Why work placements should be part of your hiring strategy to engage, retain and attract talent

How we work has changed significantly over the last few years. In a tight job market, employers face the challenge of finding new and innovative strategies to engage, retain and attract top talent.

Recruitment is a way of transforming your organisation and making better decisions that provide better hiring outcomes. It is NOT about acquisition. It’s about showcasing what you have to offer as a great employer. 

One approach is to offer work placements.

According to the National Association of Colleges and Employers (NACE), nearly 85% of employers surveyed said that work placements are their top recruiting method with consideration for time and financial investments. Work placements provide more value than career fairs, on-campus visits and campus panels.

Who would be interested in a work placement?

• A student who wants to gain experience through part-time hours in a real workplace

• A graduate looking to find their first opportunity in the workforce

• Someone who is already in the workforce but wants to change careers or get a foot in the door of an organisation where they see themselves in the future.

How do work placements work? 

A work placement is a stepping stone for both candidates and employers. Offering part-time work can help you make better-informed decisions about someone’s future at your organisation. A work placement is also a transition for someone looking to gain more experience in an area where they see themselves working in a greater capacity in the future.

As a general rule, we don’t recommend unpaid internships. In most cases, the person on work placement is providing labour to a business or organisation, helping with or completing work that a paid employee would normally do or that forms part of day-to-day operations, so the placement should be paid.

Employers should consider Fair Work guidelines on internships and work experience to ensure they meet legal obligations.

A study by the Institute of Student Employers found that 78% of employers agreed that work placements led to higher-quality hires. Insights gained during work placements reduce the risk of hiring mismatches. This gives you the confidence that you are hiring the right talent for your organisation.

Reasons work placements could benefit your organisation

Here are a few reasons why work placements can provide great opportunities for your organisation.

Bridge the skills gap

According to Forbes, 36% of talent specialists say they don’t have the resources to recruit top talent. Work placements offer a solution to address this skills gap. When the new hire gets a taste of real-world tasks and responsibilities, they get a unique opportunity to visualise their future role. This will help them decide whether they are well suited to the job and organisation. As an employer, you can assess their potential as a future employee without the long-term commitment of assigning a permanent role.

Increased engagement

Engaging potential employees through work placements may increase their interest in your organisation. Research by NACE found that 78.6% of employers who offer internships reported higher levels of engagement and interest during the hiring process.

When people are offered work placements and training opportunities, they feel more valued and invested in the organisation’s success. By demonstrating a commitment to your people’s growth, you can help build a sense of loyalty that is important for retaining talent for the future.

Improved retention rates

Retention is important in building a stable and productive workforce. Work placements allow people to adapt to your culture, values and expectations before committing to a full-time role. This will result in a more aligned and satisfied workforce.

A better employee experience

Work placements allow people to better understand your organisation’s culture, values and work environment. This firsthand experience contributes to better job satisfaction. A Gallup poll revealed that employees who are engaged in their work are 21% more productive and 59% less likely to look for a new job. Work placements create a positive and immersive experience, leading to higher job satisfaction that can improve retention.

Cost-effective recruitment

Recruiting, onboarding and training new people can be a great financial investment. According to the Australian Financial Review, a bad hire could cost an organisation 15% to 21% more than the employee’s salary, depending on the job position. By incorporating work placements into your hiring strategy, you can mitigate this risk.

Improve your employer brand

A strong employer brand is essential for attracting top talent in a competitive job market. Offering work placements showcases your commitment to professional development and nurturing emerging talent.

According to a Glassdoor survey, 86% of job seekers stated that employer reputation matters when considering job offers. A strong employer brand attracts top talent, making it easier for companies to engage and retain high performers.

Access to a diverse talent pool

Work placements are an excellent way to tap into a diverse talent pool and promote inclusion within your workforce. By offering work placements, you can create opportunities for underrepresented groups to explore careers within your organisation, leading to a more diverse and innovative workforce.

Final thoughts

Incorporating work placements into your hiring strategy is a win-win approach that benefits both employers and employees. Work placements are a tool that can help your organisation position itself as a leader that can effectively engage and retain a workforce and attract and nurture top talent.

For more insights, visit the Heart Talent blog.