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Tuesday, January 31, 2023

The ‘top-talent’ interns taking home sky-high wages

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An annual poll identifies the 25 highest-paying internships in the United States. They substantially exceed the average yearly pay of an American worker if held for a year. The list’s top employer, game developer Roblox, pays interns an average of $9,667 per month. Other competitors, such as Microsoft, Deutsche Bank, and eBay, also produce their interns for roughly $7,000 per month. According to Justin Thomas, co-founder of Glassdoor, many of the highest-paying internships are in IT and finance. 

However, businesses in other sectors — energy and manufacturing, for example – pay interns handsomely and compete to retain them. Paying interns competitively is an investment that might save the business money in the future on recruitment and onboarding costs while also attracting top talent. According to a study conducted by the National Association of College and Employers (Nace) of 267 significant firms in the United States, intern salary is increasing. According to Nace’s research, the average hourly wage for paid interns at these companies was $20.76 in the summer of 2020, up to $1.22 from the previous year – the highest compensation. That’s over $3,300 a month; if a worker were paid that much for an entire year, their salary would be nearly $40,000. 

Reasonable intern compensation may have become the standard in typically well-paid industries such as banking, consulting, and technology, but this does not always mean well-paid internships’ normalization. In recent years, public animosity against unpaid internships has grown dramatically. In the labor market after the epidemic, interns should feel more secure in their ability to locate an internship that values their skills and ideas. 

Source: https://www.bbc.com/worklife/article/20220428-the-top-talent-interns-taking-home-sky-high-wages 

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