As the summer months approach, thousands of high school and college students are preparing to join internship programs across the Richmond region. In light of the continued tight labor market, internship programs have become an increasingly important method of introducing students to hands-on learning opportunities. By immersing students in a profession, they will be equipped to hit the ground running once they decide to join the workforce. That is why internship programs work best when they provide a meaningful and mutually beneficial format that includes one-on-one mentorship, development of technical skills and an introduction to the company’s culture.
Recent studies by Gallup and Deloitte indicate that there has been a fundamental shift in how millennials and Generation Z look at employment. These younger generations want real time feedback on their performance and guidance from colleagues who are invested in their future. More than anything, they desire two to three mentors who are willing to help them grow professionally, teach them the skills they need to succeed and cultivate a personal bond.
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While business mentorships are not new, they have taken on a much more important role for millennials and Generation Z. In fact, there has been a tenfold increase in requests for mentors in the workforce over the past 15 years. Drawing on this need, many companies, including our own, have designed internship programs where students are provided with a mentor from senior leadership teams. Our firms have found that relationship building with senior team members helps build a sense of belonging and increases our chance of an intern accepting a job opportunity if one is offered.
The most successful internship programs don’t subject students to busy work. An effective program fully prepares students for a career. To do that, employers must provide the necessary technical skills and training, no matter the level of work, for those students to be successful.
Part of that technical training is done through the mentorship program, but a large part of technical training should include lunch and learns, lectures, conferences, interaction with clients/stakeholders and direct contributions to projects. Unlike intern programs 30 years ago that focused on menial tasks, internship programs today must create an immersive experience on par with what existing employees experience. If there is a disconnect between the intern versus employee experience, that company has set up an unrealistic expectation from the intern, which cannot be repaired once/if they decide to accept employment. Moreover, by giving interns increased responsibility, they are absorbing the technical skills that they need to be successful in their field.
Introducing interns to a company or firm’s culture is another very important piece to building a successful internship program. Corporate culture is defined by the mission and values of a given employer, which can evolve and change over time. That is why it is important to give interns a clear picture of the cultural elements that define the company or firm whether that be dedication to client service, teamwork, or a commitment to work-life balance.
These elements are values that stay constant within a company for many years. Other characteristics like sustainability, giving back to the community, or inclusion are elements that can and should evolve over time. As new team members join, they are able to influence the future direction of the firm’s culture based on changing needs and perspectives.
Actively inviting interns to participate in that process through internal committee participation or feedback programs is one more way an employer can evolve. Given Generation Z shares millennials’ desire to work for companies that align with their personal values, it is especially important in today’s environment for employers to embrace this thinking and ensure that interns can be a part of the process of defining and improving corporate culture.
To be successful, Richmond-area employers must rethink their internship programs so that they better align with the needs of the next generation. By creating an immersive learning experience for students, employers are not only helping to shape a workforce that is prepared for today’s demanding labor market, but they are also building relationships with tomorrow’s corporate leaders.
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Gary Wallace is a CPA and managing partner at Keiter. He can be reached at gwallace@keitercpa.com. Brian Bortell is president and CEO at The Timmons Group. He can be reached at brian.bortell@timmons.com.