I guess, though moving on sounds a bit more neutral than graduating. One sounds like 'they didn't quite fit in and hence they're parting ways' and one sounds like 'they're a bit too good for this place, so now they're off to Google/Apple/some other company with a good reputation'.
Neither is accurate. Everyone knows that saying someone is moving on does not imply "they didn't quite fit in." My point is, companies will try to be polite about announcing that people are leaving, so "graduating" is not that bad of a euphemism.
