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Why it Pays to Pay Your Interns
Posted By Claudia Allen On February 11, 2013 @ 6:18 am In Opinion | 5 Comments
If you pay your interns, you get a much larger candidate pool. You get students whose parents can support them while they work for free, plus talented students who need to earn tuition money for school.
Who pays their interns and who doesn’t pay their interns? Is it fair to expect a college student (who may have huge educational loans to repay) to work for free or for “the experience?” Does paying an intern pay off for employers?
Here’s your answer, based on research from the National Association of Colleges and Employers.
For employers, an internship program gives you the opportunity to “try out” soon-to-be graduates on the job before offering a full-time position. It’s a 10-week interview that can deliver great perspective on a new hire.
A recent survey shows:
Further, an earlier survey suggests a correlation between what students prefer in a job and an employer and the values and corporate culture they absorb through their internship experience.
Almost 80 percent of employers use their internship programs as incubators for new hires. Close to 60 percent of interns in 2012 were offered full-time jobs with their internship employer: 87 percent of those interns accepted, meaning these employers get a return on their internship program investment.
And, while wage rates vary depending on the major, year of study, industry, and location, the average hourly rate for an intern ranges from $13.91 to $17.57. That means, for just over twice the minimum wage, an employer gets a chance to test a potential hire’s mettle: Does this person have the knowledge and skills needed to do the job? Do they fit into the company culture? Are they reliable — do they have a good work ethic?
Plus, according to NACE’s 2012 Internship & Co-op Survey, employers who offer their interns a full-time job are more likely to retain the employees they’ve trained. Research shows:
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