Why Hiring Interns can Benefit your Company
Internships are prevalent in today’s job market and increasing among the millennial generation. According to the National Association of Colleges and Employers (NACE), 97% of large employers in 2014 plan to hire interns. Estimates of the total number of interns range from one to two million.
How do you define an internship? An internship, according to the Department of Labor, is a formal program providing a practical learning experience for beginners in an occupation or profession that lasts a limited amount of time. Legally, an internship can be unpaid only if the employer is a nonprofit (in which case it’s volunteering) or if the intern earns formal college credit on the job.
Why are they so popular? “Experience is the currency driving so many college and post-college age Millennials to internships, paid and unpaid.” – Harvard Crimson. They also give interns a foot in the door and possibility for a full-time paid career with the company- 67.7% of interns were offered full-time positions.
For the company too, they are many benefits. Internship programs are year-round inexpensive recruiting tools, where you can test out the skills, talents and work ethics of hopefully future employees. The hiring process is wrought with risks, as your first impression at an interview could be dead wrong or they did a great job ‘selling’ themselves during the interview process but they did not live up to their claims. Also, you avoid the pitfalls of training and testing to see if they work well with your team. As interns, they received the on-the-job training and ready to go on day one if they are hired, and without the doubts or concerns if they can do the job they were hired to do.
Interns increase productivity letting you take advantage of short-term support. Interns also make for a better employee with a higher retention rate according to NACE, almost 40% of employers reported a higher five-year retention rate among employees they’d hired via their internship programs. You gain new perspectives with the younger generation’s mentality and fresh new ideas. Interns are good at questioning processes (“the way we’ve always done it”) and can often see a better way of doing things that a manager might not. Interns are usually tech savvy with social media, computer programs, hardware and software, so again, less time spent on training. Interns are a low-cost resource that can save your company money with their significantly lower salaries than staff employees, yet in turn you’ll get a highly motivated individual ready to prove themselves.
You can tackle and complete long-standing projects with the extra help. With more hands on deck, you’ll have an opportunity to accomplishing some of your recent business goals and get caught up on new creative ideas that need implementing. Be careful! Just make sure you don’t violate the The Fair Labor Standards Act (FLSA), which states that “the employer that provides the training derives no immediate advantage from the activities of the trainees, and on occasion the employer’s operations may actually be impeded.”
Lexington Relocation provides Flexible Intern Packages for Corporate Housing. If you’re bringing on an intern from outside Kentucky, we at Lexington Relocation can help by providing affordable, safe and upscale temporary lodging for your candidates. With our flexible terms and flexible billing options, we can customize your corporate housing quote according to your company’s needs. Your intern can stay as short or long as they need, with flexible terms that can be shortened or lengthened as needed (with advance notice). We are much more affordable than a hotel, especially for long-term stays and provide more comfort, privacy and amenities in our furnished executive and intern apartments.
Your intern will feel more ‘at home’ in our temporary furnished apartments that are more spacious than a hotel room, with separate living, dining, and sleeping areas make for an easier transition. Our bedrooms are each furnished with Tempur-Pedic® mattresses as we realize the need of undisturbed sleep for our Executives and Professionals. Every community is well researched, safe and has a swimming pool, fitness and business centers on-site and available for use by our guests. We have a wide variety of locations, with the largest inventory of corporate housing in Kentucky! Get a quote for your intern or new hire today: [Request a Quote]