Dive Brief:
- Per the National Association of Colleges and Employers, summer 2023 won’t feature the same surge in internships that summer 2022 saw. Employers plan to increase their intern hiring by 9.1% for summer 2023, compared to the 22.6% projected increase for summer 2022 that followed a COVID-related decrease.
- For context, a majority of survey-takers reported plans to increase intern hiring this year, with about a third reporting that they’d hire the same number of interns; meanwhile 13% of survey-takers said they’re cutting back on interns.
- About one-third of respondents said that economic headwinds are a factor in their plans.
Dive Insight:
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. VanDerziel cited a poll where the majority of employers told NACE that their internship programs give them “the best return on investment as a recruiting strategy,” as it enables them to build a robust talent pool with tried and true talent.
