Everything You Need to know About Intern Compensation
Written by Nathan Parcells at Looksharp 2016 2016
Determining proper intern compensation can be a challenging process. Not only is there an ongoing debate about paid vs. unpaid internships and the legality of such positions, but choosing the right intern compensation directly impacts the the quality of student applicants you will receive.
Looksharp is excited to offer this free downloadable E-Book that answers all of these commonly asked questions about intern compensation and offers free templates to help you get your intern program up and running.
1.) Paid vs. unpaid internships. Concerned about being the next target of a high profile internship lawsuit following on the heels of cases against Fox Searchlight and Charlie Rose? This chapter explains when your organization can offer an unpaid internship and when it cannot, as well debunking myths about internships for credit and internship stipends or even offering a stipend for internships at all.
2.) The 6-point Unpaid Internship Guideline. The US Department of Labor's 6-point internship compensation test is the longest standing legal guideline on unpaid internships. But what does it really mean? We explain the 6-point test in clear terms.
3.) Compensation based on major/internship role. Looking for top talent but trying not to overpay? Every major has a different internship pay scale standard based on the competition for such students (with bankers and CS students at the top of this list) as well as their experience level. Our graph helps you identify what range you should expect to pay to hire students from designers to accountants.
4.) Writing an offer letter. Offer letters are a great way to bring your internship program into closer compliance with the law. We have a full draft of an offer letter template that you can use to onboard your new intern hires.
5.) Alternative forms of intern compensation (worth more than money). Don't have a huge budget for your internship program, but looking to make sure your program stands out? Studies show that after a certain financial compensation threshold, education benefits like the opportunity to learn professional software skills or opportunities to network can far outweigh monetary compensation. This e-book offers tips learned from the top internship programs as well as scrappy entrepreneurs who have built great programs on almost no budget