Why Paying Interns Benefits Businesses
Wednesday, June 15, 2011 7:13:28 AM
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Why Paying Interns Benefits Businesses
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Despite the legal and moral ramifications in not paying your interns, it is of great benefit to the business itself if you invest in your flexible part-time talent.
The Coalition Government have clashed over whether their interns should be paid. The Prime Minister David Cameron has admitted that he has been using unpaid interns as a manner of helping friends as opposed to Nick Clegg who believes that internships will be most beneficial to the Government if they are led by ‘what you know’ and are made increasingly competitive by being paid. Fundamentally, if you wish to attract the best candidates into your business; bringing with them their skills and talents that your business could profit upon, then it does not make commercial sense to limit your applications to the limited few who can afford to work in an unpaid placement.
Further, by paying an intern you are clearly making an investment in that individual which they in turn acknowledge that you will require a return upon. By providing them with this target, you are presenting them with a goal that will increase their applicability to their tasks; research has showed that graduates returned £5.30 for every £1 invested in them by their third year [1]. Additionally, this investment makes them feel a valued component of the company and increases the willingness of their fellow colleagues to delegate a broader variety of tasks to them. This environment increases the intern’s sense of inclusion and provides motivation at their place of employment and their willingness to contribute ideas and share their skills at their place of employment; thus benefiting the business.
By paying an intern you are also increasing the intern’s sense of loyalty to your company; thus enhancing their commitment to their tasks and allowing your firm to plan for the future by ensuring the existence of a knowledgeable bottom layer that may immediately cover the resignation of other employees.
Ultimately, interns are not expensive and provide excellent value for money. The current economic climate means that there are large numbers of graduates looking to boost their CVs. For the national minimum wage, you are gaining access to a fresh and shapeable graduate’s talents for £1,028 per month when the average graduate monthly salary is £2,083; subsequently being cheaper than taking on the majority of part-time temps and those with longer working histories. Further, the flexibility of an intern allows you to match your workforce with your current requirements; specifying the academic and practical knowledge that you need NOW.
Referenced in http://employease.wordpress.com
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