• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

Three reasons your startup should hire an intern

by onlinecitizen
08/02/2019
in Business
Reading Time: 5 mins read
0

by ValueChampion

Do you think an intern could help you get your startup off the ground? Here are 3 reasons you should consider hiring an intern and a few others to make you think twice about this move.

Growing a small business can be an arduous endeavor. Not only do business owners need to create, market and sell their product, they need to bring on the right people to their team in order to achieve their long-term goals.

At the same time, money can be tight when startups are just getting off the ground. For this reason, hiring interns can be an attractive prospect for employers seeking to build a relatively inexpensive team. Here, we examine when it makes sense for startups and other small businesses to bring on interns and when they might be better off pursuing alternative options.

Valuable New Perspectives & Technology Savvy

Like any organisation, startups can always benefit from adding talented new employees to their teams. In Singapore, these hires can bring not only new ways of looking at business problems, but phenomenal educational backgrounds.

Given the highly educated labor force in Singapore, startups have a great chance of finding bright students to join their teams as interns. For example, these interns may bring coveted skills in fields such as software engineering or data analytics, allowing them to make significant contribution for their companies.

Affordable Labor

The first thing that cash strapped startups might think of when considering hiring an intern is the low cost generally associated with these employees.

The average wage for interns in Singapore tends to be much lower than the average wage in Singapore. For example, most estimates suggest that interns in Singapore earn about S$800 to S$1,000 per month, while the median wage in Singapore is S$3,800. This suggests that interns give businesses to hire relatively affordable, temporary workers to help with a variety of tasks.

With that said, some interns earn as much as S$10,000 per month working at major international banks in Singapore according the the Straits Times. Ultimately, it is important to pay all of your employees a fair wage in order to ensure solid job performance and limit turnover.

A good way to estimate the potential cost of an intern for your business is to search online job postings to see what other companies pay for work similar to that of your team’s.

Excellent Recruiting Opportunity

Regardless of how much you decide you need to pay your intern, it is crucial that you make sure their time is not only valuable to your business, but also to their own professional development. This is because an internship may end up being a great recruiting mechanism for your company. Your intern will be more likely to consider a full-time offer someday if you have given them the chance to grow with your business.

Additionally, the intern will be more valuable to your team in a full-time role if you’ve given them the chance to learn the ropes and contribute meaningfully for your team. Finally, hiring an intern is less risky than a full-time employee, given that you will likely invest less time hiring and training an intern and will face a comparatively smaller setback if your intern does work well for your organisation.

Signs You Shouldn’t Hire an Intern

While the idea of hiring an intern may sound great, there are a few reasons you might not be in a good place to bring on this type of employee.

You Are Too Busy

If you are interested in adding a new team member in the form of an intern because you are up to your neck in work, you may want to think twice about the logistics of this hire. Unlike an experienced professional, interns require a significant amount of time invested in their training in order to make them valuable to your organisation.

Not only that, interns often expect formal training in order to make their experience worthwhile. If you are too busy devout a few hours a week to training your new employee, hiring an intern may not be a good fit.

You Really Need Full-Time Help

Similarly, you do not want to hire an intern just for the potential cost savings. If you truly need an experienced professional to make your business grow, you may risk the quality and overall potential of your work by choosing a less qualified individual.

You Startup is Not Financially Strong Enough to Take on Additional Employees

Finally, if you business is not earning enough revenue to cover the cost of an intern, you may not be ready to hire additional workers. That said, if you desperately need more employees but do not have the funds to make it happen, you could consider raising more funds via equity or business loan.

There are many offerings available to startups and SMEs in Singapore, which is very helpful for businesses with shorter track records as they often are denied from receiving bank loans.

On the other hand, if you believe that you have enough business to justify hiring a new employee, but currently have a tight cash-flow situationyou may want to consider a working capital loan in order to finance the day to day operations of your business.

This was first published at Value Champion’s website, “3 Reasons Your Startup Should Hire an Intern“.

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

Record jobs growth in 2022, but no breakdown of the foreign and local workers in the workforce and jobs growth
Labour

Record jobs growth in 2022, but no breakdown of the foreign and local workers in the workforce and jobs growth

01/02/2023
Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud
Business

Market ignores Adani’s 413-paged rebuttal against Hindenburg’s allegation and continues the sell-off

01/02/2023
Driver dies after vehicle fell into sea at Keppel Terminal
Singapore

Driver dies after vehicle fell into sea at Keppel Terminal

01/02/2023
One pilot dead after Vietnamese military fighter jet crash
AFP

One pilot dead after Vietnamese military fighter jet crash

31/01/2023
Japan and NATO pledge ‘firm’ response to China, Russia threats
AFP

Japan and NATO pledge ‘firm’ response to China, Russia threats

31/01/2023
Japanese junior high school sprinter breaks another record in prefectural race
Japan

Japanese junior high school sprinter breaks another record in prefectural race

31/01/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

Record jobs growth in 2022, but no breakdown of the foreign and local workers in the workforce and jobs growth

Record jobs growth in 2022, but no breakdown of the foreign and local workers in the workforce and jobs growth

01/02/2023
Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

Market ignores Adani’s 413-paged rebuttal against Hindenburg’s allegation and continues the sell-off

01/02/2023
Driver dies after vehicle fell into sea at Keppel Terminal

Driver dies after vehicle fell into sea at Keppel Terminal

01/02/2023
One pilot dead after Vietnamese military fighter jet crash

One pilot dead after Vietnamese military fighter jet crash

31/01/2023
Japan and NATO pledge ‘firm’ response to China, Russia threats

Japan and NATO pledge ‘firm’ response to China, Russia threats

31/01/2023
Japanese junior high school sprinter breaks another record in prefectural race

Japanese junior high school sprinter breaks another record in prefectural race

31/01/2023
Malaysia PM stressed the need for people to be allowed to effectively and actively participate in civil society

Malaysia PM stressed the need for people to be allowed to effectively and actively participate in civil society

31/01/2023
Million-dollar overpayments made by various ministries, public agencies highlighted in sampled audit by Auditor-General Office amongst various lapses

Singapore ranked least corrupt country in Asia, fifth in the world

31/01/2023

Trending posts

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
19

...

Two Indian nationals paid about S$330 and S$730 respectively for forged certificates submitted in their S-Pass application

MOM found issuing EPs meant for foreign PMETs to PRC waitress and general worker

by Correspondent
26/01/2023
41

...

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

by Yee Loon
26/01/2023
24

...

Indian rupee falls 60% since signing of CECA while Singapore becomes top investor in India

by Correspondent
25/01/2023
66

...

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

by The Online Citizen
26/01/2023
58

...

Ho Ching breaks silence over Temasek’s write down of its US$275 million investment in FTX, says it “can afford to be contrarian”

US regulator questions VCs’ due diligence work prior to investing in FTX; Ho Ching says Temasek can afford to be contrarian

by The Online Citizen
24/01/2023
28

...

February 2019
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728  
« Jan   Mar »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2022 - 2023 The Online Citizen Asia

wpDiscuz