Introduction

Dear Mr. Malcom

On this report, I have been asked to use different and reliable sources and cover areas like graduate labor market. Also in this report, it will be explained and explored the theory Generation Y. With that contradiction will be raised, whether or not the theory is perfect and if companies do understand it or if the theory is perfect should they apply it in their companies. In the end, we will also argue in this report if Nationwide uses the right graduate scheme and we will compare them to other big organization. While talking about the graduate scheme that Nationwide implement in their company, you will be able to compare and use suggestions to produce a discussion of any suitable changes that will help to increase the quality of the organization and system layout graduates. I hope this report eventually help companies in the best way possible when the subject is to recruit graduates in order to obtain the best personal possible for the company.

The Graduate Market

In this section, firstly it will be given a definition of, what is labor market? According to English Dictionary is the market in which employers look and compete for workers and in which workers look and compete for employment, “the longer people have been unemployed, the harder it is for them to compete in the labor market”. (Business Dictionary, 2012)
However, it is important to understand what has happen to the graduate market and how the demand of graduates has change over years. In order to try to explain and answer those questions it will be use a wide range of source like for example The Graduate Recruitment Manual ( (Market, 2012) ), and also a report from the Office for National Statistics ( (Statistics, 2012) ).
According to The Office for National Statistics, there has been a slight shift upwards in the percentage of recent graduates, individuals who finished their degree or higher education qualification within the last six years, working on lower skills jobs has raised in 2001 from around 226.7% or just over one in every four recent graduates, to around 35.9% or more than one in three recent graduates in the final quarter of 2011( (Statistics, 2012) ).
But in the period between 2001 and 2008, the employment of graduates was in at its peak. In 2008 was the year of big impact, because was the start of the recession, the consequences were noticeable for example, organization start to change their methods and polices, decide to hire less people, some were having problems financially.
However, Graduates in the labor Market state that during the first quarter of the recession, the employment rate for recent graduates was decreasing from 90.2 % to 88.5%, over the same period of time from 88.5% to 87.2% reaching the lowest at the at 86% in July to September 2009 (Statistics, 2012). During that time companies were found extremely hard to identify the correct talent, because there were two different types of new graduates looking for work. According to Graduate Market report 2012 (Market, 2012) , the all world being in recession specially England it has made far more difficult the process of hire new workers, leaving new graduates unemployed and even the best of the best talents struggling. According to The Graduate Recruitment Manual, in the last five years, employment rate has dropped and will continue to drop, in addition the number of graduate will not follow the same path in contrast will double up.
In conclusion, the graduate market is rising because nowadays there is a high percentage of a young adult attending university, but unfortunately for them the all world has falling into a recession making the organizations in general concentrating on cost and labor waste, which will cause a retention in acquiring more people. With that the numbers of graduate market increase, which in a way makes even more difficult for employers to select and chose the best talent out there, as a result unemployment in the graduate market increases causing drops on employment from 90.2% to 86.5%. Life it is similar to mathematics for any problem there is a solution, easy solution would be make a deal or propose to university a partnership, whereby the best talents would be link to the company so both sides would benefit from it. (Statistics, 2012)

Generation Y

On this part of the report, we will try to explain what the theory Generation Y is and how does it affect the company. According to the business dictionary there was a generation before known as generation X, but the generation Y refers generally to the demographic group born between 1975 and 1995. The group is perceived as needful on new media technology with short attention spans (Business Dictionary, 2012) .
Whereas the book Human Resources Management 7th edition, identify four groups, these groups were known as:
Veterans or Traditionalists (before 1940’s);
Baby Boomers (1940-1950’s);
Generation X (1960-1970’s);
Generation Y (1980-1890’s);

Those groups represented above make it noticing specific characteristics accordingly with the year and time people were born. But there are certain features that really characterize Generation Y, for example Managing Generation (2011) say “todays generation Y graduates are likely to have a distinct set of characteristics, perspectives and expectations from the people who are managing them” (Torrington, Hall, & Taylor, 2008). Barnard (2008) had an identical opinion on the theory of Generation Y and add even more a specific age group, in addition on his Milkround report, he has also explain what he has found and he add that Generation Y usually defined as anyone aged between 11 to 25 (Bernard, 2008).
However, Sally Kane went far more deep try to characterize Generation Y and she came up with this:
Tech- savvy: Generation Y was raised with technology around them and rely on them to achieve the best results possible in their jobs;
Family-centric: they are willing to trade high pay for fewer billable hours, flexible schedules and a better work and life balance;
Achievement-Orientated: In comparison with previous generations they are consider to be confident, ambitious and achievement orientated;
Team-Oriented: At young age, Generation Y participated in team sports groups and other group activities, as a result they value teamwork and seek the input and affirmation of others. (Kane, 2012)

In order to had the best talent from that time and get the best managers of the future Nationwide should look at certain characteristics and try to follow the phases about Generation Y. That will allow the company get the best talent of the pass and managers of the future.

Nationwide selection methods

After looking at Nationwide selection method, it was conclude they have distinctive method when acquiring Graduates. The method is not an innovation or anything like that, in fact it does have been use for years now and still is applied nowadays helping hire some of the current managers. However, if we compare Nationwide method with some of the majors companies it can be said that has less objectivity. Furthermore other companies only use maximum of three stages while Nationwide use five which could lead to six:

* The application form for all roles, this is the application stage; * The basics, focuses on grade and availability; * Online tests; * Telephone Interview; * Assessment Day; * (Possible further interviews); (Nationwide, 2012)

There are two sides with this method, the positive side and the negative side. First of all, it is important for any other company to know the basics about the graduate who is applying, that particular information will help the company to identify if the people applying have the skills necessary to work for them. This is when online tests come in had to help profile a slight better the graduates. Those tests will be used to the Nationwide advantage, because will be the confirmation that the those who applied are capable to deal with work standard and will be capable to help improve the company. (Nationwide, 2012)
However, there is a drawback on the method which is the telephone interviews, on the next paragraph it will be explain the problem with it.
On one hand, formality usually telephone interviews are less formal, plus telephone contact does not let the company know how the applicants respond to non-verbal cues (body language and gesture, facial expressions), it is crucial to interpret reaction of interviewed and if his/her responses are appropriated. In addition, if the interviewer cannot see or respond to the graduate, which might limit his capacity to demonstrate interpersonal skills. Occasionally, some of the information that it is given by non verbal cues will be need to be verbalized by the interviewee, or the interviewer will feel obligated to ask for an additional verbal confirmation to support his/her impressions. Some of the reasons states above are extremely important in certain assignments. (Suttle, 2012)
However, nothing is lost the selection method used by Nationwide can be perfected.
Firstly would just add to it face to face interviews, this will start to formalize the interviews and perhaps the candidate might feel comfortable in one on one interview and speak more openly and give more information in terms of open-ended questions. Also the company will be able to obtain graduates detailed information feelings, perceptions and opinions along with asking more detailed questions to help clarify ambiguities and pressing on for full answers or following up on incomplete answers. Like it was said formal interviews are possible the best form to evaluate a person response, which is crucial for the Nationwide because this graduates, will be the future managers of the organization. If we look at competitors like Lloyds Baking Group or HSBC, who are the leading organizations in the industry, Nationwide needs to step up and equal them, in order to get the best talent and become one of the leading organizations.

Conclusion

In conclusion, we have explored some important ideas on this report like: Graduate Market and Generation Y methods. We also valuate Nationwide selection methods, and we came up with the conclusion that those ideas have a principal involvement on Nationwide methods of recruit their managers of the future.
Firstly, Graduate recruitment is crucial for any organization because of the role they might have in the future, and that can even be more effective if they make a agreement with universities Nationwide can get the best talents. Secondly formalize the interviews by improving the telephone interview to face-to-face interview, to make it easier identify the best candidates.
If Nationwide apply or the theories, methods discussed in this report they have a really good opportunity to improve their graduate intake system as well as become a more competitive company or maybe a leading organization in the industry.

Bibliography

Bernard. (2008). Milkground. Retrieved August 15, 2013, from Milkground: http://www.milkround.com/news-advice/editorial-display.aspx?newsid=176457

Business Dictionary. (2012). Retrieved August 13, 2013, from Business Dictionary: http://www.businessdictionary.com/definition/Generation-Y.html

Dholakia, B., Keane, C., Kandola, R., & Wood, R. (2001). The Graduate Recruitment Manual . Gower Publising .

Kane, S. (2012). Legal Careers. Retrieved August 15, 2013, from Legal Careers: http://legalcareers.about.com/od/practicetips/a/GenerationY.htm

Market, T. G. (2012). The Graduate Market in 2012. Retrieved August 12, 2013, from The Graduate Market in 2012: http://www.highfliers.co.uk/download/GMReport12.pdf

Nationwide. (2012). Nationwide Jobs. Retrieved August 15, 2013, from Nationwide Jobs: http://www.nationwide-jobs.co.uk/business-areas/graduate-entry-talent/recruitment-process.aspx

Statistics, O. f. (2012, March 6). Office for National Statistics. Retrieved August 12, 2013, from Office for National Statistics: http://www.ons.gov.uk/ons/dcp171776_259049.pdf

Suttle, R. (2012). chron. Retrieved August 15, 2013, from chron: http://smallbusiness.chron.com/advantages-disadvantages-telephone-interviews-business-research-24285.html

Torrington, D., Hall, L., & Taylor, S. (2008). Human Resources Management (7th edition ed.). Essex: Prentice Education Limited.