Internship - A safe option in recession

Internship -we hear this word too often, especially in the present times, when companies are hiring interns rather than engage employees. We know that internshiphelpsto put theoretical knowledge into practice.

It helps us to gain practical exposure and for choosinga career path.Sometimes internship also assistsin changinga career. Moreover, it is an opportunity to experiment a new job inthe current recessionary market environment.

Internship in the field of one's interest for a couple of months getsa learning edge as well as experience similar to the initial training period of a job.The current changing dynamics of the global markets have made internship as a popular choice for the corporates because it enables to train students and make them industry-ready. There are plenty of paid internships as well as unpaid internships, which are beneficial to freshgraduates and other working professionals.

However, it is a general belief that an internship that pays well takes the best candidates and that the selection process is robust.Selection procedures prepare a candidateto face challenges in one's careerat an early age. Hence, undergoing internshipis always an added advantage in the job market.Moreover, internship experience can impress the selection board at the time of recruitment.

However, finding an internship of our choice could be confusing and stressful as well. The millennial generation, especiallyin the age group of20-25prefer internship as an entry into the corporate field.

It is also observed that an increasing number of fresh graduates from top tier schools of engineering and management are taking up internship opportunities voluntarily in the established startups.

One common thing the employers look for in a candidate is the preparedness and the enthusiasm he expresses and the commitment with which he delivers the tasks.The corporate boss expects the intern candidate to learn the corporate work culture, the dynamics of it and the work discipline.

The intern candidate has to understand the intricacies of the work given to him. He has to ensure that the work is done according to the satisfaction and requirement of the immediate boss.

A typical internship lasts from 2 to 6 months. An absolute commitment and passion are required without which it will be challenging to impress the authorities. Any intern-experience, however tricky or tedious, helps the candidate in the long run.

It must be remembered that maintaining good relations with co-workers is as important as the work itself. A reasonable internship period may open the doors for a job in the same company.

There are companies that have made internship mandatory for recruitment into the same company. It is usually the best interns that are turned into regular employees. De Shaw & Co take interns for a minimum of 6 week-internship programs before recruiting them into their own organisation.

Goldman Sachs and a few other top companies also prefer taking interns; this way both the company and the candidate are benefited as this helps in adapting to the company culture and also helps the company assess the candidate for a more extended period.

Hiring interns lower the attrition rate. At the same time, employee satisfaction and motivation levels are based on the pay packages and career growth.Manytop business schoolsin India, have a record for landing-up with the highest pay packages in companies like Amazon, Google and Microsoft by interning first.

It is a smarter way to start a career as an intern because it helps in building a professional network. In a stagnant economy or in recent times like the recession where companies are initiating strategies to fire permanent employees and hire interns, opportunities could be found without much difficulty, because these are for a short period with no long-term commitment and at alittle cost for the companies.

In every way, taking up an internship is always beneficial for various reasons explained above.Finally, the internship adds value to the company, and in return the company adds value to theintern.

(First author is a Assistant Professor at Institute of Public Enterprise, Hyderabad. Second author is PGDM Student at Institute of Public Enterprise, Hyderabad)