Niki is Insperity‘s director, service operations. She specializes in employee onboarding, human capital management and HR infrastructure.
In a tight labor market, it’s essential that organizations identify their future needs for workers and skills—known as workforce planning. However, this process can’t succeed without successful recruitment strategies. One transformative tactic you could employ is an undergraduate internship program.
Bringing on undergrad interns can help you identify and foster successful workers before they fully enter the workforce. According to a 2023 Gallup poll, only four in 10 college students have internship experience, reflecting an opportunity for businesses to increase recruitment by attracting those without it.
By implementing an internship program, your business could increase its growth and feel confident in your talent management processes. But as a savvy HR leader, you should first understand the primary ways in which an internship program can support your workforce planning strategy.
You stay competitive for new grads.
The success of your workforce planning strategy depends on whether you can stand out to talent. A robust internship program can introduce you to candidates before competitors have the chance to recruit them. The National Association of Colleges and Employers’s 2022 Student Survey Report found seniors received, on average, 1.14 job offers before their graduation date. So waiting until after graduation to recruit may mean missing a chance to reach the most promising candidates.
Recruiting college sophomores or juniors as summer interns, then extending an offer to high performers at the end of the program, can improve the chances that a graduating senior will seriously consider your company—perhaps before any alternatives.
To attract interns, include face-to-face and online outreach in your recruitment strategies. Virtual recruitment options are necessary, but in-person opportunities like attending a career fair or hosting on-campus interviews are often ways to engage in high-quality, impactful candidate interactions. Although the NACE survey showed almost 60% of graduating seniors felt comfortable with virtual recruitment, they still prefer in-person recruiting. Additionally, a robust social media presence and a well-designed company website will draw attention. To recruit next year’s class, consider a social media campaign highlighting current interns as part of your outreach strategy. These digital tactics can help increase appeal to all job candidates, not just interns.
Hiring interns can lower your recruitment costs.
Cost is an important consideration of any workforce planning strategy. According to 2022 data from the Society of Human Resource Management, the average cost per new hire is almost $4,700. But many employers reported the estimated total cost to hire a new employee was three to four times their salary. Even if expensive recruitment tactics succeed, they may take away valuable budget from other areas of the business.
If you establish a successful internship program, you can prioritize offers to former interns, thus avoiding a costly, prolonged search for viable candidates. Additional cost savings can be seen in the employee onboarding process. When an intern converts to a full-time hire, they’re already familiar with your organization’s culture and usually require less training to become productive. In fact, former interns often become leaders among the new hires, imparting valuable skills to those who haven’t interned previously.
These benefits mean you can devote more of the recruitment and onboarding budget to other areas. For example, the money saved could be reinvested in leadership development or employee benefits like a tuition reimbursement program.
You can ensure employees have the right skills.
In workforce planning, skills development is key—especially when competition is high for skilled candidates. New hires may need time to develop the skills for success and integrate into organizational culture. When you hire former interns, however, they can capitalize on the training provided during the internship.
The data reflects how beneficial an internship can be to young professionals’ skill development. A 2020 study from Arizona State University found students felt they gained important hard and soft skills from their internship that improved their employability. Some of the skills students described learning from their internships included collaboration and team building, confidence and self-awareness, interpersonal skills, self-reliance and self-motivation, and time management.
All these skills are valuable qualities in a candidate, and you can cultivate these traits through an internship program. Then, both you and your interns will reap the benefits.
You can establish a talent pipeline.
Internship programs are a way to foster a new generation of workers. You gain the opportunity to form lasting relationships with young professionals before they graduate, earning their loyalty and building a foundation to convert interns to full-time hires.
The intern talent pipeline helps ensure consistent access to a pool of skilled professionals. According to 2021 NACE data, approximately two in three interns are converted to full-time employees. Employers make offers to about eight in 10 of their interns, and on average, nearly all accept the offer. Clearly, both young professionals and employers recognize the value of converting interns into full-time workers.
Even if interns don’t immediately join your organization, you can maintain a relationship as they begin their full-time career. This creates an opportunity to reconnect later and potentially capitalize on skills they gained elsewhere. For example, an intern who accepted a competing offer may be a recruitment target for a mid-level position in several years’ time. Additionally, offering an internship program can give you a positive reputation among the interns’ peers, generating more interest in your organization.
A robust undergraduate internship program can be a key element of a business’s workforce planning strategy. It allows you to remain competitive for new hires, lower recruitment costs and increase access to skilled workers. Then, you can create a successful workforce that guides your company forward.
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