--- title: Internships are the Secret to Cutting Costs description: Do you know the effects a bad hire has on the success of your company? Well, it's time for you to learn before it's too late. image: https://www.selectonellc.com/hubfs/Blog/intern-2.jpg --- [![SelectOne Logo](https://www.selectonellc.com/hs-fs/hubfs/cos-assets/template-assets/img/selectone-logo.png?width=275&height=78&name=selectone-logo.png "SelectOne Logo")](https://www.selectonellc.com/) [![selectone-logo](https://www.selectonellc.com/hs-fs/hub/436003/file-2576893529.png?width=275&height=78&name=file-2576893529.png "selectone-logo")](https://www.selectonellc.com) [![selectone-logo](https://www.selectonellc.com/hs-fs/hub/436003/file-2576893529.png?width=275&height=78&name=file-2576893529.png "selectone-logo")](https://www.selectonellc.com/) - [About](https://www.selectonellc.com/about) - [Solutions](https://www.selectonellc.com/solutions) - [Retained Search](https://www.selectonellc.com/retained-search) - [Contingent Search](https://www.selectonellc.com/monthly-sourcing) - [Resources](https://www.selectonellc.com/resources) - [Expertise](https://www.selectonellc.com/expertise) - [Blog](https://www.selectonellc.com/blog) More results [Job Search](https://loxo.co/selectone)[Contact Us](https://www.selectonellc.com/contact-us) Job Search [Contact Us](https://www.hubspot.com/) Job Search [Contact Us](https://www.hubspot.com/) - [About](https://www.selectonellc.com/about) - [Solutions](https://www.selectonellc.com/solutions) - [Retained Search](https://www.selectonellc.com/retained-search) - [Contingent Search](https://www.selectonellc.com/monthly-sourcing) - [Resources](https://www.selectonellc.com/resources) - [Expertise](https://www.selectonellc.com/expertise) - [Blog](https://www.selectonellc.com/blog) [Contact Us](https://www.selectonellc.com/contact-us)[Job Search](https://loxo.co/selectone) SelectOne Blog #### Share this [Share on Twitter](https://twitter.com/share?url=https://www.selectonellc.com/blog/internships-are-the-secret-to-cutting-costs&text=Internships%20are%20the%20Secret%20to%20Cutting%20Costs) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://www.selectonellc.com/blog/internships-are-the-secret-to-cutting-costs&t=Internships%20are%20the%20Secret%20to%20Cutting%20Costs) [Share on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://www.selectonellc.com/blog/internships-are-the-secret-to-cutting-costs&t=Internships%20are%20the%20Secret%20to%20Cutting%20Costs) # Internships are the Secret to Cutting Costs by [**Marissa Malone**](https://www.selectonellc.com/blog/author/marissa-malone) on Tue, Feb 23, 2016 ![pexels-photo-306534.jpeg](https://www.selectonellc.com/hs-fs/hubfs/Blog/pexels-photo-306534.jpeg?width=640&name=pexels-photo-306534.jpeg) It's important to look at the big picture when hiring a new employee. Although it might appear to be critical to fill a vacant position, it may actually be more worth while to consider all of your hiring options first because the cost of a mis-hire is more than you’d ever imagine. In fact, the U.S. Department of Labor, states the cost of a bad hire can equal up to [30%](https://info.datafacts.com/the-cost-of-a-bad-hire) of the individual's first-year potential earnings. In other words, *ONE bad hire* with an annual income of $50,000 can *cost an employer up to $15,000*. Ouch. No one has time to watch their money go down the drain, so it's time to learn how to avoid it before it's too late.  *Have you ever considered an internship program?*If you haven’t, it may be time to start.  Internships are nothing to laugh at. Not only are they [beneficial for young professionals](https://www.selectonellc.com/blog/summer-interns-4-ways-to-make-the-most-of-them), but the benefits employers will reap are well worth it. **Perks for Employers** Aside from new perspectives and perhaps a competitive advantage, internships are one of the best and easiest ways for companies to build a personal talent pool and get the biggest return on investment.  **Cultural fit** - The traditional route of [recruiting new hires](https://www.selectonellc.com/blog/communication-key-to-the-hiring-process) through interviews and skills assessments will only give you so much insight into the personality and cultural fit of a candidate. Hiring interns will allow you to evaluate the individual’s’ level of compatibility to that of the company culture and workplace environment. **Elite Talent Pool** – Not only are you getting a first hand look at the talent coming out of college, but employers get to see potential full-time employees with direct exposure to thieir own company! **Cutting Costs** - Devoting your time and resources to recruiting and training talented individuals will be beneficial in the [short and long term](https://www.selectonellc.com/blog/reactionary-hiring-fail-opportunistic-hiring-win). *Short Term Perks* – You are able to utilize talented individuals that have a fresh perspective on business practices from their college curriculum without having to make a hiring commitment. *Long Term Perks* – You are able to gather a pool of experienced individuals to hire as a potential full-time employee after experimenting with their presence in the workplace. **Competitive Advantage **- Believe it or not, interns provide a competitive edge for employers because of their relevant, industry related experience working in a business environment. As a matter of fact, [81% of employers](https://www.experience.com/alumnus/article?channel_id=internships&source_page=home&article_id=article_1208895873387) find new hires with relevant internship experience are better prepared for the workforce than those without internship experience.  **‘Returnships’** – Internships sometimes even develop into 'returnships,' a internship-like program for experienced people who have taken an absence from the labor force. *Did you know* employees who are former interns are more likely to be with a company at both the [one-year and five-year retention benchmarks](https://www.naceweb.org/uploadedFiles/Content/static-assets/downloads/executive-summary/2014-internship-co-op-survey-executive-summary.pdf)? And in 2014, employers made full-time offers to [64.8%](https://www.naceweb.org/uploadedFiles/Content/static-assets/downloads/executive-summary/2014-internship-co-op-survey-executive-summary.pdf) of their interns - talk about workplace sustainability! Internship programs provide a vast array of benefits to companies willing to make the investment. Before you make a bad full-time hire, consider an internship program and it may cut your costs.  [![accounting-finance-guide](https://no-cache.hubspot.com/cta/default/436003/66e54ec5-98ae-45c2-af2e-6f7c8504993c.png)](https://cta-redirect.hubspot.com/cta/redirect/436003/66e54ec5-98ae-45c2-af2e-6f7c8504993c)   Topics: [Financial](https://www.selectonellc.com/blog/topic/financial) [Hiring Strategies](https://www.selectonellc.com/blog/topic/hiring-strategies) #### Share this [Share on Twitter](https://twitter.com/share?url=https://www.selectonellc.com/blog/internships-are-the-secret-to-cutting-costs&text=Internships%20are%20the%20Secret%20to%20Cutting%20Costs) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://www.selectonellc.com/blog/internships-are-the-secret-to-cutting-costs&t=Internships%20are%20the%20Secret%20to%20Cutting%20Costs) [Share on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://www.selectonellc.com/blog/internships-are-the-secret-to-cutting-costs&t=Internships%20are%20the%20Secret%20to%20Cutting%20Costs) ### Comments (1) - 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