The shuttering of the Condé Nast’s internship program is not an end of internships as some are declaring--it is the end of a program that was providing little value to either student or employer.
San Francisco, CA (PRWEB) November 05, 2013
Nathan Parcells, Chief Marketing Officer at InternMatch, an online platform that helps students find internships and companies hire talented students, issued a statement on Condé Nast ending their internship program after being sued over pay, as reported by The New York Times on Oct. 23, 2013.
The statement reads as follows:
“The shuttering of the Condé Nast’s internship program is not an end of internships as some are declaring--it is the end of a program that was providing little value to either student or employer. Condé Nast was using a large number of unpaid interns, but not maximizing the value they were getting from their program. Research shows that paid interns are a better business practice -- they perform higher quality work and have a higher chance of converting to full-time employees (which saves many businesses hundreds of thousands of dollars in hiring costs). Unpaid interns are easy to cut because oftentimes they aren’t being used for substantial projects.”
“The key to converting your program from unpaid to paid is to build a business case that highlights the value:
“Rather than cut your entire intern program, do an audit. Determine what value-adding projects interns can work on as well as how many full-time employees you would like to hire for the upcoming year. Use these two numbers to determine how many high-value interns you would like to hire.
“Create a highly educational intern program. This way, you can attract top talent regardless of pay and tout it on your website and job postings. Data shows that students care most about getting real world experience and developing professional connections.
“Budget to pay all your interns. For many roles, simply paying minimum wage is adequate as long as you have a well-planned, educational intern program. For other roles such as computer science, finance, and design majors, higher salaries are sometimes necessary to recruit the best talent.
“Make a business case to your VP of HR or CEO. Highlight the importance of interns to your organization's growth, succession planning, and immediate project goals. Note how your educational intern program attracts talent at a low cost. With the program approved, be sure to onboard your interns with formal offer letters and make the most of their contributions.”
InternMatch is a booming online internship platform. Employers can utilize Campus Hubs and other branding efforts to show off company culture, attract the right interns, and promote diversity. While students using the site can take advantage of resume creation tools and tailored searches to find the right internship for their needs. Companies both big and small use InternMatch to find great students every day, including Google, Nestle Purina, and Viacom.