Benefits

Students on placement can fill skills gaps in small businesses with their up-to-date technical skills and the energy to innovate. Businesses that take part in placement schemes can expect to see:

• increased sales
• increased profits
• improved products/processes/services
• increased access to international markets

Placements can also act as a very effective ‘extended interview' and for those with a more technical bent can afford the opportunity to create links with universities and the expert knowledge base that can bring in-depth knowledge to successful innovation.

What evidence exists that placements really deliver?

Numerous case studies exist; here is a taster of what can be achieved in just eight weeks:

• increasing turnover by 20%
• new product design securing an order for £500,000
• reducing costs by 30%

And just one quote from a small business owner who took a student placement through a recognised scheme:

"David brings a freshness to the company as a whole. His ideas are based on a non-tainted view of society and that is key to innovation. He sees the solution, not the problem." Jon Sawdon Smith, Co-owner, DIY Kyoto

What placement types are available?

Placement lengths are flexible, ranging from 4-12 week summer placements through to year-out opportunities for recent graduates looking for work experience, or for students and postgraduates still in full-time education and looking for a complementary year out.

Most placement schemes offer students full support, including an induction and ongoing mentoring where required.

Examples of previous projects include prototype design, creating new products, researching new markets and developing new software.

How much will it cost?

Costs and subsidies vary by scheme, but on average if your placement lasts for up to 12 weeks, the cost is likely to be about £250 +VAT per week. You will need to decide in advance how long you would like your student to be with you and pay the full cost up front. This covers the students training allowance and management of the administration.

Longer projects are subject to a standard set-up fee of £1,500 - £1,800 + VAT and the business pays the student an agreed salary directly, which is subject to tax and NI.

Is further academic support available?

Many students will have active contacts with academics who can bring their expert knowledge to your business. Some placement schemes provide for this with grants to fund further knowledge transfer by a chosen expert in the relevant field.