Firms worry as graduates flounder

A survey by the business and enterprise education charity Young Enterprise has found that 68% of HR directors across the UK feel that young employees are not equipped for the business world, citing an over-emphasis on theory at school and university.

Over three quarters said that young job candidates often have a higher estimation of their abilities than is the reality, and 84% agreed that young people should gain more experience of the business world while at school or college.

Some 70% suggested supplementing coursework with business training. Project management, financial skills, leadership, time management and presentation and reporting skills were those which respondents said most young people lack.

Michael Savory, chief executive of Young Enterprise, said: “Each year, training young people in key business skills costs British business between £600 and £700 per employee, and delays the usefulness of that employee to them.

“Young Enterprise Pilot Summer Schools, which are running in 23 locations this summer, provide one innovative solution to this. By supporting business education programmes such as Enterprise Summer Schools, businesses can help more young people develop key business skills from an earlier age, and have them better equipped to contribute on appointment.”

“We live in a fast moving world and the earlier that young people grasp the essential skills for business, the better,” added serial entrepreneur Alan Sugar, commenting on the survey. “Initiatives such as Young Enterprise summer schools can play an important role in this, and business should focus more attention on supporting them.”

The survey also examined key business attribute gaps which can affect the performance of young employees and found that while nearly half of respondents said their young employees do not shy away from competing, 43% believe they lack entrepreneurial flair.

Over a third said that young staff cannot deal with criticism and 33% say that they cannot deal with setbacks.