Why Every Company Needs an Internship Program for 2024

upskill helps growing companies attract the best early career talent through AI-based recruiting software and community-based partnerships.

In today’s dynamic business landscape, companies must continually seek out effective ways to compete for talent. One of the most effective ways to build a strong team without breaking the bank is through an internship program.

Internships and early career programs offer a myriad of benefits for companies of all sizes and across all industries. Here are the biggest benefits can gain from bringing on new-to-career talent in 2024:

It’s extremely cost-effective to recruit early-career talent

Recent data from the Society for Human Resource Management (SHRM), indicates that across all industries and company sizes, the average cost per hire is around $4,700. However, when you factor in productivity time loss, candidates that you lose out on or who withdraw, and any costs of working with agencies, business leaders burn tens of thousands of dollars for a single good hire — not to mention the new cost of their salary.

Interns are often a much different story. To attract these kinds of hires, simply reaching out to your alma mater or sending a message through your network can surface an ambitious college student ready to jump in. Or, even better, with access to a good college recruiting platform like upskill, you can find and hire exceptionally qualified interns for a fraction of the typical talent acquisition cost.

56% of interns later become FT employees

Not only is it cheaper to recruit early career talent, but the majority of interns each year accept a full-time offer with $0 of additional spending by the talent acquisition team.

Since they already worked for you as an intern, they will start their new FT role already trained in how your company operates and with a distinct level of confidence and familiarity with other employees. Interns who convert to full-time employees will be ready to make meaningful contributions to business goals and company culture building from day one. Even if your interns don’t convert to full-time hires, they will leave with a strong affinity towards your company and are likely to become advocates for your business externally or even return as employees down the line.

You will increase employee-retention

Not only are interns more likely to join as full-time employees, but they’re also more likely to stick around for the long haul. According to the National Society of College Employment (NACE), employees with previous internship experience are more likely to stay with a company at both the 1-year and 5-year marks.

Not only does this strong retention mean lower distributed cost of acquisition and a reduced need to hire but it can contribute towards a healthy and lasting company culture. Externally, it serves as a very positive signal when you seek to attract additional talent.

You can recruit the highest potential employees in the market

Recruiting early career talent is an effective way for companies to identify promising individuals before they’ve been discovered by competitors, and then nurture them over time. While these employees may not be the most skilled initially, over time, your interns may grow to become future directors, VPs, and C-suite executives.

Ursula Burns is one such example who joined Xerox as a Mechanical Engineering Summer Intern and rose to CEO in 2009. How much did Xerox save by not having to find and recruit someone with her talents from elsewhere?

If you can build a relationship with people early in their careers, they won’t forget it and mutual benefit is sure to follow.

You’ll supercharge company culture

Moreover, internship programs contribute to a company’s reputation as an employer of choice. By investing in the development of young talent, organizations demonstrate their commitment to fostering growth and providing meaningful opportunities for career advancement. This not only enhances the company’s brand image but also helps to attract top-tier candidates who are eager to learn and grow within a supportive environment.

In today’s competitive market, companies cannot afford to overlook the benefits of internship programs that increase productivity, lower recruiting costs, and enhance employer brand.

By hiring even just one intern, organizations can quickly change their outlook in 2024. For businesses that want to get ahead, they can do so by setting up a robust early careers strategy. This will position them for short-term as well as long-term success.

Ready to learn more? Set up a meeting with the upskill team to learn how you can find and hire the best early career talent.