Careers September 4, 2008, 5:00PM EST

The Best Places to Launch a Career

To lure and keep young talent when cash is tight, companies of all stripes are appealing to Gen Yers' ambitions for speedy advancement—and their desire to do good while doing well

by Lindsey Gerdes

As career choices go, the hotel business isn't one that will put new college grads on the path to riches. With few exceptions, new employees can expect an annual salary of less than $40,000, a figure that has barely budged in recent years. So when Marriott International (MAR) visited the University of Delaware campus on a recruiting trip, it didn't wave a big wad of cash in front of Claire Pignataro. It didn't have to. It had already hooked her with something she considered far more valuable: a chance to help run a hotel.

A semester at the Courtyard by Marriott hotel, located on the Delaware campus, is required as part of the school's hospitality program. Pignataro, who was among the first students to work there, took part in virtually every aspect of opening the hotel, from developing marketing materials and designing weekend packages to even checking the legal mumbo jumbo posted in every hotel room. After graduating in 2005 and joining Marriott full-time, she entered a three-month management training program at a full-service hotel in Bridgewater, N.J., that put her through her paces again, including brief stints in the restaurant, food and beverage service, and front office. Knowing Pignataro wanted to be a wedding planner—and not wanting to lose her—Marriott gave her the next best thing: a permanent slot as an event planner at the Bridgewater property. "I was doing bar mitzvahs and weddings—all kinds of social and corporate meetings," says Pignataro, who is now in corporate sales. "You can do a lot of that within Marriott."

For companies like Marriott that need to win the talent wars without breaking the bank, opportunities such as those offered to Pignataro are rapidly supplanting pay as a way of luring and keeping the best new college graduates in the corporate fold. While the economy has taken its toll on middle management, many companies are continuing to hire entry-level employees—in some cases at a blistering pace. Even those that are hiring fewer employees for entry-level jobs are competing more intensely for the very best. While traditional perks such as pensions and health insurance still have their place, more companies are finding inventive ways to attract, retain, and motivate their youngest employees—using everything from work-from-home programs to faster promotions to financial benefits that kick in a few years down the road. Says Adam Kling, a workplace consultant with RHR International: "They're using those and other perks to help offset what you're seeing in your monthly paycheck." Or more to the point, what you're not seeing in your monthly paycheck.

No one recognizes the importance of perks more than Ernst & Young, where average salaries haven't increased substantially in at least three years. The Big Four firm still attracts more than 3,000 highly sought-after accounting students each year with extensive training and mentoring programs, performance bonuses, and the promise of face time with top executives—including an annual trip to Walt Disney World (DIS) for all U.S.-based interns, where they get to mingle with the powers that be. It's perks like that, along with a recruiting machine in overdrive and near-certain advancement to a supervisor-level position in just two years, that landed Ernst & Young atop BusinessWeek's third annual Best Places to Launch a Career ranking this year, unseating rival Deloitte.

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