Many cities in Indiana have experienced significant growth in various industries over the past decade. More businesses are finding that the Hoosier state is an ideal location to establish their corporate headquarters, manufacture their products, and grow their customer base. This has set in motion an upward trajectory for the economic future of Indiana. But with growth comes certain pains, including securing a workforce to accommodate that growth.
Studies have shown that Indiana has a low retention rate when it comes to college graduates. According to IN Context, 61% of graduates with bachelor’s degrees stay employed in Indiana after one year. At the 5-year mark, the number drops to 55%, and the numbers are even less promising with engineering and tech graduates. If Indiana intends to continue on the path of increasing its economic footprint, the state needs to not only attract qualified young professionals but cultivate them as well. One organization that has already established itself as a nucleus for young professional development is the Orr Fellowship, headquartered in the capital city of Indianapolis.
Recruiting Promising Candidates
Orr Fellowship’s mission is to recruit the next generation of business leaders and entrepreneurs, and to “create the premier post-undergraduate experience in the nation.” The Orr Fellowship seeks out recent college graduates who have demonstrated exceptional academic prowess, leadership interest, entrepreneurial spirit, and community involvement. Orr does not simply look for a stacked resume, said Steven Emch, the president of their executive team, but also strives to ensure that applicants meet a certain “character bar.” Emch continued by acknowledging a truth that many business leaders have learned, which is that academic success by itself does not necessarily translate to career success. The Orr team believes, however, that seeking out certain raw human qualities such as humility, ambition, and social maturity can vastly increase the probability of a candidate becoming an impactful member of an organization.
The unique nature of Orr fellows has been described perfectly by Bo Dietrick, president of the Robert Dietrick Company and the Orr Fellowship board: “Orr Fellows are a group of people who want to experiment, try new things, build things. Putting them in roles that are meant to push us as a company farther and faster is where they end up being really successful.”
Fostering Partnerships
Once a group of promising young candidates is selected, Orr’s focus shifts from vetting potential members to strategically selecting partner companies to pair them with. The organizations that Orr desires to work with in order to form these partnerships include “dynamic, high-growth businesses of all sizes and industries” who are looking to expand their hiring pool and develop the employee talent within their company.
Typically, these partner companies have identified a need for developing young talent within their organization and have a desire to retain the valued candidates whom they make the effort to hire. During a two-year period, Orr provides support to both the fellows and the companies that hire them to ensure a strong and lucrative bond is formed between the two parties.
This process has been shown to yield great success, as highlighted by Jim Ryan, chairman and CEO of Old National Bank and member of the Orr board of directors.
“Old National is proud to be an Orr Fellowship business partner and excited to have members of the current Orr Fellowship class making our organization stronger in both Evansville and Indianapolis,” said Ryan. “It’s rewarding to witness the transformation of these young people from college students to successful young professionals, where they learn new skills, grow their professional networks, and gain life-long friendships.”
The Orr Fellowship sets a heavy focus on community as well as fostering in-person relationships. Many young professionals coming out of college are accustomed to working predominantly in the digital space and may not have a wealth of experience forming professional relationships in a non-digital way. Orr ensures that their fellows gain these skills not only with their employers but also with their fellow cohorts. This ensures that at the end of their two-year program, Orr fellows possess strong ties to their careers, communities, and other young industry leaders.
Strengthening Indiana’s Business Culture
As Indiana continues to grow economically, young and qualified candidates will become an increasingly rare commodity. Recruiting fresh perspectives into your company can have a strong positive impact, explained Todd Richardson, COO of Indiana University.
“There is a lot of competition when it comes to attracting talent today, particularly young talent,” said Richardson. ”Cultures tend to wane as tenure grows; bringing in young college grads positively impacts the culture.”
The organization reports that 84% of Orr fellows remain in the state of Indiana immediately after their graduation, and since 2001, 60% of Orr alumni still call themselves Hoosiers.
