School is out for summer! This time of year used to be all about new faces in the office as college aged kids eagerly arrive for their summer internships. But, are things changing? Check out why a lot of corporations, especially in tech, are not hiring as many interns as previous years.
GOOGLE, META AND OTHER TECH COMPANIES ARE CUTTING BACK ON SUMMER INTERNSHIPS
"Summer internships are one of Silicon Valley’s best-known traditions, a 3-month whirlwind of long workdays, quirky team-building activities, and direct immersion in the customs, culture, and perks of tech life. But with the tech industry in layoff mode, and tech workers being laid off by the thousands, this year’s intern season hangs on it.
After years of expanding internship programs to ever larger class sizes, and attracting high-performing students with competitive salaries sometimes exceeding $6,400 a month, some of the biggest tech companies are expanding their intern classes this summer. reducing the size. Google’s parent company Alphabet is bringing on fewer interns this summer than in previous years, according to a company spokesperson. While the internship program was once such a prized PR showpiece that Google even collaborated with the production of a Hollywood comedy about its summer interns in 2013, the company is now focused on cutting costs, laying off nearly 12,000 employees in January. Is. An Alphabet spokeswoman would not provide details about the size of this year’s intern class." Learn more
SUMMER 2023 INTERNSHIPS OUTLOOK WAVERS
"In the same way that full-time and salaried talent are on the recession-era chopping block, so is temporary talent. In Q3 and Q4 of last year, along with Q1 2023, layoffs have dominated the news. Many companies, such as Salesforce, have hinted at overzealous hiring following the end of lockdown, and the need to cut costs and trim talent budgets accordingly. In many ways, NACE’s findings indicate a microcosm of the hiring boom and bust.
While summer 2023’s internship outlook is muted for NACE survey-takers, rates are still above pre-pandemic levels. For summers 2019 and 2020, employers reported a 3% internship increase; for summer 2021, the internship outlook was a 0.5% decrease. NACE Executive Director Shawn VanDerziel said in a press release that the 2023 internship outlook report still “underscores the value employers place on their internship programs” and companies’ commitment to them." Learn more