Interns: The Budget-Friendly Way to Grow

Interns: The Budget-Friendly Way to Grow

By Delmar Johnson

It’s that time of year again: college students have headed back to school, some have ended summer internships, while others are seeking future internships that will engage them and give them exposure to company cultures.  In today’s tight and competitive labor market, offering internship programs can lure new talent – and help small businesses grow. Interns can be one of the most cost-effective, highly skilled workers for your organization, while giving you a chance to observe potential new employees without having to hire them on a long-term basis. A recent survey of Fortune 500 companies reveals that hiring an interim co-op/intern for a full-time position saves the company more than $6,000 in cost per hire.

However, simply deciding to utilize interns in your organization is only part of the first steps. Ask yourself questions like: Is your company ready to expand? Can the company afford it? Are you ready to give up some control? Can you take on more risk? Can you take the time to recruit, train support and motivate them?

Organizations that do it successfully take the time to carefully research and plan an effective internship program. Internships should be designed to give students an opportunity to use their knowledge and skills in an actual work situation. It also allows them to investigate career opportunities and learn about their interests and abilities. Interns, of course, are not the only ones who benefit. Employer benefits may include: flexible, cost-effective workforce not requiring a long-term commitment, reduction in recruitment costs while having access to a skilled labor pool and increase in your organization’s productivity levels.

Furthermore, internship programs are not just for large companies and mega corporations anymore. Start-ups, small, and medium-sized businesses can benefit as much, if not more, from the up-to-date knowledge, and extra sets of hands – whether it’s one intern or a team of 10. Small businesses, when positioned to do so, can use interns as frequently as large corporations.

Learn more in The Complete Guide to Intern Your Way to Profits e-book, a resource that walks you through easy, focused steps in the planning and evaluation of your program.

Delmar Johnson is the founder & chief HR advisor at HR Brain for Hire with more than 16 years of human resources experience.