Intern programs are looking at a record year!

April is National Internship Awareness Month!

Last year, we shared "What's happening with intern programs in 2022?", discussing how companies were structuring their internships, with a gamut of experiences from completely virtual to completely onsite at an office. Many more internships are now swinging back towards being in person as opposed to remote, although we anticipate there will continue to be greater numbers of remote and/or hybrid internship opportunities than there were pre-pandemic.  

Employers clearly continue to see intern programs as essential to success. Why? Because they help:

1. in converting interns into full-time employees
2. as a branding opportunity
3. in completing meaningful work for the organization

Companies are making their internship programs a priority because interns are more important today than at any point in history for several reasons, including:

1. Addressing skill gaps: The pace of technological advancement and changing business needs means that companies require new skills and knowledge at an increasingly rapid rate. Internships can help bridge these skill gaps by providing companies with access to a pool of emerging talent with fresh perspectives, knowledge and skills that align with current industry trends.

2. Building a diverse talent pipeline: Internships are an effective way to build a diverse talent pipeline for the future. Companies that invest in internships are able to develop and nurture relationships with students and recent graduates from a wide range of backgrounds, cultures, and experiences. This provides a pool of diverse candidates who can bring fresh perspectives and help drive innovation within the company.

3. Fostering innovation and creativity: Corporate interns can bring new ideas and perspectives to the workplace, fostering innovation and creativity within the organization. By providing interns with opportunities to work on challenging projects, take on responsibility, and collaborate with experienced professionals, companies can harness the potential of these emerging talents to drive business growth and development.

4. Creating a positive employer brand: Internship programs can help companies create a positive employer brand by showcasing their commitment to investing in emerging talent, providing opportunities for skill development, and fostering a culture of innovation and creativity. This can help attract top talent, improve employee retention, and enhance the company's reputation in the marketplace.

5. Contributing to social responsibility: Corporate internships can contribute to social responsibility by providing opportunities for emerging talent from underprivileged backgrounds to gain valuable work experience and exposure to the corporate world. This can help create a more diverse and inclusive workforce, providing opportunities for all individuals to reach their full potential regardless of their social background.

For the proof of value, look at NACE's 2023 Internship and Co-op Report, which notes that employers expect to increase their intern hiring by 9.1% for the 2022-23 academic year over the previous year. More than half (52%) of employers indicate plans to hire more interns this year, while about one-third expect to hire the same number as last year. Only 13% are expecting fewer this year than last. On top of that, in a recent NACE quick poll, four out of five employers said their internship program provided the best return on investment as a recruiting strategy, giving them the best means for identifying and building relationships with potential employees. The conversion rate for 2021-22 interns increased and was the highest in 5 years at almost 58%. Additionally, the retention rates for employees who served as interns are higher at the one-year and five-year marks than those who did not engage in such an experience, further reinforcing that ROI calculation!

Mobility teams are also getting involved to improve the experience and the level of support for interns, who in many ways can be considered relocating employees on micro "short-term assignments". In our intern programming survey last year, 64% of survey participants said that Global Mobility is involved in managing some aspect(s) of planning for their intern programs. Several commented that mobility helps establish the right set of benefits, supports housing resources, and assists with emergencies. On a limited basis, Global Mobility gets involved in one-off cases, depending on whether relocation is needed and only if issues arise.

Let us know if you want to learn more about how mobility teams are supporting intern programming.