Companies often wonder whether or not they should pay their interns. After all, there are tons of students out there searching for internships who are willing to do it for free, so why pay them? We explain why you should compensate your student interns — and why it matters so much.
1. You’ll get the cream of the crop.
The best interns — the kind you want applying for your internship opening — have solid work experience and skill sets. Those who rise above and beyond the qualifications you ask for know how much they can contribute to a company. They know they can find a paying job — so why wouldn’t they? Don’t miss out on the best skill out there by trying to skimp.
2. Make them feel like they’re worth your time, and your interns will work harder.
You don’t want to come off as just trying to get some free labor. If they’re not getting paid, slacking off for a day won’t be that big of a deal, but conversely, an intern who does get paid is much more willing to put in 100% effort. The internship should be a mutually beneficial experience: you can demonstrate that you value their work by paying them, by building their skills, and helping to expand their networks. In exchange, they’ll be more motivated to contribute as much as they can to your company.
3. Working while in school isn’t exactly affordable, so help them out!
Many interns are already paying for tuition, housing, food and other living costs. Some are even paying extra to work for you by relocating to a place in which the cost of living is especially high (Silicon Valley, anyone?) Though they’d much rather be working for your startup than at the Gap, when it comes down to it, if they’ve got bills to pay, the latter is simply more economically sensible. The least you could do is make it a little easier on their wallets.
4. College credit is not just as good.
In fact, when employers mandate that students must receive college credit for their work in lieu of a stipend or salary, this eliminates even more potentially great interns from your applicant pool. Students have to pay their colleges more money for course credit, which can add up to hundreds of dollars. On top of that, the process to get paperwork cleared for college credit internship programs is often messy and full of red tape. Don’t turn off great talent by trying to compensate with college credit.
5. You won’t have to feel guilty about giving them hard work.
Most interns have to do arduous or menial tasks at some point during their internships, and they know it. That still doesn’t make it fun; however, if you’re paying your interns, you won’t have as hard of a time asking them to work on a spreadsheet for the day, and they won’t feel bitter and abused about it.
6. The office will be a happier place.
Who’s going to come into the office with a better attitude: someone who is getting compensated or someone who can’t even afford to buy his own lunch?
7. It’ll pay off for you in the long run.
If you want to hire employees in the future, your interns are the best place to start. You want them to have a great experience at your company so that when their internship is over, they’ll want to stay! They’ll build the skill, understand how the company works, and be able transition into a full-time job much more easily than a brand-new hire. Voila — you have another hardworking person on board, and you won’t even have to screen his or her Facebook profile.
Remember, even if you’re a startup with a tight budget, at the very least, even a small stipend for food or basic travel expenses makes the intern feel more valued and in turn, creates better results for your company.
For those of you who have hired interns at your company: Are your interns paid? What are some other reasons you choose to pay or not to pay your interns?
