Issue link: https://industrialmanagement.epubxp.com/i/513969
12 Industrial Management Internships are becoming increasingly important as a source of employee selection and training. More than 80 percent of undergraduates complete at least one internship, up from about 50 percent a couple of decades ago. Professional graduate education relies even more on internships to hone skills and introduce students to real work settings. Research by engineering faculty at Arizona State University shows intern- ships are instrumental in developing competencies based on ABET criteria. In a paper published in IIE Transac- tions , Diane Bailey and Steve Barley from Stanford's management science and engineering department have even proposed internships as a requirement for engineering programs to ensure the U.S. remains competitive. For nearly all full-time MBA programs, internships are a key step in the critical path for full-time hiring. Internships offer a number of benefits for employers. First, intern- ships provide a "try before you buy" employment arrangement. Rather than risking a hiring mistake, internships provide managers a six- to 12-week window to get to know a candidate's personality, motivation, skills, abilities and fit with the organization. In other words, internships provide a more rigorous selection process than conven- tional hiring. Second, internships offer an opportunity to build reputational capital with your hiring pool. Student interns with positive experiences can be your best endorsement for attracting the most talented candidates. Third, internships provide an opportunity to accomplish actual work. Rather than using organizational resources such as valuable supervisory time, properly managed interns can become a worthwhile human resource to complete short-term work with a potential to contribute in the long term by recruiting full-time talent. But poorly managed internships can backfire. For instance, interns with bad experiences can impair rather than enhance your organization's reputation In top-tier MBA and graduate engineering programs, internship hiring can be even more competitive than regular full-time positions. as they return to school, making it harder for your company to attract top talent. A poorly scoped and incompe- tently supervised project assigned to an intern can waste resources if work needs to be redone. Therefore, to maximize the benefits and minimize the risks, it is critical to ensure that you're ready to manage the incoming class of interns. Here are five guidelines, also shown in Figure 1, to help you make the most out of your organization's internship program. 1. Rigorous selection is key If your organization views interns only as a source of low-cost, temporary help, think again. The internship hiring process should be no less rigorous than your full-time employee hiring process. Organizations that take internships seriously have long recognized this. In fact, in top-tier MBA and graduate engineering programs, internship hiring can be even more competitive than regular full-time positions. This is because most organizations that use internships to recruit full-time talent have fewer internship positions available than regular positions. The war for talent has escalated to a full- blown arms race with increasingly rigorous intern selection processes designed to identify the highest potential candidates. For example, Microsoft has experi- mented with a three-stage selection process for hiring its highest potential MBA candidates. First, student teams compete in a case analysis tournament, with the winning team presenting to Microsoft executives and earning the right to interview for an internship position. Those who make it through the process work as Microsoft interns on high-profile projects. Based on their internship performance, a select group then earns the right to interview for a full-time position. This rigorous process reflects the important role internships play at Microsoft. Google also views internships as a critical source of engineering talent. The company has a dedicated team with the sole purpose of hiring and developing tech interns. It should be no surprise that Google recently was ranked by Glassdoor.com as offering the best internship experience in America. Internships also can identify and fast-track high-potential talent. For example, recognizing the value of diversity in Pepsico's management team, former Pepsico CEO Steven Reinemund developed a program that hired minority candidates for intern- ships from seven highly ranked MBA programs. Their summer internship program included periodic meetings with the top management team, rigorous evaluation of their potential fit with the organization and placement on high-profile short-term projects. Those who meet Pepsico's selection standards then have a shot at a full-time fast-track leadership development program. Microsoft and Pepsico take their internship programs seriously. Your organization should too by making its intern selection process indistin- guishable from its process for recruiting full-time talent. 2. Get on board quickly Onboarding refers to the training and socialization process that organiza- A PROPER PROGRAM Figure 1. These fve tips can help your organization get the most out of its internship program. Getting ready Internship management tips Rigorous selection Take intern selection as seriously as full-time recruitment. Rapid onboarding Train new interns alongside new employees. Encourage proactivity Inspire interns to seek information, feedback and build relationships. Learn-perform tension Embrace both skill development and performance, with a bent toward learning. Close the deal Provide a realistic picture of life inside the organization.