Why Your Recruiters Should Participate in the GMAC Corporate Recruiters Survey
From the session about ways users leverage data to make comparisons in “Benchmarking: Best Practices for Using Data” at the 2014 GMAC Annual Conference.
Do you know what a typical compensation package would be for an MBA with X years of Y industry experience? As a global university recruiting manager for a multinational information technology consulting and system integration services firm, I must be able to recall this information on a moment’s notice. If my firm offers a potential employee too much, the company will struggle under the burden of overcompensated hires (especially if it sets a precedent for all who follow). Too low of a salary package could mean that the new hire accepts the job offer, but continues to shop around and, thus, the company’s investment in training, onboarding, etc. will be wasted as a different firm may reap the rewards.
“Having GMAC data at my fingertips gives me the confidence I need to stand behind my decisions regarding base salary, bonuses, and more, whether in the US, EU, or beyond.”
Business schools can share insights with current and prospective students about what’s happening in the hiring market, and tips that can assist in their job search. Here are three actions inspired by this article that your school can consider:
- Help students in the job search know their worth. Encourage students and career services teams to consult salary data for new business school hires in the Corporate Recruiters Survey, which is used by recruiters to inform compensation offers.
- Distinguish skills sets using talking points or reference materials for MBA and specialized Master’s to help students communicate their talents and help recruiters distinguish recruiting pools.
- Tweet job search tips for business school talent, like:
o For job search: Know ur worth. Consult #GMAC #bschool new hire salary data used by recruiters to inform salary offers #CRdata
- o For job search: Focus on soft skills, know ur strengths/weaknesses. Firms especially want to see communication & leadership skills #CRdata
- o For job search: the distinct skills learned from ur MBA or Master’s degree program is key info for recruiters #CRdata
Identifying and Assessing Talent
My organization is driven by its client/customer decisions. Helping customers grow their businesses doesn’t always come with the luxury of long-term planning for staffing. Targeting local universities is one of the most cost-effective ways for a company to bring in large numbers of hires at once and establish a core talent base from which to grow its future leadership. Recently, our business – delivering services for systems integration, consulting, information systems outsourcing, IT-enabled services, and R&D – has seen growth in several markets, requiring us to build our consulting and analytical staffs very quickly to handle the accompanying workload.
My role in this process begins long before the first position is posted, even before a potential customer knows we will be their partner. It starts when our sales teams assemble an RFP (request for proposal) for the client. These proposals most always require a staffing increase. Using the GMAC Corporate Recruiters Survey findings as a guide, we can predict more accurately our costs to staff the project.
To begin, we select the geographic region where the project will be staffed. Utilizing the Corporate Recruiters Survey data allows me to break out the specific graduate degrees, skills sets, and experience levels that might apply. Soft skills, such as communication and leadership skills, are still key reasons employers hire from MBA programs. This overall sense is critical, because it helps us determine the costs to us to build that staff, without which our proposal could be grossly under- or overstated. With GMAC’s survey resources, we are able to provide these strategic client services on demand (on little to no notice).
Whether a recruiter is making his or her first MBA hire, or is a long-time player in the staffing marketplace, everyone needs to benchmark annually. Reviewing market changes reported in the Corporate Recruiters Survey data allows a recruiter to see market trends that inform hiring decisions. For example, every year has its “hot” degree or concentration. By keeping current on the surveys, you can see what’s trending and can either hire ahead of the trend or focus your attention on other, less competitive graduate management talent.
Today’s Must-Know Information
With the continued recovery in the job market from the 2008 downturn, we see salaries and bonuses on the rise. The Corporate Recruiters Survey can inform you whether or not your comp structure remains competitive.
As well, the number of MBAs has stabilized over the past few years, although recently graduate business schools globally are seeing increasing enrollment. This is due primarily to the increase of other master-level business degree offerings (e.g., master’s in management, finance, analytics, etc.), giving prospective students more degree choices than ever. These programs can present less seasoned students the opportunity to develop similar skill sets and take the same classes as their MBA counterparts but for a different price tag. Companies often don’t understand what a Master of Management graduate vs. an MBA can do. However, in my opinion, these students are good “values.”
About the Author
Rex Trewin is Global University Recruiting Manager for Wipro, Ltd.
Your school can register to include the perspectives of your recruiters and employers for 2015 business school hires in the free annual survey before the deadline of January 30, 2015.
The Corporate Recruiters Survey is conducted in conjunction with the European Foundation for Management Development (EFMD) and MBA Career Services & Employer Alliance (MBA CSEA).