In a competitive job market, employers appreciate individuals who have proactively sought out opportunities to learn and contribute. Internships provide practical experience that can supplement theoretical knowledge gained in education. These programs hold the key to unlocking one’s full potential by empowering individuals to become the trailblazers and thought leaders of tomorrow. Whether you’re a student or a company, investing in internships is investing in the future. Here are some reasons why internships are crucial.
Real-world experience
Internships immerse individuals in genuine work environments, exposing them to the practical challenges and intricacies of their chosen fields. It’s a chance to apply knowledge in a tangible way by enhancing skills while learning from more experienced professionals. Companies who select and develop future talent through internships increase their staff retention rates – 40% of full-time employees come from a company’s internship program.1
Skills beyond the classroom
Having a new hire who’s already exposed to the working world is a leg up for your office, too. Former interns have insights into your culture, how your company operates, as well as expectations for various roles and responsibilities. They tend to assimilate into a new role faster than an external hire might since internships provide a platform for cultivating a diverse range of essential skills. Interns learn everything from communication and teamwork to problem-solving and critical thinking – some of the most sought-after soft skills by employers. These opportunities empower interns to adapt quickly, navigate uncertainties, and seize opportunities, fostering a well-rounded professional persona.
Industry exposure
Internships offer a unique window into specific industries, enabling interns to explore different career paths and make informed decisions about their future. These programs offer opportunities to connect and build relationships with professionals in the industry which in turn provides access to mentorship, referrals, and potential job openings. Mentored employees typically perform better than other employees, leading to stronger returns for your company. According to MarshBerry’s proprietary database, Perspectives for High Performance, the Top 25% of insurance brokerages are more likely to have internship programs. This is key for attracting talent to the insurance industry due to the aging work force and challenges with recruiting young talent.
Company-wide advantages
Interns can take on lower-level tasks, freeing up colleagues to address other priorities. Plus, interns offer a fresh look at a company’s day-to-day business and can share ideas on strategy, plans, policies and more. Many companies also encourage program participants to share their positive experiences on social media – increasing your brand awareness to a broader talent pool.
Self-discovery and confidence
Internships are transformative experiences that not only shape careers but also forge identities. They provide interns with a clearer understanding of their strengths, passions, and areas of growth. Through overcoming challenges, interns build confidence in their abilities and develop a stronger sense of purpose.
The insurance industry should continue to champion internships, create meaningful opportunities, and inspire the next generation of leaders to reach new heights. Your firm can start by emphasizing the profound importance of internships and their transformative impact on young professionals in your culture, your hiring, and your business plan. The initiative, dedication, and real-world application of skills that internships present make them a necessity in the business world.
If you have questions about Today’s ViewPoint, or would like to learn more about MarshBerry’s Talent Advisory solutions, email or call Bryan Lake, Vice President, at 616.214.3335.
