For graduates who want to get their foot in the door and find a career after college, having professional experience and on-the-job expertise is non-negotiable. After all, there’s only so much you can learn about the industry from the outside. Now, you’ve likely heard all there is to know about what interns get out of completing internships, from building a network of connections to gaining valuable, real-world experience in their chosen field—but what exactly are the benefits of investing in internship programs for businesses?
What is an Internship?
Investing in internship programs for business can provide companies with a valuable short-term work experience opportunity that benefits both the organization and developing professionals (often college students or recent graduates), allowing them to gain entry-level exposure, experience, and knowledge about a particular career or field of work. Interns typically work alongside a specific team within the company, learning about the day-to-day business functions and completing smaller tasks to support overarching initiatives and campaigns.
There are two main types of internships;
- Unpaid Internships: These programs don’t offer financial compensation and often see interns observing others as they perform their jobs.
- Paid Internships: These programs offer financial compensation but may see interns taking on more responsibility.
Whether you establish a paid or unpaid internship program will depend on your company, but it’s important to note that both offer similar benefits to interns even if the type of experience is different. For example, paid internship programs can be particularly valuable for students enrolled in advanced degrees, like an online EdD in Higher Education, allowing them to get hands-on experience and apply their theoretical knowledge in real-world settings. Whereas unpaid internships could be more suited for those in the early stages of completing a Bachelor’s Degree.
The Value an Internship Program Brings to Your Business
It doesn’t matter whether you’re a small startup, medium-sized enterprise, or large corporation, because just about every business can benefit from establishing an internship program. In fact, creating an internship program is a strategic business move that allows companies to invest in their own future success. So, what advantages do internship programs bring to businesses?
1. Fosters Workforce Talent for the Future
Investing in internship programs for business is one of the biggest benefits for companies, as they allow them to develop future talent by training potential full-time employees. Internships are a great way for employers to train someone, get them acquainted with the workplace, and see their potential before deciding to hire them full-time.
According to data from the National Association of Colleges and Employers (NACE), 68% of interns get a full-time offer from the company they interned for, and the acceptance rate for those positions is 75.5%. Plus, with over 90% of PwC’s interns receiving full-time offers, it’s clear internship programs are a great way to grow your candidate pool, source some quality talent for your company, and improve employee retention rates.
2. Enhances Workplace Productivity
Every business wants dedicated employees who work hard and put in the effort needed to help the company succeed. An internship program is a cost-effective way to bring on someone eager to learn who can assist with daily tasks, help out on current projects, and free up the time of existing employees to concentrate on higher-level, core business activities. This way, current employees will be less stretched for time, and productivity will be maximized.
3. Improves Your Employee’s Leadership Skills
When an intern is brought on, they’re placed under the supervision of a mentor who guides them throughout the program, making sure they’re learning about the industry and organization, picking up new skills, and doing their work well. This not only benefits the intern but also allows current employees to build and develop their leadership skills. Choosing members of your workforce who have leadership potential to mentor interns can help you when considering promoting someone.
4. Provides a Fresh Perspective
It’s natural for companies to become set in their ways, but this can hinder success. By bringing on an intern who can offer a fresh perspective on the business’s day-to-day operations, projects, and broader strategy, you gain access to creative ideas and innovative solutions that could benefit your business. Not only that, but you can bridge generational divides with new, diverse voices who can teach you something new.
Establishing a Successful Internship Programs
Whatever way you look at it, investing in internship programs for business is a win-win, both for businesses and interns themselves. From helping your company foster and retain future talent to increasing productivity and developing existing employees’ leadership skills, there’s a lot to be gained from offering an internship program. How you choose to set it up—whether it’s paid or unpaid, six weeks or six months—will vary from business to business, but remember: if you’re looking at establishing a successful internship program, you need to ensure it’s properly structured and supervised so everyone can benefit from it.
