Competitive Advantage

Don't wait for college job fairs to start picking new workers because the cream of the crop is likely to be gone long before then. "Companies coming in to look at our seniors are finding 80% to 85% of them have already committed to an employer," says Matthew Eicher, industry relations manager at Arizona State University in Tempe.

Smart employers are offering internships and summer jobs to candidates in their first and second years of college. Organizations begin making offers to May graduates when they begin their senior year, and employers also are interviewing in fall for summer internships.

The benefits of acting early are long-term. The contracting firm PCL in Edmonton, Alberta, has a retention rate for intern alumni of 90%, three times the rate for other new employees. But you won't see any benefit if interns spend the summer just fetching coffee. To lure candidates, tell them not only about the hours and pay but also about any projects you plan to have them work on.

While interns are with you, make sure that they see how classroom theory relates to the real world, and help them hone skills they aren't likely to develop in school, such as how to write a professional business letter. Assign each intern a supervisor and mentor to guide the newcomer through the assignment.

A great internship pays off well beyond one potential employee. "If students have a good experience, they are the best advertising because they come back and tell classmates," says Michael Powell, who directs the engineering career center at the University of Texas-Austin.