“Why Should I Hire Interns”? 5 Reasons Internships are Great for Companies
Hiring Interns Can Be Very Profitable for Businesses
Summer is the most popular time for hiring an intern. High school and college students alike hunt around to fill their summers with meaningful experiences to buff up their resumes and discover their interests. They enter the fall semester full of new interests and perspectives, sometimes hoping to continue the internship to gather more experience or even hoping for a full-time job.
But what is in it for the companies who hire them? This blog covers some of the top reasons why hiring interns is profitable for companies.
What is an Intern?
Before we dive in, let’s make sure we’re on the same page. An intern is a temporary employee, typically not fully qualified for a full-time post. The intern is often a student, usually in college, but older high schoolers are becoming more common.
The student or prospective employee uses internships to gain experience and exposure to the field. This experience helps them decide on specialization, practice skills they’re learning in school, and network for a long-term post-graduation role.
The appointment can cross years, last a summer, or even be just a job shadow for a day or two. Positions may be paid or unpaid, some offering school credit, especially if they’re unpaid. The employer determines the terms of the duration and compensation.
It’s clear why students want to participate in internships, but it may not be as obvious why companies profit from offering them. Let’s dive in!
1. More Workers
You’ve seen the headlines and likely felt it in your business– the Great Resignation is in full swing, and companies are short-staffed across the country. Hiring interns is a great way to fill your ranks.
But that application is shortsighted. Many Fortune 500 companies average an 80% hiring rate from their internship pool. By catching talent early in their education and offering seasoned employee’s a sense of leadership, you increase the buy-in and commitment to building something that lasts.
2. Reduce Labor and Hiring Costs
Many companies believe that interns are a great tool but don’t feel that they can afford underqualified help. That’s ok! Many internships are low cost. The most important thing to consider is the tasks you expect the intern to fill and the time requirement. If you hire a college intern, they may be able to do the majority of the work of a full-time person. However, few people can afford a full-time internship without making money. It is worth remembering that the labor costs of an intern doing the same work as a regular employee are going to be much lower.
In addition to the short-term reduced labor costs, there is another hidden money saver. It’s a well known fact that hiring a new employee is several times more expensive than retaining one. Hiring costs can reduce even more when companies offer internships and hire from their intern pool since training occurred before the intern was officially on payroll and receiving benefits.
3. Freshen Perspective
All business owners should be wary of stagnation. Interns are a great way to keep a pulse on what the rising generation wants and believes in. Not only does it bring a new level of consumer into your office, but young people aren’t restricted by experience. Instead, they prove to be more willing to take risks. Under supervision, those can pay out in spades.
Keep in mind that Steve Jobs and Steve Wozniak started their love for building tech before they were 20 years old, working in high school competitions before creating Apple.
4. Improve Public Image
It’s great for the world to see you as a company that gives back and pays it forward. As consumers become more selective of the companies they do business with, particularly their outreach and social impact, it’s never been more critical to have your brand associated with developing young talent.
That brings us to our final point…
5. Lift the Economy and Marginalized Groups
The economy is dependent on the education and training of the next generation. This isn’t just an altruistic venture–the success of the next generation will dictate the world you live in during retirement. The people who will find cures to disease, solve world hunger, energy solutions, and take political office are all around you.
Internships are also a practical way to close the gap between minorities and marginalized groups. Even in high school, students face an uneven playing field depending on their parents’ ability to prepare for college or other training.
By offering early internships, you can level the playing field by providing a more equitable experience in a critical period, as well as much-needed mentorship and guidance. You can take an active role in lifting minorities, shaping minds, and teaching leadership skills.
What About High School Interns?
Most of the time, interns are college students. But as world economics continues to grow exponentially, internships are leaking into the junior and senior years of high school. While college internships are focused on getting a job, these internships have much more to do with gaining experience and pursuing interests.
Early internships can reduce time wasted in college switching majors– or even help kids have the drive to pursue further education at all. High school internships could include a few hours of volunteer work, a few days of job shadowing, and much more. So don’t write off the value and contribution of younger applicants!
Ready to Hire an Intern?
At Shamrck, we work with high schoolers nationwide to prepare them for college application and acceptance, trade work, or even starting their own business. Additionally, we work to connect businesses with bright and motivated student interns. Visit our site to learn more about our mission and get involved with students interested in your field.
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