What are the benefits of offering an internship programme?

Does your company offer an internship programme? Have you considered the benefits of such a programme?

I have heard several people say that that an internship programme is beneficial for the intern only, while for the company the time invested in the intern is wasted as the intern returns to college just as they become useful.

While it is true that there are several benefits for the intern; paid summer job, gaining on job experience and a perspective on a potential future profession they may wish to follow, your company can benefit too.

Let us share with you our experience

As a company,  we are new to the idea of internships. While in the past we took on summer students their role has been of an office admin type. However, since 2016 we have actively sought interns who are doing a business or accounting degree and who are looking to commence a career in accountancy following college.

In our first year, we took on one intern as we wanted to see how the whole programme would work out. While this approach means more time and effort is spent when recruiting the intern, we felt the benefits far outweighed the costs. As a consulting firm, we tend to have many employees on study leave/annual leave over the summer period and the presence of the intern allowed us to alleviate some of the work flow issues that can arise around this time.

Another benefit for us was that we could use the internship programme as a recruitment tool for future employees. It allowed us to assess the intern in a work environment rather than in an interview setting. This enabled us to gain a much more rounded judgement on the person and how they would fit into the team.

Our first venture into the world of internship was so successful that this summer we took on two interns. And we never looked back.

So, we would highly recommend that your company considers such a programme. As our experience shows it can be beneficial for both the intern and the company.

What questions do you have?

We are happy to help. Please post your comment below or call Will Townsend (ACA, BBS (ACC), CMC), Partner at Cooney Carey, on 01 677 9000. Alternatively, send him an email: wtowsend@cooneycarey.ie

To keep in touch, connect with our friendly team on LinkedIn.

If you found this article interesting, please share it with other businesses. 

Posted on September 14, 2017 by Will Townsend

5 Top Tips On How To Build A Strong Personal Brand

sunshades

Whether you are an individual, a small company or a large multi-national the same principles for branding apply. You need to stand out from the crowd.

Your personal brand is the image you represent to your customers/employer everyday – your reputation. Successful branding sets you apart from your competitors.

5 top tips on how to build a strong personal brand

1. Understand and be your true self – faking it can’t last long term, people connect with other people, a small bit of inconsistency may damage the trust of your customers/employer.

2. Review your moments of truth – the moments with your customers/employer that determine the impression you have left with them.

3. Build your online presence – Pick which social media meets your needs and never forget to regularly review how you’re coming across, how others might be perceiving you and what they’re saying about you.

4. Be purposeful in what you share – every like or share is saying something about your brand, be strategic about your personal brand.

5. Remain a student of your industry – everything is changing at a faster rate than ever before, stay up to date and on trend.

What questions do you have?

We are happy to help. Please post your comment below or call Lisa Byrne, Audit Manager at Cooney Carey, on 01 677 9000. Alternatively, send her an email: lbyrne@cooneycarey.ie 

If this article helped you, please share it.

Posted on November 28, 2016 by Lisa Byrne

Pros and Cons of Monetary Incentives

money-1548322_640

Monetary Incentives (Bonus schemes) are typically used as a mechanism to maximise productivity and efficiency by creating a motivation or goal for employees.

Put simply, a monetary bonus can be a simple mechanism to motivate and influence positive employee behaviour (that said, there can also be pitfalls).

Below we examine some of the pros and cons of monetary based bonuses.

Pros to Using Monetary Incentives to Motivate Employees

  1. Improvement of employee morale and staff retention levels
  2. Proven mechanism for boosting short term productivity
  3. Motivation to reduce problematic employee behaviours
  4. Compensation mechanism for top performers
  5. An equitable payment system for employees, i.e. extra effort = extra money
  6. An effective tool to attract top talent in the recruitment process
  7. May provide employees with an element of control over their income

Cons to Using Monetary Incentives to Motivate Employees

  1. If used continually, a view may be created that they are an entitlement
  2. Risk of unintentional consequences. For example, if a sales rep’s bonus is solely based on revenue and not profitability, goods/services could be sold below target gross margin.
  3. Risk of de-motivating employees (for example where bonus is paid to one employee but not another)
  4. Cost of implementation: resources are required to set up and track incentive programs
  5. Short term focus: Monetary schemes can become very short term in their focus. Long term attitudes and behaviour may be more effectively addressed via non-monetary incentive schemes.

What Questions Do You Have?

We are happy to help. Please post your comment below or contact our friendly and knowledgeable team on 01 677 9000. 

To keep in touch, connect with us on Linkedin.

If this article helped you, please share it with other businesses.
Posted on November 3, 2016 by Cooney Carey

← Older Posts