with experience can take quick decisions and apply their practical knowledge.
Good communication skills, sense of responsibility, and dependability are some other factors that organizations perceive as lacking in fresh hires.
Low Hiring Costs
In case of a tight budget, fresh hires are the best bet. They can be brought onboard at a lower cost compared to experienced candidates.
Fresh hires have an open mind, ready to soak up new experiences offered by their first employer. They will have no prejudices or pre-conceived notions.
Fresh graduates are an asset to the industry, if they have been adequately trained. Seniors say that when one starts at the lowest rung in the corporate ladder, it is essential to be different. Else, you will merely join the herd. It is the responsibility of the education sector to ensure the needs of the industry are met while guiding the students to the right path.
Thadomal Shahani Centre for Management (TSCFM) has several ongoing initiatives to make graduates industry-ready and employable. Continuous interaction with industry through sessions by experts, faculty with rich experience, industry-specific curriculum and internship opportunities are some of them.