By Staff Writer August 9th, 2020

Everything You Need To Know About Intern Compensation

Intern compensation

Just like recruiting suitable interns for a company is important, implementing efficient methods of intern compensation is also very important. Interns are undoubtedly a critical part of many companies that can play a huge role in modernizing the business by bringing fresh ideas into organizations and working hard to betterment the entire company. A motivated intern can make a huge difference in the success of a company.

One of the most important aspects of hiring interns is that they act as an extremely cost-effective resource for the companies. In exchange, interns gain a lot of professional experience and get to apply their knowledge of practical situations that allow them to improve their skills and establish a vast network. Not every company needs to give financial benefits to its interns. Instead, they can explore the various alternate form of intern compensation.While experience and skills gained during an internship program are extremely important, but they are not enough to keep an intern motivated to keep working for the welfare of a company. Even if the organizations do not have a fixed intern minimum wage, they should have an efficient intern compensation plan. Devising an intern compensation strategy can be challenging, so in this article, you will learn five ways for Finnish companies to compensate their interns:

1 | Provide Travel Stipend

One of the most common forms of compensating the interns is by covering their accommodation and travelling expenses. Every company should definitely consider giving a travel stipend to the interns because if they don’t have any other source of income, arranging a large number of travel expenses can become quite difficult for them.

Similarly, organizations are highly encouraged to hire international interns and cover their travel expenses as well. In this way, the global interns will feel welcomed into the culture and will be motivated to fully participate in an internship program. Large organizations, especially, can also provide an air ticket to interns’ home country during vacations to keep the interns happy.

2 | Cover Accommodation Expenses

Covering interns’ accommodation and traveling expenses is one of the most common forms of intern compensation. Every company should definitely consider giving a travel stipend to the interns because if they don’t have any other source of income, arranging a large number of travel expenses can become quite difficult for them.

Similarly, organizations are highly encouraged to hire international interns and cover their travel expenses as well. In this way, the global interns will feel welcomed into the culture and be motivated to participate fully in an internship program. Large organizations, especially, can also provide an air ticket to interns’ home country during vacations to keep the interns happy. A lot of companies are already implementing this alternative smart form of compensation.

3 | Intern Compensation Through Extensive Training

An efficient internship program is the one that does not focus on only one skill set or targets just one industry but provides a memorable and wholesome experience to the interns. There are numerous ways in which you can teach a variety of skills to your interns. For example, you can assign an entire to a capable intern that you think can pull it off. In this way, the intern will have to act as the project leader and learn about various difficulties faced during a project from start to finish. 

Similarly, business and finance-based internship programs can include some computer programming basics to equip the interns for the future and become familiar with various applications and technology. At the same time, tech companies can also include a few sessions on entrepreneurial skills. While it is true that some interns might not consider these measures to be reasonable compensation, such skills will help them in the long-run to become successful individuals.

4 | Give Educational Credits

This alternative form of intern compensation is not possible in all cases. The companies must get in touch with the school or university’s counselor and examination department to find out if the successful completion of an internship program can provide educational credits to the interns. If possible, the companies can provide a certified internship certificate that will reflect the interns’ overall experience and performance.

Every organization must make this decision according to the type of internship program they are offering. Interns of the tech companies are usually involved in researching, developing basic models, and experimenting with modern technology. Similar kinds of internship experiences are quite easily converted into significant educational credits. 

5 | Provide Networking Opportunities

Getting a golden chance to expand one’s network is one of the most common and popular advantages of any internship program. However, such opportunities are only possible if the supervisors and the manager are willing to give them to the interns. It is a widely popular method of intern compensation because whenever people are searching for a job, the process becomes easier for them if they know a lot of people in the industry.

Giving a lot of networking opportunities is a smart intern compensation strategy because it will be beneficial for the interns’ careers in the long-run. As the owner or the manager of an organization, you should include interns in your personal team and take them to any big conference or a large-scale industry event at which your interns can interact with various people. In this way, the interns will be able to forge impactful connections with their potential future colleagues, staff, and mentors. Moreover, the interns will be motivated by seeing successful people in their industry and work hard to reach that level.

Conclusion

These are some of the many ways of intern compensation. Many countries around the world adopt such measures, and some countries even provide these additional benefits along with a fixed intern minimum wage. It all comes down to the fact that every organization should consider its type and scale to choose an appropriate method of compensating its interns. The ultimate goal of every business should be to cultivate a stable and positive working relationship with their interns that work for the benefit of both of them.

OUR INTERN SUPPORT SYSTEM


Havinlan works on the benefits of our participants and hosts

Havinlan has taken the responsibility of supporting the interns as much as possible through the Intern Support System. Outside the work hours, the interns can completely rely on Havinlan for appropriate accommodation, reliable support system, orientation tour of the host company, and any other help interns might need in getting used to the Finnish culture and focus on their internship program for maximum productivity.

FOR HOSTS

Once you become our host companies, your employees and interns receive the same benefits as any of our participants.

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