In today’s competitive hiring market when talent acquisition and employee retention is more important than ever, organizational leaders are beginning to see the long-term, strategic value in cultivating recent graduate interns into permanent team members. According to one recent study, it was revealed that as many as 48% of companies offer some type of relocation assistance to interns. As with other employees, they pay to cover some (or even all) of the expenses it would take to move the interns, their belongings and possibly their family members.
Establishing an Intern Relocation Program may provide a wide range of additional benefits that are worth exploring.
Because interns are by and large younger people, they’re very eager to move for new work – but at the same time, this may very well be the first time they’ve ever moved on their own. It’s easy for them to get overwhelmed about things like where they should live, what they should bring with them and more, all of which is energy that should be funneled into being productive for your business.
An intern relocation program does exactly that, helping to make the relocation process as care-free and as efficient as possible so that they can devote 100% attention to their new role.
Or to put it another way, a better relocation = a better internship.
Never forget that every intern represents a future long-term employee just waiting to be hired. In an era where 3.9 million employees in the United States telecommuted at least part-time in 2015, it simply doesn’t make sense to limit your pool of intern applications to only people who live in the city where your business is located.
Good interns can come from all over and many are eager to work for you – but without an intern relocation program, you’d essentially be making that impossible. Such a program would naturally attract a wider, more diverse array of candidates.
If nearly half of companies that offer internships offer intern relocation programs, it’s expected that the remaining half will be adding them in the not-too-distant future. With the US unemployment rate at a 17-year-low, interns have more options than ever and companies are struggling to remain competitive in the hunt for top talent. If your competitors are not yet offering intern benefits, relocation assistance can absolutely help sway things in your direction.
According to a recent study, it can cost as much as 20% of a position’s annual salary to replace a midrange employee and up to 213% of the annual salary to replace an executive. Whereas the median dollar amount allotted to interns for relocation purposes has grown to over $1,500 over the last few years.
As you can see, a little goes a long way. By offering assistance with components like house hunting, housing stipends, moving allowances and more, you’re conveying a solid impression of your company culture and giving high-value individuals the opportunity to grow with your business.
Ready to explore relocation services that fit even the intern budget?