Highlighting the potential benefits of developing the industrial relationship.

Abstract

In the current economic climate the pressures on business to withdraw from students placements, based on the financial commitment needed and the investment of time to develop and grow the capabilities of the student. We all acknowledge that this is a short sighted view and there is a belief that such an investment can produce benefits that are both "immediate and long term" (Sharp & Shieff 1992). In the short term, many students make a useful and valued contribution to businesses, with control residing with the employer based on their recruitment strategy and managerial position, also widely recognised as a mentoring role. We firmly believe that while the short term value has been widely recognised and accepted for many years, the long term relationship should be the focus of the investment in order to ensure the eventual return. Return on investment is crucial in the commercial world with the average cost of a company's workforce at 36% of revenue (Bowers and Kleiner, 2005). It is by far the largest investment any company makes (Bowers and Kleiner, 2005). So how do businesses ensure that they achieve a valued return on investment beyond the placement year? This can be achieved by developing and nurturing relationships with both the student and the academic institution over an extended period of time. We would like to present our strategy that support such a view and can provide benefits for all parties that are not only cost effective but add real value.