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Graduate Schemes
Graduate Schemes
Companies look at making profits from numerous angles and deem that hiring the best talent in the industry will help them gain profits for the company. An investment in human capital is beneficial as that will help companies attract the right talent from the industry. With graduate schemes, public organizations like the government institutions, public sector companies and large private organizations like banks prefer to acquire talent that meets their particular requirements. These companies ensure that the talent passes their unique selection criteria. This makes it easier for the firm to select the talent from the market.
After passing, the candidates selected through the graduate schemes are trained for various posts that they are suitable for. For instance, if the candidate hired by an aviation company through the graduate scheme, has an inclination and the required qualification for a management post, then he/ she is trained accordingly.
Graduate schemes are open for all graduates passing from universities with degrees in various disciplines. Graduates in science will apply for relevant posts at companies that have graduate schemes with a requirement for science university graduates. However, a bank usually does not distinguish between the graduates in arts, science or commerce and mentions the required criteria in its graduate schemes.
Planning graduate schemes
The human resources department of different organizations usually conducts selection through graduate schemes at various universities. Planning graduate schemes as per the requirement of the company is a systematic process. Most companies have an annual requirement.
The following steps are involved in planning graduate schemes in the company:
- Manpower Assessment: The graduate schemes are finalized with adequate manpower planning of the company whereby the company's top management come together to discuss with the HR heads, finance heads and the operations heads to assess the manpower gaps that need to be filled through the recruitment drive. The number of personnel to be hired and trained through the graduate schemes is then decided upon.
- Preparation of the Selection Criteria: The HR's manpower planning department evaluates prestigious colleges or universities that are likely to have the desired talent that can be hired and trained by the company. The HR team prepares the selection criteria to select the graduates from the universities and colleges.
- Advertisements: After finalizing the selection criteria, the organization then advertises through relevant newspapers, newsletters, suitable websites, billboards etc. about the vacancies that are required to be filled through the graduate schemes. The advertisements are also placed at colleges and universities where campus selection takes place.
Managing graduate schemes
After planning the graduate schemes, the HR department has a greater task to perform in order to select the right manpower for each of the vacant posts that need to be filled.
Managing graduate schemes involves the following steps:
- Screening applications: After advertising the graduate schemes, the applications received need to be sifted through and screened thoroughly. The applications are categorized based on the different posts that they apply for and accordingly the selection criterion is thoroughly scrutinized. This is the main part of managing graduate schemes.
- Conducting written tests: Almost all companies have a preliminary examination which involves an objective test to screen the aptitudes of the candidates applying for the job that have been screened. Candidates who complete the tests successfully pass on to the next round. There is a passing criterion even at this stage.
- Personal interviews and Group Discussions: This is perhaps the last stage in most companies' selection process where the company conducts personal interviews and group discussions with the candidates who have successfully passed the written tests. Some only conduct personal interviews to complete the process faster.
Graduate schemes are attractive, as the career path is steady and positive, after an entry through these schemes.
