The total number of university graduates increases each year, as more and more students choose to partake in higher level education
Conversely, this means many more interns flooding the market: students & graduates eager to help your business and learn from the best.
Typically, an intern can be a great boon for your day-to-day operations…provided you have the time to train them.
As you’ll learn from this article, interns may not be the best fit for different businesses at different stages.
That being said, we’ll aim to help you understand if your business can take full advantage of the many benefits an intern can bring.
So read on!
The Advantages Of Hiring An Intern Are Plenty
There’s no question that picking up the right intern can make a massive difference to your success.
So while it’s important to choose an intern that is a right fit for your company – and someone you can get along with personally – it’s good to keep in mind the most impactful ways an Intern will positively affect your business:
No Need To Worry About Overheads:
Most internships are assumed to be unpaid. This is because Interns will be trading their time for valuable experience in the field.
What this means for you, is that you can set them to work without worrying about their hourly ROAS or KPI’s.
A full time employee may need to be making $50-$100 an hour for your business. But an intern – as they will likely be unpaid – can take their time with a high priority task and really see it done to completion.
Their ‘Go-Getter’ Attitude Means They’ll Be Happy For *Most* Tasks:
Now, before we start: this doesn’t mean you should give your worst jobs to your intern!
What we do mean is: any job that falls outside your own or your employee’s scope of work – or perhaps tasks that may be too low-level to warrant their/your attention – can be easily picked up by your intern.
Remember: an intern typically has no experience. This means any old task you give them will enrich their skills and knowledge.
(P.S. For the most fulfilling internship experience – and to possibly encourage said intern to return for full time employment – ensure you still give them high priority & important responsibilities.)
Fresh Eyes = New Perspectives
As most interns will be applying from University, you can expect them to be quite young.
Youth can always be advantageous to modern businesses: an intern can show you the latest software making the rounds on social media ads, the newest trends that could make your business go viral, or even tried & tested marketing strategies they learned from university.
The Potential Hidden Cost Of Hiring An Intern
While interns can certainly aid your business, there are still some considerations you’ll have to be aware of when managing them:
Training Time:
As an intern will likely have no experience in the workforce before joining your business, you’ll have to spend a lot of time training them.
This may take away time from your high priority tasks while you train them and answer their questions.
Furthermore, regularly needing to check on them and guide your intern may leave you in a distracted state, unable to focus long enough to complete deep work.
Efficiency Will Take Time To Ramp Up:
Depending on your industry, it may take months or even years for any one person to become competent, let alone a specialist.
This means your intern will likely take a significant period of time before they become efficient. And there’s every chance they may not return for full time employment, so that knowledge and experience goes with them.
If you’re thinking an intern will quickly be able to compensate for a full time employee, you may want to consider an alternative measure.
Internships Can Come With A Package Deal
Don’t forget that the mere act of hiring an intern may come with its own benefits.
Certain government grants will actually award you a budget to train an intern or subsidize an apprentice’s salary.
Not to mention that most interns will come from an academic institution such as a university.
It would behoove your business to maintain a good relationship with them. Universities can be a continual source of interns, referrals, networking and prestige for your business.
Add An Expert Accountant To Your Ranks
Although bringing an intern into the fold may pose some unique challenges, on the whole they represent a great opportunity for growth in your business.
But did you know consulting an account comes with all upsides and no drawback? The A Firm can help you grow your profits and scale your team!
So, make sure you’re getting the best advice for both growth and finances by consulting with our bookkeepers here at The A Firm.
Call us today to learn how we can help!