Hold on to your internships, kids
Recently resigned GM CEO Rick Wagoner: your new competition
Here at Penn, the quest for the summer internship is institutionalized into three little letters:
O. C. R.
The underlying reason for students to get an internship is to eventually secure full-time employment after graduation. The side benefit of having something to do during the summer days doesn’t hurt, nor does the extra money.
For employers, hiring interns can create long-term cost benefits. Interns are not only cheap and relatively skilled labor; they are also a great pool from which firms can draw their first-year classes, saving on repeat recruiting expenditures.
This model implicitly assumes that interns are college students or the freshly graduated who are economically able to work for lower wages because they have the safety net of parents to fall back on.
That was in the old, pre-recession days. Read more…
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