It’s easy to list specific reasons why an organization should start an internship program: increased productivity, enhanced creativity, effective recruitment – to name a few. But it’s the coveted notion of saving time and money while getting quality results that’s music to the ears of any Indiana employer considering an internship program.
In fact, these days when hiring for a full-time position, some organizations may not have the time or financial resources to recruit a seasoned individual. According to the National Association of Colleges and Employers’ (NACE) 2012 Internship and Co-op Survey (based on 952 employer responses), nearly 85% of employers said that they use internship programs as a tool for recruiting entry-level talent.
NACE’s survey also indicated that 58.6% of respondents’ full-time entry level hires from the class of ’11 were from their internship programs, an all-time high for the conversion rate.
With the rising cost of recruitment, this transitioning of interns into full-time hires may be the most viable option for some employers. NACE’s survey shows the average acceptance rate for full-time positions was astoundingly high at nearly 90%, which lowers the cost-per-hire; therefore, there is no doubt that hiring from an internship program decreases recruiting costs.
NACE’s survey also found a positive correlation between internship experience and employee retention. Approximately three-out-of-four employees who had previously interned with their organizations were still employed there after one year. Meanwhile, 62.4% of previous interns remained with their organization after five years.
Adding an intern—or several interns—to your organization is not only a smart recruiting strategy, it’s good business. Corporations, small businesses and non-profits can give back to the community through mentoring and offering a position to an individual seeking an internship.
There couldn’t be a more perfect time to begin your internship program. With more than 4,800 Indiana employers and about 9,000 students registered, Indiana INTERNnet is a great place to begin those internship connections. If you haven’t already, visit www.IndianaINTERN.net to register for a free employer or student account.