A study conducted by Internships.com found that
69% of companies surveyed offered full-time jobs to interns.
THE PAYMENT PARADOX
Companies often struggle with the financial structure of
internship programs. Should interns be compensated in the
same way as official employees? Does “work experience”
count as compensation, even without monetary incentive?
Consider these elements:
The
Intern Effect
Investing in your company’s future means
looking to interns, the eager young professionals
just on the cusp of their careers. Start an
internship program that will bring in the best
candidates and help you grow your business
from the bottom up.
The Right Stuff
When you are building your team of interns, it is
essential that you know what to look for in a candi-
date. Look for these characteristics in applicants:
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ABILITY
TO FIT INTO COMPANY CULTURE
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CREATIVITY
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GOAL
ORIENTATION
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PASSION FOR THE COMPANY OR INDUSTRY
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POSITIVE ATTITUDE
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WILLINGNESS
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KEEP IT LEGAL. Some states have strict internship labor laws.
Check your state’s legislation for how to handle internship pay legally.
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GIVE CREDIT WHERE IT’S DUE. If your interns are also enrolled as
students, they may receive college credits in place of monetary
compensation (subject to state laws).
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DISTINGUISH BETWEEN INTERN AND EMPLOYEE RESPONSIBILI-
TIES. Don't require the same amount of work of your interns as your
full-time employees. This practice isn’t fair, as your interns will most
likely not receive the same benefits (health care, vacation time,
company perks) as employees.
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OFFER ACTUAL JOB EXPERIENCE. Sending interns on coffee
runs won’t improve their skills as employees. Work with interns to
provide on-the-job training that prepares them for the real world—
and even a position with your company in the future.
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FIND TIME FOR FUN. Many companies provide interns with fun
and social activities in addition to work training. Schedule time for
interns to meet each other as well as socialize with members of
other teams and departments.
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BEFORE MAKING ANY DECISIONS REGARDING EMPLOYEE AND
INTERN COMPENSATION, ALWAYS BE SURE TO CONSULT ALL
APPLICABLE STATE AND FEDERAL LAWS TO ENSURE THAT YOU ARE
IN COMPLIANCE. For additional guidance on this topic, please refer to
The Fair Labor Standards Act from the U.S. Department of Labor.
TO LEARN
The internship will also offer an opportunity for
young people to get a leg up on the competition as
they graduate college or begin their career paths.
Remember, while you are interviewing the intern
for the position, they may also be assessing your
company to see if it is a good fit for their resume.
Looking Within
When a full-time position opens, looking to your
current interns can be an easy way to both narrow
the applicant pool and find an employee who
already knows how the company operates. Since
your interns have received job training in-house,
your human resources department assumes less
risk in hiring them. Former interns also assimilate
quickly into the team and can find ways to make
the position their own.
To find more ways to utilize your company’s untapped
resources, contact your Sterling National Bank
relationship manager at 855.274.2800.
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