Learn why internships create value for everyone in the employment ecosystem.
Why Employers Should Offer Internship Programs
1. Funnel tested talent into full-time roles.One great benefit to having an internship program at your organization is that you can train potential future employees for months during an internship or co-op. By the time you extend a job offer, they’ll be integrated with company culture and know the ins and outs of their roles and your expectations.
2. Save money. According to a study, companies save $15,000 per hire by hiring directly from the intern pool. Having an internship program is a perfect opportunity to source proven talent into your organization without having to expend additional resources for recruiting. Cherry on top, these interns are less likely to turnover.
3. Get alternative Perspectives. College students are constantly exposed to new experiences and can offer alternative perspectives that may produce the next best idea for your organization. Give your interns a chance to brainstorm and present their ideas in team meetings.
4. Complete backlogged projects. Got a lot of smaller projects you just don’t have the time for? Hand these off to your interns! This will give them a chance to work independently and you will finally be able to complete those items on your checklist.
5. Give back. For employers, offering internships is a great way to give back by mentoring the next generation of brilliant minds. Being able to pass on the things that you’ve learned throughout your career can be incredibly rewarding.
Why Colleges and Universities Should Support or Require Internships
1. Higher employment rates for graduating classes. Among the stats that make a university look promising to future students is its student employment rate. Because research shows that internships help with student employment, it would make sense for universities to provide resources and guidance to helping students find and land internships.
2. Internships help students recognize the value of their education. Universities and colleges that support and/or require internships as part of their education program give their students an advantage in the job market. Students who have completed internships are often able to obtain highly sought-after jobs related to their fields of study, setting them up for life-long career success. The return on investment for educators: students who are able to recognize the value of their college degrees are more likely to give back to their school as alumni.
Why Students Should Apply For and Participate in Internships
1. Experiential learning leads to better job outcomes. Recent studies show that students with internship experiences are more likely to land jobs upon graduating. Many employers retain their interns as full-time employees. In addition, grade point average (GPA) and the total number of internships a student completes as an undergraduate student are the major predictors of initial career outcomes.
2. Students get first hand experiences in their fields of study and can test drive their careers. Students will gain a valuable understanding of their fields of study and better grasp how their coursework applies in their chosen careers. Internship experiences allow students to discover gaps between classroom learning and what is needed to succeed in the real world and can help students strategize how to fill those gaps.
3. Get academic credit towards graduation. Many colleges require or offer credits for eligible internships. Either way, completing an internship helps students get one step closer to their degree.
4. Expand networks. Internships help students expand their professional networks and acquire mentors they can reach out to for advice or referrals.
5. Demonstrate and develop technical skills. Internships allow students to develop technical and soft skills such as teamwork, effective communication, and the understanding of business procedures, leadership, and critical thinking.
6. Gain confidence. By bridging their academic life to the real world, students will be able to learn by doing and gain confidence in their abilities to succeed in the work environment. Feedback from employers further enables students to improve and become better job prospects.
7. Get paid. Not all internships are paid, but many are. Students with low financial resources who can’t afford to study full time can enjoy all of the benefits above while earning a steady paycheck.