How Do Career Expectations of Recent Business School Graduates Affect the Hr Function of Businesses?

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Introduction
As the first decade of the new millennium is coming to an end, businesses are being affected by global forces such as the growing talent shortage caused by the ageing of the population around the world and the economic crisis. Demographic research shows that life expectancy is steadily increasing while birth rates are declining; which will cause a shortage of younger talent that will work to support a considerably larger older generation in the future. Even in developing economies with large populations, such as China, India, Eastern Europe and Latin America; government policies, the urge to increase the income per capita and prosperity and changing lifestyles are triggering the decline of birth-rates, thus limiting the opportunity for developed economies to attract the supply of talented, young workers from emerging markets. On the other hand, because of the recession and the shortage of entry level jobs in the labour market, the young generation of university graduates are finding it hard to land jobs that suit their needs and expectations. The Newsweek reports that according to a research done by the Pew Research Center, almost two fifths of 18 to 29-year-olds (37 %) are unemployed or out of the labour force, whereas only 41 % have a full-time job, down from 50 % in 2006. Moreover, according to this research, proportionately, more millennials have recently lost jobs (10 %) than those 30 and older (6 %), which caused approximately a third of them to receive financial help from their families and move in with their families again after living on their own, which deteriorates their financial independence and well-being. Moreover, even if they manage to find jobs, graduates face the problems of underemployment and job mismatching since they have fewer jobs to choose from and in most cases, they cannot afford to be too picky with their job search. These negative effects of the recession, combined with Human Resources policies and practices designed for older generations push recent graduates into further frustration, which might lead to the decline of productivity and high employee turnover in the future. Therefore, these global effects inevitably cause the companies to revise and readjust the way they manage their people to attract and retain new talent, and at this point Human Resources departments take on a big challenge to predict what their newly attracted or future employees' priorities and expectations are from their employers.

In the light of this information, one question arises to understand the purpose of this research. In such bad economic times, when most companies are limiting the vacancies for recent graduates and even laying off workers, why should one research the expectations and needs of graduates? Corporations definitely seem to have the upper hand in the labour market; therefore it might be the assumption that they should define the rules, which is supported by the large extent of research on what the employers expect from their future employees. However, when the shortage of young talent and the large number of graduates who will enter the work force in the near future is considered, maybe it is time to delve into this issue from the other way around. A limited number of research is already done to find out the expectations of graduates by research centres such as the High Fliers Research Centre, which has been conducting The UK Graduate Survey since 1995 with the collaboration of The Times, as well as by companies such as PricewaterhouseCoopers, which has founded a website dedicated to their Millenials Survey, the predictions of future workforce and how to manage tomorrow's workforce in the best way possible. PwC identify the problem by stating that “the race to capture the best has always been challenging, but with even less talent available in tomorrow’s world, we can expect a significant talent crunch with a potentially profound impact on organisations”; and this...
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