Five reasons that companies need an internship programme
Nidhi recently graduated in business management and went home for a break, before starting her first job in Goa. You may think that lady luck is on Nidhi’s side, but the reason Nidhi got “lucky” is that she had worked hard during her four-month internship at the Bangalore office of the same company while still in college. This gave her ample opportunity to demonstrate her skills and knowledge. Internships are a great way for college students to gain short-term professional experience at a company. They get to experience first-hand how the company or department functions, understand possible career paths and learn about employer expectations. Most interns are guided by a supervisor and obtain critical feedback from the employer. An internship opens up employment opportunities for college students, giving them a jumpstart to their first job.
Companies benefit from internship programmes too. As in Nidhi’s case, the company could evaluate the candidate for a considerable period and, thereby, save time and money it would have spent on hiring. There are several reasons why companies should offer internship programmes.
Why companies should start internship programmes
Get fresh perspectives: Young people bring new ideas and creativity. For instance, digital natives have a good understanding of social media and what brands must do to stay visible and engage customers. New voices offer companies the opportunity to continuously evolve, which is a must in today’s dynamic and digital market. Young college students are motivated and passionate and can infuse fresh enthusiasm into the work environment. They naturally challenge methods and procedures that could be outdated.
Develop a talent pool: With 89% of Indian youth preferring to do an internship, companies have the opportunity to develop a talent pool. Since interns are already familiar with the company structure, departments, projects and culture, they become easier to hire.
Mentorship and project-based activities are good ways to understand the skill sets of interns. Nurturing young minds lets companies develop a futuristic talent pipeline. Offering internships is a smart way to evaluate candidates and understand the roles for which they might best fit. Rather than focussing on just academic credentials, internship programmes let companies evaluate candidates for on-the-job performance, a necessary parameter for skill-based hiring.
Secure talent: According to a study conducted by the National Association of Colleges and Employers (NACE) in the US, 58% of interns are converted into full-time employees. 80% of companies consider internship programmes to be the best return on investment (ROI) when it comes to candidate sourcing. Internship programmes offer better employee retention too. 75.5% of paid interns hired as full-time employees continued to be employed a year later, as compared to just 51.5% of employees who were not part of the internship programme.
Reduce hiring and staffing costs: Offering internships is an effective way to manage staffing requirements. Often, when budgets are stretched, it may not be feasible to hire high-cost experienced people. In these cases, you can optimise resources by hiring interns to do the simpler, non-critical tasks and using experienced staff for other critical activities. This apart, offering entry-level jobs to interns when they finish college reduces both time and cost of hiring. Companies need not opt for long-winded candidate screening processes or talent assessments as they are already aware of the candidate’s abilities. Candidate ghosting is rarely a concern as there is an established relationship between the employer and the future employee.
Develop leadership skills: Mentoring is key to the success of internship programmes. Companies assign interns to mentors within the company. The mentors may be mid-level employees, who can be groomed for senior roles. Mentoring offers employees the opportunity to offer constructive criticism, motivate people and hone their communication skills, all of which are important aspects of leadership.
A well-planned internship programme can offer interns a good job experience and expose them to the company’s culture and values. Interns become brand ambassadors when they speak positively about the company to friends and family. Internships are also a way for companies to give back to society and academia by offering on-the-job training and developing relevant skill sets that are vital to building the workforce of the future. With both short-term and long-term benefits, internships are an essential component of talent acquisition in a competitive landscape.