There are huge business benefits of interns. They offer fresh perspectives, an arsenal of transferable skills, and a willingness to learn. What’s more, their tech savviness and ability to pivot with the business make them wonderful and highly trainable assets. Despite this, many interns are paid extremely low salaries that don’t correspond to their abilities. This article looks at 5 reasons why you should pay your interns more.
Why You Should Pay Your Interns More
According to the gov.uk website, an intern is legally entitled to the National Minimum Wage if they are classed as a worker. School internships, students doing work experience, and volunteers do not qualify as workers and, therefore, do not legally have to be paid.
That said, we believe that there are plenty of reasons to not only pay interns but to pay them more than minimum wage. Here are 5 top benefits of investing in interns.
1. Encourage Interns to Take Responsibility
When employees feel like their company trusts them to do their jobs, they are much more likely to take responsibility and accountability. As a result, they feel more fulfilled and challenged in their role. The same goes for interns. When you pay interns more, they are likely to take their role more seriously.
This is hugely beneficial to your business as it builds a culture of trust, initiative, and accountability. It will also take a considerable around of weight off your employees in charge of managing interns. In short, investing in interns’ pay will encourage them to invest more in being the best employee they can be for your business. And that is priceless.
2. Boost Morale
Interns are great morale boosters. On top of providing more hands on deck, they are usually enthusiastic and fearless. As a result, they do wonders for improving employee satisfaction and productivity. It makes sense that when you pay interns more, they will be even more eager to learn and throw their hats in the ring. This enthusiasm is contagious and may encourage veterans in your business to push themselves out of their comfort zones.
It’s a pretty simple mathematic equation; happy workers = productive workers. Thus, foster a positive work culture by paying employees (especially interns) a competitive salary. It’s a long-term investment in your company’s future.
3. Improve Retention Rates
When your business invests in interns, they are more likely to invest in you. Interns who are paid fairly and given a range of learning opportunities tend to feel more valued. This, in turn, increases the chances of them staying on in full-time positions in the future. This is beneficial for the business because you have already invested in each intern, from the recruitment process to onboarding to training. As such, retaining interns and converting them to full-time staff will allow you to keep that training, expertise, and skillset within the business.
A recent study revealed that 54% of workers who left their jobs in the last 6 months didn’t feel valued by their company. This demonstrates just how crucial it is for employers to show employees (including interns) that they value them. The best way to do this is through a fair wage, learning and development opportunities, feedback, and a culture of recognition.
4. Boost Employer Branding
The rise of remote working and virtual internships means that there is more competition than ever for the best new talent. If your business wants to attract exceptional interns, it may be time to increase the salary package. When students and graduates take on an internship, they will usually share their experiences with their peers. Some may even document it on social media. Word of mouth and referrals are extremely important recruitment tools for employers, so it’s key to provide interns with a positive experience.
Interns who are paid fairly are much more likely to recommend your business to others. This not only boosts visibility, but it improves employer branding. Speaking of visibility, well-paid internships tend to gain much more traction at careers fairs and on job boards. Thus, helping your job vacancy stand out from a sea of others.
5. Promote Diversity and Inclusion
As education becomes more accessible, students and graduates are increasingly diverse in terms of ethnicity, race, religion, and social background. This creates a wider pool of diverse talent for businesses looking for interns. However, it is not financially viable for many outstanding students and graduates to apply for an unpaid or low-paid internship. As a result, employers often miss out on top talent because they simply don’t offer a realistic salary for interns who can’t rely on their families for financial support.
To avoid missing out on talented interns with a fresh perspective, employers should pay interns more. By offering a liveable salary during the internship, you create a more accessible programme for a wider range of candidates.
Still not convinced? Studies show that diverse workplaces are more creative, are better at making decisions, and have more learning opportunities. Investing in interns now could have a hugely positive impact on your business tomorrow.
Final Thoughts
So, why pay interns more than minimum wage? We hope we have given you some food for thought. Interns are valuable assets to your business, so investing in them is a key priority. When you pay your interns more, you demonstrate that you value their input and that you are willing to invest in them long-term. In return, you gain a loyal and diverse employee who is eager to learn and grow within the company.
Developing a Student is packed with guides for employers, including advice on attracting graduates and building an inclusive work environment. Get in touch to advertise your roles on our dedicated Student and Graduate jobs board.
