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March, 2010
Why Interns Are Good For Business
In this Issue:
Most large companies have long understood the benefits of hosting interns. Like speed dating, internships allow companies and interns to explore multiple possibilities without long term commitments. Some large companies plan to offer fewer internships next summer; this may open the door for small businesses who previously felt they could not compete for quality interns.
With less competition from large corporations, small businesses will be able to attract excellent intern candidates. Why interns are good for business: Smart companies look for talent, staff on shoestring explains that “smaller companies are now realizing they can counter with an offer of a real-world, hands-on experience running a business.” The article provides the case-in-point of Blake Mycoskie’s company, TOMS shoes, well-known for giving away a pair of shoes for every pair purchased. “Mycoskie says, ‘College students were really drawn to what we were doing.’ In return, Mycoskie was able to double his staff without getting buried in payroll costs.”
A recent New York Times business article reports that “small businesses can win by offering interns opportunities to do a greater variety of work and more responsible tasks than they might do in a big company, and by stressing the personal connection with the top people in the business.”
Tom Kozicki, executive director of the MBA Career Center at the University of California in Irvine, explains that “[s]ummer internships are a way a small company can get specialized and unique help they otherwise couldn’t get, or couldn’t justify hiring permanently.” (quoted in a Wall Street Journal Blog).
Offering internships may be more cost effective than you anticipate. A nonprofit agency may be able to offer an internship opportunity while paying just 25% of the hourly pay. In the June 5, 2009, Inside Tucson Business, Mark Dalessandro discussed teaming with “local universities [that] encouraged their students receiving financial aid from the Federal Work-Study(FWS) Program to work off campus at nonprofit groups.” The FWS program pays 75% of the hourly wage. Additionally, interns may be willing to work for moderate wages or small stipends if the internship enables them to earn college credits.
Not all internships require businesses to provide workspace. Virtual internship offerings have recently expanded. This would be ideal for small businesses or non-profits needing short-term technical or marketing assistance.
Your regional Business Services Advisor can assist you in your internship program development by linking you to area colleges and universities seeking internship opportunities for their students. Advisors at WorkNet Centers can connect your business with talented intern recruits.
- Illinois workNet provides an opportunity to post internships for businesses within Key Sectors. More information and facts are available on the Volunteerism Page, under Recruit:
- Inroads mission “is to develop and place talented minority youth in business and industry and prepare them for corporate and community leadership.”
- Business.gov explains laws pertaining to unpaid internships
- The Rockford [IL] Career Clearinghouse provides Six Simple Steps to Develop Your Company’s Internship Program
Local and Statewide Information
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