Why are Paid Internships Important?
A significant proportion of internships are unpaid. But from 2017, many firms have recognized the benefits of having educated and professional students fill their temporary hiring demands through paid internships. On the other side, students are also motivated to contribute to the company’s goals. Simultaneously it made them financially independent.
Perks to Interns
One of the advantages of internship programs is that companies and nonprofits hire temporary employees for a short period with no commitment. Suppose an intern turns out to be a motivated star player within the organization. In that case, the firm has the chance to offer them full-time employment once the trial period is completed. Moreover, hiring interns offers employers help to meet their future needs.
Employers not only learn the interns’ aptitudes and abilities but are assured that the intern justifies the job role with both the work involved and the business environment. As a result, it leads to higher retention for new employees and lower employee turnover for employers. Employers have an opportunity to discover talented students by offering a salary or monthly stipend. It applies to both offline and online internships.
Creating Equal Opportunities
Paid internship assures an employer that they are not overlooking successful students who cannot afford to work for no pay. Therefore, this approach was to help students who cannot afford college credit if they are not paid for the internship. Students enroll for internships during the fall or spring semester with their college tuition.
Few colleges have initiated transcript notations to display their commitment to honoring the value of an internship experience without requiring the student to pay any college fees.
College Funding
More colleges are partnering up with the Edtech sector to offer paid internships. It acts as an excellent incentive for students to get experience in the nonprofit sector while making some money to pay their own expenses. ULead is a perfect example of this. It offers an online internship program to students who want to explore the sales and marketing domain.
Some colleges offer alumni the opportunity to fund internships, which is helpful for everyone. Alumni get the chance to assist students from their alma mater and guide them accordingly.
Future of Paid Internships
If internships continue to become more of an integral part of the employee hiring process, then it will lead to an upward curve in the percentage of internships.
However, in January 2018, the U.S. Department of Labor introduced new guidelines for when interns must be compensated, making it easier for companies to justify not paying them.
The unemployment rate will undoubtedly play a vital role in employers’ willingness to compensate their interns. When the employment rate is low, employers feel more pressure to offer paid internships because there are fewer prospects to fill those positions. After the lockdown, the prices of everything have increased, so the smart plan is to hire interns and offer an online internship. According to the report, the unemployment rate in September 2019 was 3.5 percent, the lowest since December 1969.
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