In years past, offering paid internships may have been your secret ingredient to gaining the outstanding interest of potential interns.
Today, the average hourly wage for a bachelor’s degree intern is $16.26. This means simply paying your interns isn’t going to set you ahead of your competition.
With the legal requirement of a mandatory minimum wage for all internship programs falling under the the Fair Labor Standards Act, it’s time for you to be creative in ensuring that your internship program stands out to the best and brightest students in your industry.
Students report that financial compensation is one of the least important internship perks, behind things like resume building and networking opportunities. So as soon as an employer is paying above minimum wage, alternative forms of compensation hold more weight with candidates than higher pay does.
Here are six alternative forms of compensation worth considering for your interns:
1. Networking opportunities