Forward-looking business owners can help themselves and future leaders by offering internships, even unpaid positions, according to Tom Farrell, executive vice president of Generational Equity, a company that helps privately held and family-owned businesses transact mergers, acquisitions, exit planning, and strategic growth initiatives.
“A real internship is a mutual commitment between the intern and the employer where real-world experience lays a foundation for the intern’s future success,” Tom Farrell said. “You don’t bring in a college grad or upperclassman and hand her or him menial work,” Farrell said.
Meaningful work - experience that can be described in a résumé as a skills mastered and responsibilities filled - is a big contribution to the intern’s credentials. The employer provides future references for the job hunter and supports that person with networking and other valuable career assistance.
Unpaid internships are a common practice in the best of times and at big companies. In model situations, the internship follows a prescribed course of activity: scheduled and monitored so that it’s more than fair to the intern.
“Our economic forecast is improving. There is good reason to believe that by the time an intern completes a three- or four-month commitment, the employer may be in a position to offer an entry-level position,” Tom Farrell said. “Then the investment both of you have made pays off, and you will be glad you took the time to provide a comprehensive learning experience for your intern.”
Farrell added that the company’s entire staff should participate in the teaching responsibilities for interns. “You will find some natural mentors among your employees, and the others will learn something important about your value system.”