British businesses are able to take some benefits from this recession. With less credit available, many London companies returned to focus upon their proficiencies, their profit levels and structure. The result is unemployment at a 17 year high and a British economy reliant upon a core of full-time workers supported by 7.8 million part-time employees. Therefore, there is great flexibility in the British workforce and a huge talent pool that is waiting to be tapped into.
Internships allow companies to gain access to this talent without the risk associated in recruiting full-time employees. Indeed, internships can be broadly defined as non-contractual work that is traditionally associated with graduates entering the labour market wanting to gain practical and meaningful experience in their chosen industry. However, firms are not only using interns to reduce costs by employing them to undertake administrative tasks but also to increase their flexibility by taking on an inexpensive graduate to match a specific practical requirement; such as the introduction of on-line marketing, initially in the short-term.
The government-backed Unleashing Aspiration report (2009) found that four in five employers recruit former interns and that internships ‘have become one of the most important routes into professions’. This is supported by Sara Reading, KPMG’s head of graduate recruitment, who recently told the Telegraph (12.10.2011) that they ‘use internships primarily as a recruitment tool’; offering ninety –four per cent of last summer’s 150 interns graduate trainee jobs. However, the recession ensures that small and medium enterprises can also gain access to this year’s most accomplished graduates; with eighty-three applicants for each graduate vacancy advertised (Association of Graduate Recruiters, 2011).
With numerous graduates looking for work, employers are having to fine down their requirements. A good degree from a strong university is simply not enough, with previous employment experience essential for most applicants. Whilst time-consuming, we have found it essential to take the time to undertake initial Skype or telephone-based interviews of the most promising applicants with one of the key questions being ‘what is your ideal role’. The responses can be aligned to one of the following, which dictates which of the ‘Three Bears’ the candidate is;
1) ‘Any role to continue my development’. This candidate is the most dangerous as they are simply looking to “get a foot in the door”. They are unlikely to be committed to the position and will be applying for full-time roles throughout the internship; leaving you with the training expense without the rewards of seeing it implemented to your benefit; research showed that graduates returned £5.30 for every £1 invested in them by their third year.
2) ‘A role leading a team where I can use my extensive talents to drive the business forward’. This response will typically be supported by questions of what remuneration the position offers. Whilst, they may indeed be a talented applicant, this candidate has no doubt been influenced by opinions that a University degree is the one-way ticket to a high income career.
3) ‘A role in this industry where I can gain practical experience, develop myself and contribute towards the team’s goals’. If you gain this response, supported by evidence that the candidate has undertaken significant research into your company’s services, clients and competitors, then you have had your “Goldilocks’ moment” and should invite the candidate for a face-to-face interview.
Therefore, to take advantage of using graduate talent, we implore you to take the time to assess the character and soft skills of candidates since you will be presented with many CVs and references that demonstrate a candidate’s great technical proficiency. By implementing simple questions, such as the ‘Goldilocks’ one above into your interview, you are ensuring that you are not solely relying upon your gut instincts.