October Insights: The Internship Gap and How Collaborations Can Help Bridge It, Plus More
Internships are more important than ever for career readiness, yet we’re seeing a 30% increase in demand with only a 12% rise in available opportunities. This growing gap leaves millions of students without access to the hands-on experience they need.
In this month's newsletter, we dive into the root causes of this issue and explore how employers and educators can collaborate to close the gap and ensure that students are equipped with the skills needed for the workforce.
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Join Our Upcoming Webinar: Thursday, October 3rd, 2024 - 15:00 BST / 10:00 EDT
How Remote Internships Impact Growing Businesses
A recent BHEF report revealed that while an estimated 8.2 million learners sought internships last year, only 3.6 million had the opportunity to do one, resulting in a 4.6 million internship deficit in the U.S. alone.
Join our upcoming webinar to connect with companies leveraging remote internships to address this gap, mentor the next generation of leaders, and drive tangible business growth.
See first-hand how learners can gain vital career experience while contributing to the growth of businesses through meaningful internship placements.
Only 1 in 4 Interns Stand Out to Employers—Is This a Wake-Up Call?
Internships have long been seen as key to securing post-graduation employment, but the reality isn’t matching the demand. A decade ago, over 55% of students engaged in internships or co-ops, but by 2022, this figure dropped to 48%, and it continues to decline, further widening the internship gap.
Even those who did aren’t guaranteed a high-quality experience, with only 2.5 million enjoying structured, skills-based opportunities.
This gap leads to serious challenges, such as high underemployment and difficulty standing out in the job market—only 1 in 4 students shine during the application process.
Internships shouldn’t fall solely on students to pursue; they need to be integrated into the education system to equip all students with essential career skills.
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So, why haven't internship opportunities expanded, and what can educators do to change that?
The Untapped Potential of Small Businesses in Expanding Internship Opportunities
Did you know 1 in 2 employees worldwide work for small or medium-sized enterprises (SMEs)? With such a huge hiring potential, SMEs could be key to closing the gap between the high demand for internships and the limited supply. Yet, many still aren't offering enough internship opportunities.
So, why aren't more growing companies offering internship programs? SMEs face unique challenges when hiring interns—skills gaps and resource demands being top concerns. While these challenges also affect larger companies, SMEs face even more hurdles that limit their ability to provide valuable work-based learning experiences.
How can educators and employers work together to remove these barriers and foster more strategic partnerships?
Local Talent Shortage: How Companies Can Close the Gap
Our latest Internship Equation Report 2024 reveals that 44% of companies struggle to find interns with the right skills due to limited local talent pools. This talent gap isn’t just a hiring challenge—it’s a workforce crisis.
A report from Georgetown University confirms that the misalignment between credentials and future job demands is growing, especially in blue-collar fields. If nothing changes, only 13% of the projected demand for skilled jobs like construction supervisors will be met by 2032.
Should employers wait for talent to catch up—or become part of the solution by mentoring and developing the next workforce?
??Career Readiness Insights: Industry in Numbers
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