Case Study: Streamlining Internship Onboarding for a Global Asset Manager

The benefits of hiring interns are well known. Interns offer valuable support and fresh perspectives to existing employees, help businesses to identify future talent, and generate positive publicity by connecting the business with educational institutions and the community. According to Enterprise Today (2023), the financial, accounting, and consumer packaged goods industries lead in internship offerings, contributing around 36% of the overall internship market, with financial services alone accounting for 19%.

Whilst many large corporates offer long-standing internships, smaller businesses often miss out on these benefits due to having smaller infrastructure or a lack of capacity or resources to onboard and manage additional workers and their payroll. One of our service offerings, Core-Asset Engage, is designed to fill this gap. Working closely with businesses, we alleviate the legislative and administrative workload associated with new hires, allowing businesses to focus on what they do best.

As part of the support we provide to a leading Global Asset Manager with their internship programme, we manage the onboarding and payroll for their internship cohort across Edinburgh and London. Our role is to ensure a smooth and efficient onboarding process that minimises administrative burden, complies with all necessary regulatory requirements, and provides a first-class introduction to the business and the professional world for the interns. This year, we managed the onboarding and payroll for their cohort of 20 new internship hires.

We implemented a comprehensive onboarding process tailored to the client’s needs. This included several key steps:

1. Initial Engagement

As a trusted partner, we know the value in providing a personalised service. The initial engagement stage between Core-Asset Consulting and the candidates builds a strong foundation for the later stages of the process through providing clarity.

We conducted initial phone calls with each intern to introduce Core-Asset Consulting and explain our role in their internship process, and give an overview of the process ahead.

2. Pre-employment screening (PES)

The next stage of the process is candidate screening, to give the employer confidence in their hires. We completed a full range of pre-employment screening checks, including Criminal, Education, Sanctions, Right to Work (RTW), and International checks where applicable.  We offered our client the flexibility and scope to perform any additional screening as necessary to ensure full confidence ahead of the internship programme.

3. Contract management

We issued contracts to the internship cohort, and provided detailed explanations of the timesheet and holiday processes. Our digital contract and document management services streamlined the process, making it quick, easy and efficient for the interns, HR, and hiring managers.

4. Progress updates

We maintained regular communication with both the client and the interns to keep them informed of the progress of the screening checks.

5. Completion and confirmation

We sent the client paperwork confirming the findings of our screening checks, the intern’s right to work and the details of the assignment. Upon our client’s approval, we then provided all starting details to the interns and set them up on our payroll system.

6. Ongoing support

We provide continuous support to the interns throughout their placement, remaining available to address any queries or concerns.

Results

The structured and highly personal approach resulted in a seamless onboarding process for all interns. Regular personal contact not only ensured compliance with all regulatory requirements but also fostered a supportive environment, leading to a 100% candidate engagement and retention rate. The use of digital contract and document management services, along with a user-friendly timesheet system, significantly reduced the administrative load on the client's HR and hiring managers. This approach enhanced the overall experience for the interns, allowing them to focus on their roles without unnecessary stress.

Our tailored approach, coupled with digital solutions, provides an efficient and stress-free experience for both the client and the interns, and is an extension of our commitment to excellence and client satisfaction.

Contact us

We know the value that internships can bring to your business. Whether it’s one intern or 50, a seasonal temp or term-time part-time hire, we’re here to help.

For more information about the services we offer, please get in touch.

Phone: +44(0) 131 718 4600

Email: recruitment@core-asset.co.uk

Website: www.core-asset.co.uk