A data-driven look at intern programs

Recently, NACE posted stats that “intern hiring is stable for 2024”. Overall, eight out of 10 employers taking part in NACE’s annual benchmark report expect to maintain (47.2%) or increase (32.2%) the number of interns they bring in for 2023-24 compared to the 2022-23 academic year.

Nearly 60% indicated that intern experiences would be hybrid, which is why the 2024 Internship & Co-op Report Executive Summary explains that relocation assistance can play an important role in attracting critical candidates. “More than half of responding employers provide relocation assistance to interns (54.7%). (Most of those that do not provide any assistance only recruit locally!) Among those that provide assistance, more than three-quarters (76.8%) believe it helps them get better applicants, as it removes a barrier for students who have to relocate for the position.”

Companies understand that intern programs help to keep talent pipelines full. When employers are deciding between candidates who are otherwise equally qualified for the same position, having an internship is often the deciding factor. At the same time, interns who felt committed to the organization because they were treated well are 7.14 times more likely to accept a job offer than those who don’t feel that sense of commitment, according to NACE’s 2023 Student Survey. Ultimately, 80% of employers see their internship programs as the best return on investment for finding talent. 

Global mobility programs are frequently getting involved with intern support. That's why Plus is excited to share our 2024 U.S. Domestic Intern Program Survey Report, which provides valuable insights into how global mobility programs are managing and guiding intern programs. The report covers various elements, including six major sections: 

• Survey overview and demographics
• Mobility team involvement
• Benefits provided
• Work structure
• Intern program challenges
• Considerations for the future

One interesting updated number is that while lump sums are a popular methodology for supporting interns, while there can be quite a range of amounts offered, the average amount is right around $4,500. Distance to move and cost-of-living/rents in the destination location are the biggest considerations impacting the final number.  

We believe that the data in this report will help you make decisions about how mobility can be a key part of intern development. If you have any questions or would like to discuss the findings further, please don't hesitate to reach out to ConsultingServices@plusrelocation.com.

And for further reading try:

Best Practices for Internship Programs