Does your organization want a competitive edge? If your answer is yes and you don’t already have an internship program in place, it’s time to implement one. Given the tight talent market and challenge of finding the best employees for your organization, an internship program may be part of the answer.
Internship programs are not only good for the interns but can help a company develop a strong pipeline of talent and stay competitive. For students, an internship offers real-world experience and can help bridge the gap between their academics and entering the workforce.
Here are the top 5 reasons for implementing an internship program:
1.Increase the Efficiency of Hiring
Hiring new employees costs money and takes time. So how can you reduce costs and speed up the hiring process? One of the best ways to do this is by implementing an internship program. Of the various recruiting strategies, 80% of employers believe that internship programs have one of the highest ROI values according to the NACE (National Association of Colleges & Employers) 2022 Winter Quick Poll. By building a stronger talent pipeline, your company will have better conversion rates and it will take less time to hire. Your company will ultimately save time, resources, and effort typically spent on the hiring process and bring in new employees who are already familiar with the processes and operation.
2.Early Engagement Builds Loyalty
Did you know that sophomores and juniors in college are the best students to target for internships? By interacting and engaging with students earlier in their college career, your company will build better relationships and gain more loyalty from them. In turn, these students will think about your company and their experiences as they move closer to graduation and begin their job search. Investing in students early on will help your company build a stronger pipeline and position itself better for future openings. It’s a forward-thinking mentality and enables you to have a pool of qualified candidates that are ready to go so you won’t have to start from scratch.
3.Build Brand Awareness and Highlight Values
While people are motivated by different things, Gen Z candidates tend to want to work for organizations who share their same values. Through an internship program, companies are able to share their values and brand with their interns and will build a stronger connection with them as a result. Companies can go one step further and have their interns participate in various brand initiatives. This will not only give interns great experience but also ensure that the brand stays current with trends.
4.Compensate Your Interns
While many internships are still unpaid, your company will gain an advantage on many fronts by paying your interns. Let’s face it, many students can’t afford to accept an unpaid internship, no matter how good of an opportunity it may be. By offering a paid internship, it will level the playing field by attracting all students and will likely boost the overall talent pool for recruiting in the future.
5.Mentor and Train for Your Future
By giving your interns hands-on experience and teaching them new skills, you are creating a strong pipeline of candidates who possess the necessary competencies to meet the demands of the company down the road. By doing this, your company will distinguish itself as a place where students get to do real work and make notable contributions. Once word gets out among college students, your company will be in a position to attract top talent and build an even stronger pipeline.
By treating your interns like new employees and fostering a supportive work culture, your interns will feel like they’re part of your team and be more inclined to accept an offer for employment. An internship program will enable your company to meet its current needs while also building a solid pipeline for the future.
Ready to build your talent pipeline and have a competitive edge? TalentRemedy has a team of experts to perform consultative and recruiting services. We can help you quickly find interns who will become your future employees. Contact us at info@talentremedy.com or 703-362-0175 to set up a time to discuss how our team can support you.