The average salary for a student on placement at E.ON, for example, has increased by over £2,000 in the last year. In a recessionary period, this highlights the high value which is increasingly being placed by employers on future talent development. With 85% of Association of Graduate Recruiters (AGR) members now offering placements and internships, the growing trend for undergraduate development doesn't look to be slowing down.
Firms are being pushed to up their game when it comes to attracting and recruiting the future business leaders of tomorrow; placements and internships are a key source of securing that talent at its earliest stage.
Research has shown that undergraduates are increasingly looking for top company names when securing an internship and placement. This highlights a need for firms to take a step back and assess whether they are placing themselves amongst those that offer rewarding schemes for students and employers.
A core issue within the market, therefore, is to balance the expectation between student and employer. What many students are looking to achieve from a placement does not always match up with what the employer is hoping to gain from their experience with the firm. To make sure students, and employer's alike, get the most out of the time spent at the company it is important that the aims and goals are set out at the beginning of the scheme. Employers should have a clear idea of where the student will sit within the organisation and structure the scheme accordingly.
Barclays do this incredibly well, which is why they were recently ranked as the number one firm for undergraduate internships and placements. Jane Clark, Barclays Head of Corporate and Investment Banking Campus Recruitment, Europe and Asia, explained that it is important to set expectations about the kind of work students will be doing early on.
Students want to feel as though they are a valued addition to the business, but the missing link between expectation and reality, as it stands, may be due to the fact there is no clear definition as to what constitutes as a placement, internship, or work experience scheme. In order to ensure there is no misconception as to what is offered to students, it is important for the firms to set these parameters out in the initial stages of advertising the position to undergraduate students. Communication is key to preparing both the employer and the student for the experience.
Recent industry-wide discussions have indicated that others agree with this and that now might be the time for a 'Gold Standard' of clarity and transparency to be set to help employers stay ahead of the game. Carl Gilleard, AGR, recently suggested that a standard needs to be set for corporate giants and SMEs to adhere to. It seems there remains a degree of confusion which must be eradicated in order for the industry to take a further step forward.
Whether large or small, there are steps which firms can take to offer mutually beneficial experiences for both parties. SMEs in particular may be concerned that they lack the budget necessary for implementing and running a scheme, but there is advice and support out there to help find solutions to structure a rewarding programme. Sharing best practice within industry sectors will be a way to help standardise schemes and develop best practice frameworks.
Benchmarking success is a sure fire way for SMEs to keep up with best practice within the industry. Recognising the excellence and success of smaller companies is key for showing support for those who are taking steps to ensure they are doing all that they can to protect students and offer them a full and true experience of what it means to contribute to a business.
AGR continues to set the standard for graduates, by regularly running sector focus groups and promoting best practice within the industry. A similar charter for those who are focused upon the undergraduate field must be developed.
Ultimately, an honest and open approach to placements and internships can only be a good thing for the industry, and this is something that will help companies to keep up with further market expansion in the coming years.
Oliver Sidwell (pictured) co-founder at RateMyPlacement.co.uk
