The prospects of inducting an internship training is discussed in every organization these days. It is discussed in various meetings at different levels. Be it small, medium or a big organization, this type of training is very rewarding for the operations. And that’s why, you need to consider the summer internship program 2019 introduced by Technoloader.
If you have not taken this step yet in your organization, you must mull over it now.
The National Association of Colleges and Employers’ (NACE) issued a report in the year 2017. It revealed some statistics that were quite eye-opening for the industries, employees as well as students.
The percentage of offers rose to 67.1% for the interns in 2017.
The rate of acceptance of these offers is 76.4%
51.3% was the recorded conversion rate.
It even showed better performance at the attrition front. Collectively, in the organization which had higher number of interns, attrition rate was 46.2%. On the other hand, ones with lesser or no number of interns recorded the attrition rate of 65.5%
Internship programs are also helping the small companies meet their essential goals:
- Helping them achieve short-term targets through effective management.
- Strengthening the future by building a stronger team with young and energetic employees.
With this programs, businesses achieve multiple objectives. There are some distinct benefits which you cannot simply overlook:
10 Essential Benefits of Internship Program
1. Finding Future Employees: It is a very effective instrument for finding prospective employees for your company. With each internships, you find some potential candidate who could be leaders in future. And there are categories in this program as well:
- Summer Internship
- Quarterly Internship
- Semester Internship
- Fall Internship
If you are able to retain the hardworking and talented interns. Many issues will be resolved that are generally faced by the HR or recruitment department of the company.
2. Increase Productivity: The interns help you immensely in increasing productivity, they act as the additional manpower and are also keen to learn. Their curiosity and endeavor to prove themselves can be very effectively utilised by the companies. While they learn the nuances from experienced employees, they also reduce a lot of burden and expedite every process.
3. Reduced Attrition Rate: As mentioned earlier, converting the interns into full-time employees has resulted in reduced attrition rate for many organizations. It has got proven by the NACE survey data as well, that the interns work harder to prove themselves and spend more time in companies to get new opportunities.
4. Broader Perspective: It is not just some extra employees that you get through internship program, it also adds a broader perspective to the working of your company. These interns come up with new ideas as they still have a lot of theoretical learning in mind. They bring new skillset as well which are helpful in accomplishing many goals.
5. Low-cost Labor: Obviously, interns can be hired at nominal stipend which is hardly a quarter of the salary of lowest-paid employee in the company. Even at this low cost, they work harder than the highest paid resources. That is a very strong reason for any company to start an internship program.
6. Improving the Work Environment: With interns the work-pressure gets very low which makes the overall environment more conducive for business. Lesser workload means you get more time to innovate new ways to enhance productivity and brainstorm about new ideas. In addition to it, employees also feel more energetic and enthusiastic.
7. Benefitting Small Businesses: Very often, skilled and experienced professionals want their full worth and get associated with big firms. Small businesses find it very difficult to pay hefty salaries to experienced candidates and internship programs help them get young and hardworking employees. They may not be perfect in execution of every task, but the perseverance and efforts to learn offset the experience for the company.
8. Helps in Finding Leaders: While the interns try to learn new things from the experienced professionals, the latter can explore their leadership skills while instructing the former to get the tasks done more efficiently. It is a quid pro quo for interns and existing employees. For the company, it is beneficial in every way.
9. Implementing New Technology: For obvious reasons, college-going students are comparatively more familiar with the latest technology. For employees who strictly adhere to a 9-5 schedule on daily basis, it is very hard to think out of the box. Interns can show many ways, applications or technology which are helpful in increasing productivity.
10. Enhanced Social Media Outreach: Just like the new technology, students are also very prone to using social media. Hiring an intern means your company’s name get highlighted on various platforms. This may look like a trivial benefit and social media outreach is a big thing for any organization today. It helps you build a reputation in your domain and also makes you popular among job-seekers.
With so many advantages, there is no reason for any company to refrain from hiring interns. Especially for small businesses, the benefits are many and it helps them save plenty of cost as well.