Ian Cook, Director Research & Learning at the B.C. Human Resources Management Association was recently quoted (my paraphrasing):

...it is easy to recruit people who have a degree, but they have no business sense. They're bright, intelligent people but you can't plug them in and have them effective on day one. They need to be shaped, mentored, they need time to learn and develop skills....but the pace, change, complexity, uncertainty and ambiguity in which business is functioning right now, employers want 110% on day three. The talent pool has not changed, employer expectations have....apprenticeship and mentoring programs have been withdrawn, though they are still needed for long term grooming of productive employees.

Yup, employers want to take, they don't want to invest in their personnel assets. All the while higher ed. keeps pumping out more and more graduates, each cohort, having a lower success rate in finding meaningful employment. We focus on material waste in business, what about all the "human waste" being produced, by defective recruiting tactics?

Pre-internet it was difficult to connect job offerings with qualified candidates, so companies invested in providing students with experience to get a career under way. Today it is easy to fill most jobs that are fairly spec'd, so companies stopped giving back because it has no consequences to them. I love those job ads that list so many skill sets that nobody internal has, and it is for an entry level position.

"We want someone who can hit the ground running" is HR speak for we want to exploit someone who is vulnerable right now.