5 Cost-Effective Ways to Hire Your Next Class of Interns

Internship programs are a highly cost-effective method for recruiting full-time talent — which is especially crucial during an economic downturn like the one we are currently experiencing. In fact, recent employment data shows that internship programs serve as strong pipeline of talent for entry-level roles, with 75.5% of interns from 2020-21 returning to work at their company full-time. Plus, interns are more likely than non-interns to stick around, saving you in recruiting and onboarding costs. The data shows that the 1-year retention rate for interns turned full-timers is nearly 70%, compared to 36% of non-interns, and the 5-year retention rate for interns turned full-timers is nearly 41.5%, compared to 26% of non-interns. But how do you take a step back and source your new cohort of interns in a cost-effective way, as well? Try incorporating some of these strategies below into your next recruitment cycle. 

Use former interns as ambassadors and set up a referral program

Many employers offer referral programs or bonuses when a current employee recommends a potential candidate for a role, and that person is hired. You can apply the same principle to your internship program. Offer interns (perhaps those who have accepted a returning offer) the opportunity to serve as ambassadors — such as by attending career fairs and in-campus recruitment events alongside your recruiters, and providing testimonials for use in your recruitment marketing. You may choose to offer an incentive for referring students who are ultimately hired. Students at HBCUs and MSIs especially value the advice and experiences of their peers and upperclassmen, so this is a great way to build a pipeline of talent while increasing diversity.

Consider virtual or hybrid recruitment

You can reduce costs while still reaching a ton of qualified talent by shifting some of your recruitment efforts away from campus visits and toward virtual recruiting. Virtual recruitment encompasses events like virtual career fairs or info sessions, online interviews, and talent sourcing through platforms like LinkedIn and online job boards. Compared to a campus-specific strategy, turning to the web can connect you with a range of potential candidates who come from many different schools and locations, while simultaneously reducing costs associated with travel and in-person event setup. Hybrid campus recruiting uses a combination of in-person and virtual recruiting strategies, and has become increasingly popular during the pandemic.

Assess the positions that are most likely to convert to full-time and focus efforts there

Let your own data be your guide, and help your marketing efforts! Look over the results of your efforts from previous recruiting cycles, and determine what positions are most popular for interns to convert to full-timers. Prioritize recruiting for those roles and highlight that factor during recruitment, as job security is highly important for students, especially with a potential recession. You can also calculate your own long-term retention rates (such as 1-year, 2-year, and 5-year) for previous interns who accepted full-time roles, and share those statistics in your recruitment materials. This can supercharge your recruitment efforts by showing candidates exactly what they want to see, and help you make the case for your program. 

Think long-term by specifically reaching out to underclassmen

Even if your internship program is only for rising seniors, getting on potential candidates’ radar early can benefit you in the long run. Promote your employer brand to freshmen and sophomores by encouraging them to visit your table during career fairs or sign up for your recruitment info sessions alongside upperclassmen. At events like these, you can also capture their contact information for future outreach when they will be eligible for your internship programs. When you're ready to recruit for your next internship program, you'll have a pipeline of talent warm and ready to apply. 

Use tools like RippleMatch

Expand your campus recruitment strategy to include resources like RippleMatch, a recruiting software which can get your opportunities in front of a lot of diverse, qualified talent through a combination of a sourcing platform, events management, and employer branding services — which can be significantly less costly than other recruitment methods. Plus, many employers use RippleMatch to further their diversity recruiting efforts, in addition to reaching new potential Gen Z candidates across a range of colleges and universities. And finally, RippleMatch also offers advanced analytics capabilities to help you track your recruitment goals and maximize your ROI —- which can help you make the case to leadership as to why your program is worth investing in.

Investing in early career talent (via internships) is an investment in the long-term success of any company — but that message can be hard to communicate to leadership, especially during times of economic distress. However, there are avenues you can take to cut costs associated with your internship programs, such as those mentioned above. Interested in more investments you can make in this climate? Check out our guide to early career talent during an economic downturn.