The summer internships are ending & 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 will have received full time offers from their internship & many will accept (5-10 months ahead of graduation!).
Note, most 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 $50K-$60K range & many successfully negotiate up to > $60K-$70K. 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
Many of our grads 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 of starting career in job rotation 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
Also, students are getting lots of job offers when they play the job market…In U.S., 28% accepted a job offer & reneged! 70% of grads are willing to renege? Reneging: Once you commit, quit! https://lnkd.in/e85beQ2 Amongst those grads that have reneged on a job offer, 64% claimed that they did this because they didn’t know how to decline. 22% said they did this because they received a better offer elsewhere, while just 9% changed their mind (Milkround). https://lnkd.in/gZiiskjD
The Harvard advice: