Internships have become essential in today’s economy. According to a survey administered by the National Association of Colleges and Employers (NACE):
Internships are good news for small and mid-sized businesses as well as large corporations. This is because interns are able to help you manage your workflow to accomplish immediate objectives as well as find new team members that will help you grow your business and accomplish your future larger, more lucrative goals.
Here are 6 benefits of a workplace internship program.
An internship program is a year-round recruiting tool, producing an ongoing pipeline of future employees. For many businesses, especially small businesses, recruitment and hiring is a drain on the company and, more specifically, the owner. College campuses are viral communities. If you are able to provide interns with a valuable experience, other student talent will want to work for you.
Hiring someone as an intern is the most effective way to evaluate their potential as a new hire as well as test to see how well they will gel with the current team or company culture. When try out an intern, you make fewer hiring mistakes and you avoid the pitfall of training a new hire only to discover they weren’t a good fit. Starting someone as an intern gives you the opportunity to add manpower while at the same time testing their abilities and fit for the business.
Interns allow you to take advantage of short-term help, especially for entry-level duties. The extra set of hands helps your full-time employees be more productive and prevents burn-out, while at the same time giving college students the opportunity for real-world work experiences.
Employees that are offered a job – and accept the offer – after successfully completing an internship have a longer retention rate than average. After all, employers know what the intern is capable of, can fit the new hire to the job description that best suit their strengths, and interns have a better idea of whether this job is a good fit for them. It’s a win-win hiring scenario for everyone involved.
Interns are great for bringing a fresh perspective to the innovation process. New people at the table, especially ones brimming with new ideas, offer novel suggestions and specialized strengths and skill sets. These new ideas support and enhance the abilities of your professional workforce.
While you may have to put in extra time to ensure the interns’ learning goals are met, in general an intern is an inexpensive resource. Their salaries are significantly lower than staff employees and you don’t have to pay for benefits, unemployment or a severance package should you decide not to offer them a job. Most of the time, interns are highly motivated even though their income requirements are modest.
In terms of today’s workload and tomorrow’s workforce, an internship program is a good investment in your business, especially for small or mid-sized businesseses. Lanier Upshaw can help your businesses turn business risks into rewards, contact us here to learn more.