Corporate Residencies – For Employers
For students who are interested in practical learning experiences, the two-year MBA program with the corporate residency provides students an opportunity to combine their graduate level coursework with a planned, supervised, full-time work schedule within a business, nonprofit, or healthcare organization for up to one year.
Organizations Looking for Corporate Residents
The MBA program at Springfield College prepares students with the knowledge, skills, and tools to:
- Comprehend the theories and practices of business, accounting, management, marketing, and economics as taught on the graduate level;
- Apply these theories and practices to decision-making, problem-solving, and managing strategically in business and nonprofit organizations;
- Analyze problems and challenges facing businesses and nonprofits;
- Construct feasible and practical models and strategies to meet those problems and challenges;
- Evaluate the effectiveness and success of those strategies; and
- Employ leadership and team-building skills to effectively attain those strategies
Is there a difference between a corporate residency and an internship?
- Residents work full time as compared to interns who work part-time
- Residents work up to a year as compared to interns who typically work for one semester or over one summer
- Residents are typically paid a salary or stipend. Interns may or may not be paid a wage or salary
- Residents gain experience in their chosen field, develop people skills, and enhance personal and professional maturity. Interns may or may not be paid
How does my company or organization benefit by providing residency opportunities?
- Corporate residencies provide low cost access to new talent. “They often have fresh ideas and new ways of looking at things that can be useful.” John Ellett, co-founder of nFusion Group LLC, has found that residents “are valuable because they bring a fresh and youthful perspective to many of our clients.” They bring not only textbook and classroom knowledge, but also the creative power of their young minds to solve problems.
- Corporate residencies give organizations additional resources to get the work done. Buzzy Ernst, Human Resources Director from Hasbro, believes that in these economic times when companies need to make cutbacks, residents will give businesses and organizations a low cost way to reinstate projects that have been cutback.
- Corporate residencies give the company an opportunity to consider residents for future employment. For the organization, it’s a great way to look at potential employees. Springfield College will screen the students as they enter the corporate residency program. The student is placed with the understanding that he/she must perform to the satisfaction of both the organization and the College.
What is required of my organization?
- Specific projects or jobs available for the residents. It is expected that residents will work full-time for up to one year for their organizations.
- Supervisors, mentors or team leaders with whom the residents can report, interact, and seek assistance. Expectations should be clearly communicated at the beginning of the residency in an organized way. The MBA program will be glad to help in developing those expectations.
- Orientation and training. Employers make the final selection and provide the residents with training to perform the job and an orientation so they can become familiar and comfortable with the company.
- Written honest appraisals of progress on a regular basis. Employers should be willing to evaluate residents on an ongoing basis. Open communication between the company/organization and Springfield College will allow us to understand how well the residents are doing.
- Stipend. “The paid internship is an increasingly important tool for organizations that want to hire new college graduates,” says Marilyn Mackes, National Association of Colleges and Employers (NACE) executive director. Residents are paid a salary commensurate with their skill level, the demands of the position, and the local economy, but there are no benefit requirements such as health care.
Kathryn Carlson Heler, MBA director at Springfield College, states, “It is essential for companies and agencies to have specific projects or jobs available for corporate residents. Employers should have detailed descriptions of what they will be doing during their time with the organization.” Residents need to have a clear understanding of what is expected of them.
The examples below offer companies and organizations an illustration of possible projects or job tasks:
- Conducting industry research on potential investments;
- Conducting research on software products and making procurement recommendations to management;
- Improving accounting reconciliations collections;
- Developing and maintaining websites;
- Developing and presenting along with key management personnel the company’s budget; and
- Identifying and analyzing inventory with the goal to reduce inventory by special promotions, reclassifications, and other means.
- Buyer with responsibility for a small number of suppliers;
- Project manager with responsibility of keeping the project plans up-to-date and attending/hosting meetings;
- Recruiting: managing the recruiting activities at universities for sales development programs;
- Marketing manager or financial analyst, performing business valuation for strategic decision-making
Springfield College will provide:
- Qualified graduate students as corporate residents. Springfield College will initially screen students as residents. Students must maintain a minimum 3.0 GPA; have completed 24 credits of coursework; be approved for corporate residency by their adviser; and complete an application and submit a resume with references.
- Employers will be able to interview and select residents who are enrolled in the MBA program at Springfield College, who meet the employer’s job/projects requirements, and who are in the academic concentration appropriate for the proposed residency assignment. If the business or organization requires pre-employment testing, e.g., security clearances, technical tests, psychological tests, physical exams, drug tests, it is up to it to inform the College and to conduct the testing.
- Assistance with project development and job descriptions. Springfield College’s MBA director and faculty, and Career Center staff, if needed will work with businesses, nonprofits, and healthcare organizations in designing projects and writing job descriptions for corporate residencies.
- Oversight of corporate residents. Working with businesses or organizations, the Director of the MBA Program will be available for consultation. If problems should arise, the director will be on hand to work with the employer and/or the resident.