1. Attract top talent
Almost half of all internships are still unpaid. But now, there are more resources for students and graduates to research hiring trends and internship allowances, like Glassdoor, Prosple, and Indeed. Thanks to the internet, global opportunities for paid internships are also way more accessible to students and graduates. They can work from home while studying, and earn some money on the side.
2. Incentivize interns to take the job seriously
Now that some of the most coveted internships pay up to $4000-$8000 per month, paid interns are more likely to treat their internships like a paying job. Paying interns allows them to take more responsibility for the quality of their work.
3. More learning opportunities
Unpaid interns are more likely to spend a large portion of their time accomplishing clerical duties, losing the chance at getting much first-had working experience.
On the other hand, paid interns are more likely to be entrusted with more value-adding work. Paid interns can take more ownership of their tasks and take on first-hand working experience.
Internships are great for companies and businesses looking for more hands on deck. And having paid interns on board does wonders for supercharging efficiency and overall morale.
Paid interns are more inclined to treat work with more enthusiasm; this eagerness tends to trickle down to the rest of the senior employees. Happy workers = boosted productivity!
While companies have their reasons for offering only unpaid internships, something is better than nothing.
Even if a business cannot afford to provide much in terms of salary or allowance, monetary incentives are better than giving interns squat. Interns deserve something for their time and work.
Studies have shown that paid internships are 52% more likely to result in a full-time job compared to unpaid internships. Paid interns may feel more valued for their work and strongly consider a full-time position at their company.
Additionally, more than 70% of employers end up offering their interns full-time jobs. This likelihood increases when interns are incentivized to do well at work.
7. Better for employer branding
Students and graduates who underwent an internship usually tell their peers about their working experience.
Paid interns are more likely to have higher praise for their company, increasing employer branding among the paid intern and their peers.
8. Boost brand visibility
Paid internships have more visibility on jobs boards, online platforms, and career fairs.
There are many students nowadays looking out for worthwhile internship opportunities, and many companies looking for entry-level positions to help out with the workload. Listings for paid interns will stand out among the many listings.
It’s in a company’s best interest to make any of their interns feel like they are a part of the team.
This is hard to do with unpaid interns, as they are usually operating on a lacking budget or a tight schedule. They usually do not have time to celebrate their milestones or are not entrusted with worthwhile projects that merit recognition.
When interns are paid, they feel that they have equal footing with their colleagues and senior officers. Not only are they entrusted with more value-adding work, but they also get to do so with the same amount of respect full-time employees receive.
Although opening internships are intended to fill in entry-level positions, this can be done while still bringing value to interns for their time and dedication.
Having paid internships is a win-win situation for both the employer and the intern.