Yahoo Finance Live looks at survey data examining paid internship wages and the willingness of workers willing to return to the office.
– Well, one way to get a bit more information about something you want to get into is by having an internship. So I want to bring in Dave and Brad here, because we did see this interesting research from Glassdoor, talking about the companies that actually do pay the most now. Most of these companies, though, are tech companies. We saw Roblox topping the list, followed by Uber, Capital One, Salesforce. So really, Capital One are the only finance one. Tech really dominating this.
In terms of whether or not people should be paid for their internships versus the experiences that we used to have, Brad, what do you think about this change that we’re seeing in, sort of how internships are viewed?
– I thought what was interesting from the study was actually what types of roles they were searching for. And the largest search trends within this was that there were more interns looking for the opportunity to have virtual or remote work. Now, that should really spell out what the future of work may look like in the employer-employee relationship and how this is going to be a policy that we had seen over the course of the pandemic out of necessity. That also permeates into the future of work as a talent retention or acquisition strategy as well. And so that gives us a little bit of insight.
But particularly, you did see within these findings, negative mentions of remote work in intern reviews. They grew by 548%, Glassdoor was saying, between 2019 and 2021. So companies, they may have struggled, Glassdoor concluded, to adapt internship programs to this new normal, which squarely is going to have a big and outsized role in the future of talent acquisition, as it was mention in a moment ago.
– Still trying to get over the fact that you’re getting paid $10,000 a month as an intern, as a former broadcasting intern who never got paid for three separate internships. I assume you guys were in that same boat. I don’t know when exactly that changed, but that is stunning. And, yeah, 11 of the top 12 highest paid, all from the tech industry.
But the real outlier here is Goldman Sachs, who has said they have 236,000 applications this year globally for their internship program, 80,000 here in the United States. That’s up 16%, which kind of flies in the face of what we’ve heard about people getting tired of the burnout, tired of the working conditions, tired of being in person. There is, notoriously, a grind and in-person, and applications are up 16%. Even though they only take 1% of applicants, there is still a hunger to work those long, hard hours and get paid for it after you finish that internship. Then again, I guess when you get paid that kind of money, there certainly always will be a portion of young people that are ready to grind.
– I think it’s interesting that those numbers came out from Goldman at the same time you have some of the current younger bankers complaining that they want a four-day workweek. It’s like, clearly there’s a lot of people, perhaps, who might want those gigs. And Goldman, obviously, very selective about who they pick. But clearly a lot of interest there. So, you know, I guess you have to sort of work your leverage if you can.
– I’m sorry, David. I can’t relate to the unpaid journalism internships, because I definitely was over at JP Morgan and SAP prior to making the transition. So I apologize, but it sounds like you had fun along the way, maybe?
– Yeah, well, I did have a good time, Brad. I did learn a little bit, but I wish I could go back, needless to say.