Hire an intern: They are a source of talent for companies
Developing a suitable internship program is a challenge for organizations and at the same time creates a lasting impact on students.
Internships are an opportunity for students to gain early professional experience that allows them to explore the field and helps them define the essential tastes and roles in an organization.
Benefits of internships to students
- Gain work experience in their field.
- Networking with industry professionals.
- Acquire essential knowledge for their future career.
Today – depending on the company’s line of business and the position to be filled – it is easier to find candidates for internships worldwide. The recruitment market has broadened the landscape and it is not necessary to limit the search to a local area or university.
Not only does this allow people from remote or less financially sound areas, but it becomes a challenge to find the right person who combines knowledge, skills, and experience to fulfill essential roles such as onboarding or developing relevant projects and contributing to teams.
What does an intern bring to an organization?
The unique benefits an intern can offer to an organization:
– Become a conduit for entry-level talent.
– Contribute a fresh and diverse perspective to key roles
– Utilize cutting-edge knowledge to tackle projects
In industries from technology to finance, interns can take on high-impact tasks and responsibilities (eradicate the idea that an intern just serves coffee or files paperwork), which will serve employers as an assessment to spot emerging talent. It is like a preview of the intern’s potential, who can also be trained as he or she gains experience.
This is nothing more than an internship program that companies should work on to avoid lengthy hiring processes for entry-level positions.
Having an intern program is part of the corporate culture. An organization that cares about its team, even when the team is not there permanently, is noticeable among others and enhances its reputation positively.
Fresh ideas are always welcome! Interns can bring innovation and open up the viewpoints of those who have been with the company for a long time. An international intern also helps in terms of diversity, equity, and inclusion and they become representatives of what the world looks like today. Every new hire is an opportunity to build a diverse team and they are the perfect tool to boost Global Mobility programs.
Now let’s make a checklist of what to consider when hiring an intern
- Define what the function will be:
Establishing from the beginning the activities to be performed is vital to make good recruitment. What will be your responsibilities, what will be your schedule, does the company need you full-time or part-time, when do you start and how long will you stay? When do you start and how long will you stay? Remember that many are still students and have limited hours, so being flexible and precise from the start will reduce the rate of early departures.
With clear characteristics, you can focus on attracting the right professional that you can gradually train to maximize your company’s growth.
- Paid internships are the way of the day
Gone is the idea of hiring interns for free. When building an internship program, you should consider a remuneration that will also be an incentive and will make the position more competitive and attractive.
You may also be interested in: Top Talent: High salaries for interns that attract top graduates
- Recruitment strategy
Once the position and conditions have been defined, a strategy must be established by the company’s values, culture, and objectives. Each strategy can be focused on the position, it does not necessarily have to be the same, but it must maintain the level of importance to facilitate the search for candidates.
- Consider a differentiator
If the strategy is carefully designed, it can attract the best in class. An internship program should have an element that candidates will find attractive and encourage them to join your team.
It can integrate benefits such as a structured mentoring program, good compensation, visa sponsorship if the intern is a foreigner, career plan for promising candidates.
- Make use of social media
Most interns belong to the Z generation. A 100% digital generation. They have been exposed to the global marketplace of ideas and commerce. These workers know that the possibilities are endless, and they intend to make their mark. Communicating with them merits having a presence on social networks and through them promoting the brand’s corporate culture. This will not only be attractive to them but is a source of support to reach talent worldwide for future positions.
- Did You Know? Intern Expenses are Taxable
Reimbursed expenses for interns at and to/from the job location are taxable
The reimbursements to the interns should be included in gross income as compensation and subject to withholding for income and payroll taxes
Interns need to be counseled on these taxable expenses so there are no surprises or misunderstandings
Contact us for more information about our Global Expense Management for Interns.