Although internship programs aren’t a new concept, many companies are finding renewed value in them. In addition to being a powerful pipeline for sourcing and developing new talent, successful internship programs are an opportunity to increase diversity and retention rates.
Employers planned on increasing their hiring of interns by 22.6% during the 2021-22 academic year according to a recent survey by the National Association of Colleges and Employers. These same companies — ranging from small business to large enterprise — also projected they would increase their hiring of full-time employees by 31.6% during the same time period.
As for retention rates, the research is clear: successful internship programs not only guide top talent into full-time positions, but they also help retain these valuable employees. After one year, full-time employees who interned with the same company are 16% more likely to be retained than employees who interned at a different company, and 32% are more likely to stay than new hires without any internship experience.
When well-designed and consistently managed, strategic internship programs don’t just positively impact the host company, but also its industry and the greater workforce. A “spillover effect” happens when students — energized by a successful internship experience — return to academic institutions and share their experiences with other students and drive deeper conversations in the classroom.
11 Ways to Create and Nurture a Thriving Internship Program
1. Designate an Internship Coordinator
Ideally, this is a dedicated role to help ensure an internship program that is valuable to both the company and its interns. Managing an internship program is rewarding work that involves building relationships with postsecondary education institutions, overseeing an equitable application and acceptance process, and most importantly, ensuring that interns are given life-changing opportunities to learn about abstract concepts in a real-world atmosphere.
2. Partner with postsecondary education institutions
Career counselors at universities, colleges and technical schools are grateful for opportunities to connect their students with robust internship programs. Often, these partnerships are regional, but they can also be specific to industry or role.
3. Treat them like employees
Being an intern can be an intimidating experience and making them feel as valued as your employees ensures that they are truly engaged with the internship and conveys your company’s culture.
4. Provide mentorship
Providing a dedicated mentor to every intern helps ensure a successful internship for both parties. Having a mentor helps interns gain confidence, and it also provides full-time employees with the valuable opportunity to coach.
5. Pay your interns
While there are still some situations that don’t require paying an intern, the legal criteria is specific: If your company is the primary beneficiary of the intern’s efforts, that person is considered an employee. Plus, postsecondary education is expensive, so compensation will generate goodwill. It’s widely understood that in today’s world, interns should be paid fairly based on their level of experience. If your company can stand proud of its compensation program, this is another way you’ll build loyalty with an intern who may soon be your full-time employee.
6. Know state laws
Whether you have a dedicated internship coordinator or not, understanding the laws in your state about internships is critical to make sure your company is compliant and that your interns will receive the credits they deserve.
7. Provide a clear application process
Applying for financial aid, scholarships, grants, and internships throughout postsecondary education is a taxing experience. Making your application process easy to navigate will help ensure that you have a wide range of top-level candidates for internships at your company.
8. Offer meaningful work
Internships should provide students with dynamic opportunities to expand their understanding of technical concepts, develop soft skills and ideally, inspire them to pursue their career path.
9. Set realistic goals
The flipside of providing internships that don’t offer meaningful outcomes are others that are too demanding. Internships should provide authentic experiences without burning out potential employees before they have been hired.
10. Sustain a relationship
Do you have a rockstar intern? Keep the relationship open with them by maintaining contact and connecting them with your peers to help them build a network.
11. Measure your success
Multiple metrics including offer, acceptance, and conversion rates can help you track the return on investment of your internship program, which ultimately, can help you attract excellent interns who become long-time employees.
