5 benefits an internship program can bring to your business
In these days of talent and skill shortages, companies are constantly scouring for those with aptitude and flair for producing excellent work. An internship is an opportunity for both organisations as well as the interns. Organisations get access to students or early-career professionals who are yet to enter the job market full-time. It helps the organisations gauge the quality of the work done by the interns and assess their performance and potential for long-term success at the organisation. For the interns, it is a chance to apply their theoretical knowledge, work on live projects for organisations, and gain much needed crucial exposure and experience at an early stage of their career.
Why should companies invest in internships?
Companies are discovering that there are myriad reasons why internships are indispensable in today’s environment. Here are some significant ones.
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Builds a robust talent pipeline:
Interns who demonstrate potential, initiative, the requisite skills and high levels of enthusiasm during the internship period are most often given the opportunity to fill full-time roles that are available at the company. The level of commitment and work ethic that they demonstrate and their cultural fit can also be determined during the period of the internship. In this way, internships help in building a robust talent pipeline that helps in filling up newly opened positions at the organisation. Since the interns are already at work at the organisation, absorbing them into the company’s workforce also helps in reducing the time-to-hire for new roles.
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Enable cost-effective hiring:
Most internships these days are paid opportunities for interns. However, the compensation given to interns is often less than that given to regular employees. Besides, interns bring with them that fire in the belly as they start their careers in the corporate world. They tend to work hard and are open to spending longer hours learning the ropes at the workplace. Therefore, many companies find that hiring interns is a cost-effective proposition that benefits the company in the long run. This is especially beneficial for startups that often do not have the wherewithal to dole out huge packages to their employees.
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Promote employer branding:
Employer branding has become a must-have rather than a good-to-have proposition for most organisations. To get and retain the best talent, top companies all over the world have to constantly market themselves, not just to potential employees but also to existing employees. Internships help showcase a company’s culture to young talent and establish the company as an employer of choice. It enhances an employer’s brand and reputation among students and educational institutions. A positive, supportive, and collaborative company culture acts as a magnet for interns, who, in turn, could be enthused to join the organisation and work for it full-time.
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Stay competitive in the talent market:
The war for talent is quite fierce. The shortage of skills is a reality that most organisations are dealing with every day. In such situations, hiring interns is really a win-win for both parties concerned! Interns get to feel the waters by becoming a part of an organisation that they wish to work for. Companies benefit from having these interns join them at an early stage in their careers. A positive experience at the company benefits companies in a two-fold manner. First, it increases the chances of the interns deciding to continue at the company as regular employees. Secondly, the goodwill factor for the company gets a boost when the interns share their positive experiences with friends and classmates.
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Boost diversity and inclusion:
It is a known fact that DEI (Diversity, Equity and Inclusion) is increasingly significant for business. When individuals from diverse backgrounds become a part of an organisation, the organisation benefits from diverse viewpoints, fresh ideas and new perspectives. Internships provide an opportunity for organisations to actually walk the talk on diversity initiatives instead of just spouting it as an oft-repeated buzzword. Businesses can hire interns from diverse backgrounds, facilitating a more inclusive and open culture at the workplace.
According to a survey, 38% of employers run ongoing recruitment campaigns for interns throughout the year. Companies that provide internships get greater visibility at campuses, with better chances of recruiting higher numbers from such campuses. It is clear that internships help companies build a robust talent pipeline and position themselves for long-term success in a competitive talent landscape.