Experience with interns

May 05, 2022
by a searcher from New York University - Leonard N. Stern School of Business in Tampa, FL, USA
Hi All,
Can people share some effective ways to "compensate" unpaid interns as part of a search? I've heard of weekly case study discussions, network / internship connections, willingness to write recommendations, but anything else people have found to be effective?
Thank you all in advance.
from Hofstra University in New York, NY, USA
If you're hiring an intern, there should be a long term intension (they're a junior in college and given a full time offer after completing their senior year, etc.) Additionally, there should be some form of monetary compensation. Gift cards, etc. are a total insult. They should be paid and paid at the minimum a livable wage for the city your company is based in.
Most importantly, there should be a structured on the job training program where they're taught skills required for their internship (actual skills: presentation giving, advanced excel, financial modeling, negotiation, etc.) assigned a mentor who will give them actual advice with a minimum amount of 1 on 1 lunches/dinners. Then offered real world experience and the ability to participate (with supervision) in your companies actual transactions.
Anything less than this is exploitation of college kids for your companies benefit. The world is far too small for this type of behavior.
from Stanford University in Costa Mesa, CA, USA