What are best practices for using interns?
May 18, 2021
by a searcher from Yale University - School of Management in Columbus, GA, USA
I've done some research into using interns, but am looking for unique or especially important best practices for those who have used or are using interns during a search. Especially looking for best practices related to unpaid interns. Thanks!
from INSEAD in Connecticut, USA
Here are some things that have worked for us:
1) source the best talent you can find. we post roles with local business schools and prior interns refer great classmates/future interns....we have had 3-4 interns onboard at a time...
2) virtual can work well, particularly during semester. as Covid calmed down over the summer, we had our interns into the office several times as well - this was energizing for the team. we have a daily stand up over Teams (less frequent in semester) to keep everyone on track and use OKR's and Trello to outline and track work activities....
3) build standardized intern postings, onboarding and training materials, research and deal workflows, other templates - it becomes easier each team you onboard once you have these in place - we didnt build everything upfront, but over time as we've needed it....
4) each intern owns a sub-industry for research and proprietary company sourcing and has a weekly target of companies/deals to source
5) each intern owns a territory for deal sourcing through banks/brokers/intermediaries. For example reviewing CIMS from these
6) each intern presents one opportunity (1-slide template) they have sourced each week at our investment committee meeting - this has proven valuable for their development as we
debate pros/cons. investment go/no go decisions...and it sharpens our thinking....
7) each intern is trained on our valuation model and pitch deck prep and helps with both depending on where deals are in process.....and their abilities....
8) interns join calls with partners, intermediaries and owners - which are invaluable listening and learning experiences....
9) more experienced interns can help quality check and manage other interns for you on defined activities/tasks...
it is work to get up and running, though the benefits accrue over time and make the search journey more engaging day-to-day....
from Harvard University in Dallas, TX, USA
If you pay 15 dollars an hour, you get people who's rate is 15 dollars an hour. At an hourly rate, with their intellect, the interns I had were hundred dollar an hour people. Interns were managing other interns and we had a system where I spent a bunch of time walking them through analyzing companies but only after the outreach targets had been hit.
I've seen a lot of people pay interns a minimum wage amount and then not give them time because "they're being paid".
Not against paying interns but it should just be part of the overall consideration.