It was the summer of 1992, I was a sales intern at WVVA-NBC TV in Bluefield, West Virginia. Equipped with the lessons learned from Dad – if you do not ask, you do not get – I negotiated the first paid sales internship ever at the local TV station. I remembered reading an article just prior that talked about the extremely high hiring percentage after the completion of a successful internship. That was my goal. One year later, two weeks prior to my college graduation, that goal became a reality. I graduated on a Saturday and went to work that Monday as an Account Executive in the TV business.
Retention rates for interns-turned-full-time-employees are high. How high? 62.4% after five years compared to 48.1% for hires that came with no internship experience whatsoever.
A new movement is gaining traction among college students due to COVID-19. Larger numbers than ever are taking online classes and/or opting out a year. Coupling that with the current unemployment rates, there is a huge employment pool available. All companies of every size should be thinking about a fall internship program (paid and unpaid). The talent has never been greater or deeper. Even in the current climate, the opportunity remains for companies to take on virtual/remote interns. While not the traditional, in-person work environment, virtual internships allow potential full-time employment candidates to demonstrate their ability to work independently and solve problems. Although some may be focused on only finding a temporary internship, employers often have more long-term goals in mind and are looking to use this time and the training it takes to build on its future workforce.
Hiring interns as full-time employees is not just a great recruiting hack, it also impacts a company’s bottom line. That is obviously incredibly important right now. According to College Mogul, employers stand to save between $10,000 and $50,000 in tangible and intangible cost by hiring an intern as a full-time employee. In addition, one of the biggest cost-savers of converting interns into full-time hires is the all-important stat of retention rate. Retention rates for interns-turned-full-time-employees are high. How high? 62.4% after five years compared to 48.1% for hires that came with no internship experience whatsoever.
It is well known that most employers first consider their internship pool of candidates when looking to fill full-time positions within the company. Internships are, in a sense, a way to interview and train the next set of new hires for the organization. What better way to know how a person is going to perform and fit into an organization than to have them already doing work for the company in the form of an internship?
Tell us about one of your greatest internship success stories. We look forward to sharing your success! As my dad taught me at a young age, if you do not ask you do not get. We’re growing at 3 Bridges Consulting and looking to add to our elite staff! If you’re interested in a fall/winter internship, please reach out.