Growing a business has a lot of moving parts. One of the critical components of a successful business is hiring the right employees. More corporations have realized the benefits of hiring interns. In addition to hiring full-time employees, entrepreneurs should consider following suit.
Typically, interns are college students looking to transition into a career. This contributes to their willingness to be more flexible than people who are pursuing a full-time job. Hiring an intern can positively impact business for many reasons, including:
- Interns are cost-effective.
With most interns being college students, they are eager to join a company for a foot in the door. Because of this, interns are willing to work for lower wages than a full-time employee with fewer benefits. Studies show that the hourly wage of interns is 30% cheaper than full-time employees. Depending on their schedules, interns also require less scheduled work hours. Entrepreneurs with a limited payroll budget should consider hiring through an internship program.
- Interns are future potential employees.
Internships are the perfect way to screen future employees. After a year of learning about a corporation and being hired, interns are 30% more likely to remain with a company than full-time employees. Hiring interns who have been with the company once positions become open are more likely to work out than stepping out on blind faith during the hiring process.
- Internship programs are great for brand building.
Internships are great for branding in addition to gaining potential employees. For instance, if a program is posted on a college website or bulletin board, that also serves as an advertisement for that business. If the college student enjoys their internship, they are likely to share their experience online, which serves as free advertisement. Depending on their connections, interns can also help that company find new vendors, clients, etc.
Great businesses need great employees to thrive. By creating internship programs, corporations can screen their future employees at a lower cost, as well as use their influence to attract like-minded students looking for opportunities. Internships are also great ways to get a fresh perspective on what a new audience desires from their company. For entrepreneurs looking for talented new hires, consider starting an internship program today.