Mutual Benefit for Your Business & the Interns
by Mark Henricks
Interns are highly motivated, low cost, temporary workers who can help with short-term staffing needs while also positioning businesses to expand and improve their full-time permanent workforce.
A Different Kind of Education
An intern is generally a college student who is doing a one-time stint of working at a company in a field related to the student's major or career objectives. The idea is to give the student training and real-world practical experience to supplement classroom education.
Internships typically last a few months, such as a semester or over summer vacation. This makes interns useful for filling in short-term needs for help with specific projects.
A Good Source of Future Workers
Offering internships provides many employers with a unique opportunity to identify desirable workers by giving them what is essentially a test drive before making an offer of permanent employment.
When the internship is completed, many companies offer full-time employment to interns whose performance has met expectations. This is the real payoff for these programs, because former interns tend to be more productive and experience lower turnover rates as permanent employees than hires who have not worked for the company as trainees.
A Cost-Effective Process
Interns can save an organization money, because, typically, they are paid less than permanent employees. As temporary employees, they also may not qualify for the same benefits offered to permanent workers.
Employers generally start recruiting apprentices several months before they will be needed. This can be done by contacting college internship offices or by publicly advertising a position. Many interns attend local colleges that offer good quality programs teaching the skills that the business demands.
They often do entry-level tasks, such as clerical work and data entry as well as analytical chores, information-gathering, and communications.
A Word to the Wise
While temporary trainees can be valuable additions to a business's team, there are caveats to consider. The primary risk is when employers offer unpaid internships. Students are often willing to work for free in return for the opportunity to learn and gain contacts. However, it's possible to run afoul of federal wage laws. Businesses can minimize or avoid this risk by paying interns at least the prevailing minimum wage.
A Source of Competitive Advantage
One final benefit of internships is that they can help small and mid-sized employers to compete for talent with larger firms. Candidates often see training at smaller firms as being more likely to provide opportunities for doing meaningful work and gaining valuable skills.
From the employer's perspective, internships provide an opportunity to get in ahead of big-name employers and cost-effectively develop relationships with ambitious and talented up-and-comers before they are actually on the job market. It offers a unique way to economically and effectively support both short-term and long-term staffing objectives. These training programs can also bring in candidates who may be able to provide fresh ideas, different perspectives, and specialized skill sets, which can benefit your organization.
About This Author
Mark Henricks is a freelance journalist covering business, entrepreneurship, technology, personal finance, health and fitness for leading publications.
Cash Flow Challenges
Insights on the top cash flow challenges business owners are facing today.
Browse All Articles »
Sign Up Now
Receive an email with featured articles and valuable insights for today’s business owners.
Start Your Cash Flow Conversation
Give us a call at 1-855-762-2365 or fill out our simple form and a PNC Business Banking representative will get in touch with you.
Request a Contact »
Important Legal Disclosures and Information
PNC is a registered mark of The PNC Financial Services Group, Inc. (“PNC”). This article has been prepared for general information purposes by the author who is solely responsible for its contents. The opinions expressed in these articles are those of the author and do not necessarily reflect the opinions of PNC or any of its affiliates, directors, officers or employees. This article is not intended to provide legal, tax or accounting advice or to suggest that you engage in any specific transaction, including with respect to any securities of PNC, and does not purport to be comprehensive. Under no circumstances should any information contained in the presentation, the webinar or the materials presented be used or considered as an offer or commitment, or a solicitation of an offer or commitment, to participate in any particular transaction or strategy or should it be considered legal or tax advice. Any reliance upon any such information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation. Neither PNC Bank nor any other subsidiary of The PNC Financial Services Group, Inc., will be responsible for any consequences of reliance upon any opinion or statement contained here, or any omission. Banking and lending products and services, bank deposit products, and Treasury Management products and services for healthcare providers and payers are provided by PNC Bank, National Association, a wholly owned subsidiary of PNC and Member FDIC. Lending and leasing products and services, including card services and merchant services, as well as certain other banking products and services, may require credit approval.