Are You Getting the Best College Grads to Work for You?

There are many advantages to hiring fresh-faced college grads that are willing and eager to learn.

When you run a small business, hiring new grads can sometimes be more valuable than hiring seasoned professionals for reasons such as salary, benefits, promotions, longevity and more.

The average starting salary of new college graduates in 2014 was $48,700 per year, a more than 7 percent increase from 2013's college grads starting salaries.

Reasons small businesses should consider hiring new grads include:

• They're eager to learn - New graduates are excited to be done with college and are looking forward to starting a new chapter in their lives. They're not "stuck in their ways" as far work is considered and they're willing to learn and adapt to the way that you conduct your business.
• They're tech-savvy - Let's face it - no one understands social media more than the early-20s age group that relies on it for everything from choosing the latest restaurant to finding a job (that's right, social media is a great tool for those looking for work). By hiring a new grad that's equipped in the social media world, you may just learn a thing or two from them, too.
• They will work for less money - Applicants that have 10 years of experience under their belts most likely will not settle for a low starting salary. They've already proven themselves and they've worked hard to get where they are today. It's understandable that they don't want to go backwards in their careers. New college graduates, on the other hand, know that they need to prove themselves. With fewer bills than people in their late-30s, for example, they can afford to take less pay now for the chance at a better career in the future.
• Tips on salaries for small businesses - Don't think that a new grad will work for free. While they will work for less, it's in your best interest to pay them for what they're worth. You could also consider offering incentive plans if they hit their goals or allowing for extra paid time-off.

The Benefits of the Best People

Remember, too, that you will attract the best talent in your industry by offering a competitive benefit's package. With healthcare costs rising, benefits can be just as valuable to employees as their salary.

According to the article “5 Health insurance tips for college graduates”, health insurance is not an option, it's a must.

Knowing that they need to have a plan in place in order to avoid penalty fees and the risk of getting sick while not insured, college graduates will be looking for jobs that offer health insurance plans.

Other ways you can make your small business stand out and attract the best types of candidates include offering 401(k) plans, giving competitive vacation and sick time, allowing your employees the option to telecommute one or two days per week and creating a team environment that's built on both hard work and having fun.

The old adage is true: Work hard, play hard. Use this to your advantage.