Exploding job offers & do you want a full time job to begin in a job rotation? https://lnkd.in/ervskG5
Many of my students have come back to school from their summer internships. Many of them received full time offers from their internship and most have accepted (5-10 months ahead of graduation!). Some of them even got a little signing bonus for pocket change. Note, most companies will only give them 1-2 weeks to decide (way before the career fairs start, hmmm). I think we call that an “exploding” job offer. In other words, either accept now or take your chances with the job market. I am not a huge fan of these offers, but they are perfectly legal and employers seem to think it works to their advantage (they get the talent they want).
Most of the job offers begin their career in a “Job Rotation”. I used to not be a fan of these job rotations (especially for students with tons of experience), but they have grown on me. See for more details: https://lnkd.in/ervskG5
In general, firms with a rotational program have nearly a 20% higher first-year retention rate than those without a rotational program. I think that is a good number. After five years, firms with a rotational program saw a 10% higher retention rate than those w/o a rotational program. I am not sure if that is a good number.
Advantages for students:
· Rapidly learn about your industry of interest
· Work on a diverse set of projects
· Find a mentor & learn about your potential career trajectory
· See what makes the company great
Students should ask:
· What are the goals of this program?
· How long will the program last?
· When does the Job Rotation Program Start?
· Will I be a full-time employee during the program (i.e. receive paid leave, benefits, etc.)?
· How many rotations will I go through, & how long will each be?
· What are some rotation assignment examples?
· Will I get to choose which rotations I go through or will they be assigned?
· Who will I report to?
· Will there be others in the program along with me?
· Will there be opportunities for mentorship?
· Will there be opportunities for professional development?
· Will I be offered a full-time permanent position after completing the program?
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$$$$$$$:
https://lnkd.in/eBd-cRr
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If you have a job interview, get ready for STAR and online robots…
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Students with exploding job offers…The most recent is $85K base, 7% bonus eligible,15 days paid vacation, 12 US holidays, & a $7K signing bonus for being a previous intern (1 month to decide). Based on my observations: Employers that interview very selectively for internships & pay market value, tend to convert exceptional talent into full-time employees. In fact, they pay their interns a salary that is very close to what their full-time offers are. For example, from a student:
“My interview process with Firm A was amazing. They started off with a logic test and then proceeded w/ 3 rounds of virtual interviews. The last round was me personally with the vice president of Purchasing, which I thought was a sign of care of their interns…compared to Firm B where I had a single round interview w/ 2 younger people in their job rotation program. Also, Firm A is offering me 20% more in salary. Firm B also put a bad taste in my mouth when they made the offer 1.5 months after the interview. And Firm B said that I would have a decision from them a week after my interview, which obviously did not happen.”
Some employers are giving students a few days to make decisions on full time job offers several months before graduation. One student asked if that was ethical or even legal. Exploding job offers & do you want a full time job to begin in a job rotation? https://lnkd.in/ervskG5. My students are coming back to school from their summer internships and many of them received full time offers from their internship & many will accept (5-10 months ahead of graduation!).
Note, many companies will only give them 1-2 weeks (or even only a few days!) to decide (way before the career fairs start, hmmm). I think we call that an “exploding” job offer. In other words, either accept now or take your chances with the job market. I am not a huge fan of these offers, but they are perfectly legal and employers seem to think it works to their advantage (they get the talent they want). https://lnkd.in/gmFMJfbC.
Should college grads negotiate a job offer (i.e., a higher starting salary)? Yes, but only if you know how to negotiate. I do have students that get offers in the $60K-$70K range & many successfully negotiate up to $65K-$80K. That is a 10-30% bump before you even start! Many people have to work a few years to get that bump. https://lnkd.in/gMJYNJkh
The top 20% in our program are getting offers 70K-80K from the F500 types. Not all orgs can compete against these offers & try not to focus too much on $. The $ will come no matter what if you have a challenging job.
https://lnkd.in/dkGr4_uX.
Well, that avg now is closer to $75K. Also, we just had a student get offered $87K, no job rotation (straight into a full time role as she is already loaded with work experience), $8,700 signing bonus, and immediately bonus eligible at 9%. https://lnkd.in/gMKdmwx9 & https://lnkd.in/gwKJD6hY.