provide interns a preview for what they will be working on in the future. It also provides participants in the program with a sense of purpose, and avoids the pitfall of having an aimless internship program. If an intern is able to complete a significant project during his or her time in the program, then that person is more likely to feel compelled to work for your bank. Prospective employees respond to being given projects that test their knowledge and skill, and an internship program is a perfect way to lay the groundwork. It is also beneficial that the intern be encouraged to engage with as many members of the bank staff as possible, not just those employees that are in the department or division that the intern is assigned. This will provide the intern a better understanding of the environmental and job potential within the bank itself. To that end, the more people who know you and your skill set, the more likely you are to find employment. According to a report by the National Association of Colleges and Employers (NACE), about 70% of interns receive a job offer from the company they’re placed with. Nearly 80% of those receiving a job offer accept it, which translates into 56% of interns going on to become full-time employees. Further, interns are likely to stay long-term with a company that’s helped cultivate their skills. After one year, 71% of interns remain employed by the company, and after five years, nearly 44% are still on staff. Also, when interns work on substantive projects and feel like they are making a contribution, they are more likely to want to stay with the company. It’s also important to maintain at least a tenuous connection or casual contact with your former interns. It provides your bank with proactive networking and the opportunity to reconnect in the future, possibly for employment opportunities. A good internship program can be a training ground for young talent, so staying in touch often proves mutually beneficial. Your bank can choose whether to pick interns who are college graduates or still in school, which depends on an organization’s particular needs. Distribute Information About Your Program It’s also important to distribute information about your program ahead of time. No matter how great an internship program, it can’t thrive if no one knows about it. We begin recruiting several months before we want the internship to start, particularly if you’re looking for someone to start at the end of the school year. Many students begin making plans as early as possible. A few tips for drawing attention to your internship program: • Post the internship on job boards. • Send information to career centers at local colleges and universities. • Ask specific departments or faculty to distribute information to students or post on their bulletin boards. • Add the job posting to your website. The NMBA’s internship program has been assisted tremendously by its alliance with University of New Mexico’s Anderson School of Management. It has given us access to a plethora of terrific candidates and has given our program far more exposure. Should Interns Be Paid? According to the Fair Labor Standards Act, you can only bring on unpaid interns in certain situations. In these cases, the internship has to be primarily educational and benefit the intern more than the company. Nearly 61% of internships are paid, according to the NACE report, with an average wage of $19.05 per hour. Most unpaid internships are in the social services sector. Besides meeting legal requirements, you’re more likely to attract talented and motivated candidates by compensating your interns. And you’re far more likely to attract interns to seek full-time employment in the future if you compensate them. The NMBA program provides compensation for our interns, which is paid by the participating bank. There’s no set way to structure an internship program, you have to tailor it to meet your bank’s individual needs. But there are general rules that will allow your organization to attract highly qualified candidates. Providing interns with challenges and actual work situations will prepare them better and work in your bank’s favor. By having someone coordinate the program and creating alliances outside your organization, you can quickly get your program off the ground. For the NMBA, Liz Earls’ participation and our relationship with the Anderson School has been essential to our program’s success thus far. It has allowed us to set a vision for the program and begin to implement it. John Anderson with the 2024 group of NMBA interns. 7
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