Internships and Economic Growth?
Written by: Christine Karaptian, Valassis
As we begin the month of February, businesses, colleges, and students in the state of Michigan are reminded of the importance of internships. Our Governor, Jennifer Granholm, has officially named February as cooperative education and internship month. There are a few reasons internships are so important to think and talk about in Michigan and I’m sure this is true throughout the Midwest. I believe an early sign of job growth is internship growth.
Student + College + Business = Economic Growth
Everyone in the internship equation adds value to and benefits from the relationship.
Business
Business can offer perspective outside of textbooks to both colleges and students – it’s the college learning equivalent of reality TV. In return, business can bank on getting eager and interested minds to resolve problems and complete tasks at the most affordable rate they can imagine. Internships are a cost effective method for getting work done and provide a trial-run with a potential long term employee. The average summer intern works 400 hours and costs and average of $5000. For many companies, it costs more than that to hire one full time employee.
Students
The generation that is more connected and more able to multi-task than any generation before? Of course, the technological savvy, the desire to learn, and the certainty with which they do it is an absolute draw for business. The students of today promise new and exciting movement for the future. Their take-away? Internships enhance their experience, grow their professional network, and often, lead to that all important first job.
College
Colleges are the essential linkage between business and students. You hold the key to making this equation work. Your employer partners value your knowledge of the students and helping them to find the perfect fit for their companies. Internships bring value to college campuses by adding real life experience to the classroom and improving the chances of full time placement after graduation.
Michigan is concerned about retaining its college talent after graduation and so, some amazing groups have pooled there resources to create a new website to build bridges and make the Internship equation strong for our state. It’s called InternInMichigan.com. Here’s the history. A survey sponsored jointly by the S.E. Michigan WIRED (Workforce Innovations in Regional Economic Development) and the Michigan Municipal League, sent to over 33,000 graduates of public universities in 2007, found that 46% had left the State by the Spring of 2008. The results were based on the responses of over 5,300 people, 88% of whom were Michigan natives. Funny thing is, over half of those who left Michigan also admitted they believed there were not opportunities and left the state.
This free resource is helping Michigan businesses, colleges, and students connect in ways they never dreamed. It’s one of the many creative ways Michigan is working toward growing its economy. Post your comments: What’s happening in your state?
