Attracting, recruiting and onboarding graduate talent into your business takes valuable time and resource. However, 1 in 4 graduates leave after one year of starting a role. With the average cost of turnover in the UK estimated at around £11,000 per hire, it makes sense to nurture your talent and keep new hires beyond their initial graduate scheme.

Our latest research – What do graduates want? insights from tomorrow’s workforce – surveyed 5,000 students and graduates about their needs and expectations as they enter work. Here I consider how our insights can help develop action points to help you maximise retention.

Think about culture

An organisation’s people and culture is the most important factor when graduates choose a role, it was prioritised by 40% of respondents – ahead of remuneration and a company’s reputation. Over a third of our members say they’re looking for an employer with a friendly and respectful working environment, so consider:

• publishing your ‘culture deck’ – this worked a treat for Netflix
• putting in place initiatives like culture steering groups containing employees from all parts of the business
• involving early talent in developing culture initiatives.

Don’t prioritise salary alone

Only 5% of our gen Z Bright Network members said that salary is more important to them than work-life balance, and 82% expect their future employer to offer flexible working.

For this generation, remuneration is seen as part of a work-life package along with flexible working, learning and development and the chance to develop in their career, so:

• make sure your benefits package and working environment reflect what your team needs
• introduce flexible working and have the tech and tools in place to support it – this will should also boost productivity
• ask senior leaders to lead by example and make flexible working practices the norm.

Invest in learning and development

When it comes to remuneration and advancement, almost a third named ‘a clear path for advancement’ as a priority – 36% more popular a choice than a competitive base salary.

We know that Bright Network members are keen to learn outside of their academic studies; commercial awareness and leadership skills are among their priorities for upskilling. There’s no reason for this development to end once graduates enter work, so:

• make sure graduates can see a clear development path, with mini promotions on the roadmap
• ensure line managers are providing regular feedback on how to develop and what it will take to move to the next level
• consider in-house training and mentoring delivered by your leadership team.

It’s clear from our research that that gen Z has different needs from previous cohorts. Young people are more purpose-driven than before, looking for a flexible working life in an environment that will help them develop.

The key to retention is to keep in touch with your team’s needs. Don’t make assumptions – ask and engage regularly. Then shape your working environment and incentives accordingly, giving employees a compelling reason to stay.