It’s 25 years, almost to the day, since I started at the
Financial Times. “One tip,” confided a more experienced colleague, early on:
“Don’t stay more than five years, or you’ll be here for ever.”
The miracle, however, is not that I’m still here but that
the graduate training programme is – alongside much larger versions operated by
bigger companies, from Accenture to Zurich Insurance.
Such programmes face many threats, however. Companies face
accusations that they hire graduate trainees as cheap labour. But the opposite
risk worries boardrooms more: that such programmes are a costly investment in
all-too-mobile assets. According to one more recent FT trainee, his
contemporaries in other schemes regard their apprenticeship with “utter
cynicism”, as a way of gaining the imprimatur of, say, a Big Four accountancy
firm, before moving on to something trendier. Those who do stay risk becoming
the most insular followers of a restrictive management culture – a charge laid
against the BBC in a recent review of the missteps that eventually triggered
the departure of the broadcaster’s director-general George Entwistle, himself a
BBC lifer and former graduate trainee.
When companies are shedding experienced employees, some
chief executives may feel it is perverse to go on sucking in ingénues, who
think they know everything but in fact can’t locate the stationery cupboard,
let alone the corporate strategy. Demand for jobs far exceeds supply and
popular employers can use technological tools to attract and screen the best
candidates, including proven experts. So why bother applying the cumbersome
filter of an official scheme and wasting time and money on a formal training
process for novices?
The continuity of some schemes has indeed fluctuated through
the financial crisis. In 2009, in the middle of a redundancy programme, UK
telecoms company BT suspended some of its campus recruitment to concentrate
instead on redeployment of trained staff to the few vacancies available.
Goldman Sachs won’t run a formal two-year programme for would-be analysts in
investment banking and investment management from this year; it has opted
instead to employ college graduates full time on permanent contracts. (The FT
took a break from its scheme in 2012, having hired more graduates than usual in
previous years, and restarts this year.)
But graduate recruitment and training should be a priority,
even in a downturn. It may be unfeasible to expect career-long loyalty from the
latest intake, but employers’ investment in graduates will be repaid later. A
few may go on to lead the company – as the current chief executives of Munich
Re and Barclays have, among others. The rest, even if they leave, could form a
diaspora of sympathetic customers and suppliers. There is a reason big graduate
recruiters such as Procter & Gamble and McKinsey cultivate alumni networks.
Meanwhile, what looks like inexperience should be read as
fresh thinking. Younger staff may hold the key to technological change and
innovation. Phil Clarke, chief executive of Tesco (and another former trainee),
has a 25-year-old staff member in his office, to provide him with a youthful
perspective.
It is, however, no longer realistic to expect these
advantages to spring from traditional programmes of general management training
– what Gordon Chesterman, director of Cambridge university’s career service
calls “Cook’s tours” of different departments. In line with the more
specialised nature of business, companies are seeking out recruits with
affinity for specialist areas and tailoring programmes to attract promising
candidates who have, in Mr Chesterman’s words, been “learning about logistics
from the age of 12”. Universities also find companies are fishing for younger
candidates, hooking students who have proved themselves on company internships
before their final year.
One further element is essential. Companies that wish to
attract and retain skilled staff must now apply the same flexible thinking and
close attention they focus on recent graduates to employees entering the last
quarter-century of their careers. I’ll be surprised if I’m still working here
in my 70s, despite my colleague’s 1988 forecast. But I’ll almost certainly be
working somewhere and I hope some future employer will be as committed to
training me in my 50s and 60s – and I as committed to being trained – as the FT
was when I joined it, aged 23.
Source: 7 January 2013, Financial Times by Andrew Hill
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