Internships Lead to Top Talent Retention
New research from the Association of Graduate Recruiters highlights that the key to top talent retention is internships. Recent graduates are more likely to stay with a company if they have partaken in an internship with the company, and they are more likely to stay longer than those who haven’t done an internship.
Nearly 200 businesses across the country took part in the survey, representing over 3 million staff and almost 20,000 graduates.
The research showed that a recent graduate that undertakes a graduate programme will continue to work for the company for an average of 4.4years, a two year training and development programme with cost the company £2,500. The majority of graduates remain with their employer, while 1 in 10 will leave the year after they complete it.
Results show that graduates who were formerly interns remain with their employer 6 months longer than those who weren’t. Retention issues showed that salary was also a significant factor. Graduates leaving to earn more money.
Half of the companies lose graduates to unmet expectations and lack of career development. The report also states that 17% of graduates leave due to career change. Other reasons are performance, working hours, returning to education or moving to a smaller company.
Chief Executive of AGR, Stephen Isherwood said: “These findings underline the value of work placement students to employers, as we’re seeing graduates who were previously interns stay longer with their organisations. Of course there are a variety of reasons that graduates decide to leave a company, but employers looking to improve retention need to be holistic in their approach and manage expectations. Ongoing communication about career paths would also be beneficial.”