I have been inspired by a blog from Tim Ferriss on why David Lee Roth always insisted on the contract clause of "A big bowl of M&Ms with all the brown ones taken out" (link to blog here) to write checklists.

This is a checklist to see if a graduate is on track.

1. Can you name the seven strengths you bring to your role?
2. Can you explain what excites you about the business?
3. Do you "know" how the people you work with see you?
4. Do you know what you want your next role to be?
5. Do you know the great managers you want to work with?
6. What are the top behaviours you are working on?
7. What new skills and knowledge are you currently actively learning?
8. What are you manager's priorities and big wins?

After 3 months in the business if a grad can answer 7 of these questions they are pretty much on track. 

If less than 7 then it is time to get them focused.