Internships have a significant impact on the American workforce. They improve employability, increase diversity, improve retention rates, provide a cost-effective hiring solution, improve productivity, increase innovation, increase community involvement, and improve brand awareness. Employers who offer internship programs can benefit from a more diverse and productive workforce, improved community relationships, and increased brand awareness.
Facts & Stats About Internships
Improved employability: According to the National Association of Colleges and Employers, students who complete internships are more likely to receive job offers and have higher starting salaries than those who do not.
Increased diversity: Internship programs can help increase diversity in the workforce. According to a study by the National Association of Colleges and Employers, employers who participated in internship programs reported a more diverse workforce than those who did not.
Improved retention rates: Companies that offer internship programs may have higher retention rates. According to a survey by the Society for Human Resource Management, employers with internship programs had a 67% retention rate for full-time hires compared to a 44% retention rate for employers without internship programs.
Cost-effective hiring: Internships can provide a cost-effective solution for companies that need additional resources but may not have the budget to hire full-time employees. According to the National Association of Colleges and Employers, the median hourly wage for undergraduate interns in 2021 was $20.00.
Improved productivity: Interns can take on a variety of tasks, from administrative work to project-based assignments. By delegating these tasks to interns, full-time employees can focus on higher-level projects that require their expertise. This can lead to increased productivity across the company.
Increased innovation: Interns can bring fresh ideas and perspectives to the company. According to a survey by the Society for Human Resource Management, 80% of employers with internship programs reported that interns bring new ideas to the company.
Increased community involvement: Internship programs can help companies build relationships with their communities. According to a survey by the National Association of Colleges and Employers, 78% of employers with internship programs reported that interns participate in community service or volunteer work.
Improved brand awareness: Interns can help increase brand awareness by sharing their experiences with their peers and on social media. According to a survey by the National Association of Colleges and Employers, 95% of employers with internship programs said that their internship programs help build their organization’s brand on campus.