Benefits to Employers
Every organization, profession, and circumstance has its own individual and specific needs, yet all can benefit from the presence of an intern. Student interns bring fresh ideas, a new perspective, enthusiasm, and an extra pair of hands.
Internships provide an opportunity to “test drive” an eligible candidate before making a permanent hiring decision. According to Jim Nahrgang, Vice President of Human Resources at Barton Malow, a company can spend 30% of a position’s salary on the search for a new hire. If the new hire does not work out, the company must spend more (perhaps one-and-a-half times the position’s salary) for a replacement. (Crain’s Detroit Business; June 7, 2010; page M32) These figures do not include the cost of lost time and stress of the search committee.
From The Internship Institute, www.internshipinstitute.org:
NOTE: These figures naturally vary according to individual ability among supervisors and student interns as well as the dynamics of specific work projects and the sophistication of the overall program.
* Supervision hours per week during each academic term actually ranged from 4 to 7 hours. The application of 10 hours per week accounts for total program management time, which factors that for pre-program student recruitment, project planning, and administration.
** The annual net productivity yield does not factor the additional variable productivity that an intern project manager will gain as a natural outcome of having more time to achieve higher level tasks and being more productive themselves.
| • | Receive an introduction to developing talent and a pipeline to potential talented entry-level employees. |
| • | Gain cost-effective personnel - Student interns are usually paid a salary, but do not require expensive benefits, such as health insurance. |
| • | Utilize temporary employees with special skills for specific projects. |
| • | Develop a pool of qualified candidates for full-time employment. |
| • | Improved employee retention. |
| • | Take advantage of the opportunity to free current employees to take on special projects while your intern(s) handles recurring work. |
| • | Brand your organization as one that helps train tomorrow’s workforce. |
Internships provide an opportunity to “test drive” an eligible candidate before making a permanent hiring decision. According to Jim Nahrgang, Vice President of Human Resources at Barton Malow, a company can spend 30% of a position’s salary on the search for a new hire. If the new hire does not work out, the company must spend more (perhaps one-and-a-half times the position’s salary) for a replacement. (Crain’s Detroit Business; June 7, 2010; page M32) These figures do not include the cost of lost time and stress of the search committee.
From The Internship Institute, www.internshipinstitute.org:
NOTE: These figures naturally vary according to individual ability among supervisors and student interns as well as the dynamics of specific work projects and the sophistication of the overall program.
* Supervision hours per week during each academic term actually ranged from 4 to 7 hours. The application of 10 hours per week accounts for total program management time, which factors that for pre-program student recruitment, project planning, and administration.
** The annual net productivity yield does not factor the additional variable productivity that an intern project manager will gain as a natural outcome of having more time to achieve higher level tasks and being more productive themselves.
