Benefits and Grants for Hiring Student Interns
The new year is upon us, which means there are thousands of Canadian students that will be looking for internship opportunities for springtime. While April to June are the busiest months for hiring because second semesters are finishing, it’s important to consider planning to hire students for co-op placements / internships before that time.
Canadian businesses can access government grants for hiring post-secondary students or graduates for internship placements to utilize new incoming talent and give youth experience in the workplace.
Many Canadian businesses from all types of sectors are eager to hire students and post-secondary undergraduates for internships. A benefit for both students and businesses, hiring interns can be a cost-effective strategy for companies seeking motivated team members. Internship programs offer students the chance to apply their knowledge on a professional level and gain hands-on experience to succeed in their developing careers.
Benefits for Canadian Businesses Hiring Student Interns
Canadian businesses that hire student interns can benefit in a variety of ways including gaining fresh ideas from the students, filling workforce needs for temporary or short-term projects, developing and training students who turn into future employees, and also obtaining tax credits and wage subsidies to support the costs of hiring students.
Fill a Temporary Void
A student intern is a great resource for an organization to manage short-term projects and take on work that full-time staff is unable to manage. Companies have access to the latest talent pool of potential employees before they enter the post-graduate job market. Since internships are typically temporary positions, there does not need to be a long-term commitment from the employer, or the new hire. More so, since internship programs target students for positions related to their field of study, there is no need to advertise over a series of job boards that may bring in unqualified applicants.
Students are Eager to Learn and Make an Impact
There is an extensive pool of talented and educated individuals eager to test out their recently acquired knowledge in a real-world setting. Students can bring high energy to a team, regardless of the position and industry. Student interns may have a goal of being hired on as full-time staff post-graduation, so they are eager to make a positive impact and support the growth of the business. As they are coming straight from modern teaching in the classroom, they are up to date on the latest technologies in their respective fields and can offer fresh insight to organizations.
Furthermore, it can be said that student interns are sponges who want to soak up any knowledge they can during their placements, so it’s also a great opportunity for employers to offer mentorship and guidance to students at the beginning of their careers.
Find Your Future Employees
An internship position is often called a “long interview.” A big attraction of work-integrated learning options is the low-risk opportunity it presents for students and employers to evaluate one another. During the placement, employers can assess the students’ skills and see how they integrate into the overall company culture. Once the placement has finished, if both the student and employer see a fit to work together, it eliminates the need to start the recruitment process from scratch. In this way, offering an internship arrangement gives managers the chance to take part in the training of their future long-term colleagues.
Benefits of an Internship Opportunity for Students
An internship not only has benefits for the employers that hire interns, but also the students taking part in the placement. Since a co-op / internship can combine both academia and work terms, students get the chance to test out the waters in their field of study, use first-hand their skills learned in the classroom, and expand their knowledge with real-world work experience. The experience allows the students to network with potential employers, develop skills, and explore career options.
Government Grants for Hiring Students and Graduates
Businesses often pursue government funding programs to hire students and post-secondary graduates. Among their many options, which include wage subsidies such as government grants and tax credits, businesses can strategically reduce their labour costs while also developing youth talent. Some of these resources include:
Through the Canada Summer Jobs (CSJ) program, eligible Canadian businesses can access up to 50-100% of minimum wage for youth hiring grants. The CSJ is a Canadian government grant that offers support for employers providing supervised career-related work experience for youth employees. The experiences gained through funded placements should further develop their skills and knowledge, preparing them to make a transition into employment.
Ontario Co-operative Education Tax Credit
Provided as a tax credit, businesses may claim up to 25-30% of a student’s wage to a maximum $3,000 per 10-week to four-month co-op placement. Businesses may claim this credit if they are a corporation that provided a qualifying work placement at a permanent establishment in Ontario for a student enrolled in a qualifying post-secondary co-operative education program.
Internship Hiring Grants
Government grants of up to $5,000-$7,500 per trainee are available for employers hiring student interns for at least a 12-16-week period. Internship positions can range in a variety of skilled development roles across all industries.
If your business is planning to hire new employees in 2023, it’s worth looking into whether you are eligible to receive grants for hiring student interns. Contact Mentor Works to help streamline the process and help you discover hiring grants and wage subsidies for your new team members by filling out the Wage Subsidy Identifier.
