Interns. They’re armed with fresh skills a-plenty, are hungry for experience, and can whip together a flawless TikTok video in less time than it takes me to change my virtual meeting background. But perhaps most importantly, they are quickly gaining the recognition that they deserve as the building blocks of our future talent pipeline!
If 2022 has shown us anything, it’s that great talent ain’t easy to come by – an issue that will likely persist in the years ahead – so investing in interns is what smart, forward-thinking companies are doing to develop and gain loyalty among these young employees and ensure the future success of their organization.
Naturally, mobility intern programs were a key area of focus at our 2022 Weichert Client Strategy Summit last month in Arizona. WWM’s Leslie Holmes and Laurie Boyer from Weichert Corporate Housing, teamed up to host a roundtable with our corporate attendees, taking a deep dive into the most persistent challenges, innovative successes, and future predictions around intern mobility. We’re happy to share a few of the best soundbites from this discussion in the hope that it inspires you to think differently about how you appeal to this unique talent pool in 2023:
When it comes to moving interns, what matters the most to you right now?
With recession fears looming, respondents cited cost control as a priority in their intern programs, as well as – shocker – sourcing adequate housing. Temporary housing shortages were pronounced this year – internationally and domestically – impacting the ease of administering cost-effective intern programs.
What were some of the biggest challenges of moving interns in 2022?
Back to temporary housing. With prices rising for limited temporary housing stock, mobility leaders cited challenges in getting leadership to approve funds for housing. For companies that chose to remove (or not include) financial assistance for housing, they were met with the question of what form of assistance to offer their interns to ensure they secure safe accommodations and maintain easy access to their place of work. Housing remains an important factor in ensuring a positive, successful intern experience, so balancing housing shortages with employee needs will remain a priority in 2023.
What will Intern mobility look like in the future?
With companies bringing back in-person internships and hiring pools remaining highly competitive, some said they will be focused on employee experience as well as increasing conversion rates. We can expect to see an increase in either company-provided housing options or higher stipend amounts with support (roommate pairing, virtual destination services, etc.).
What are some great “power-tools” for running a successful intern mobility program?
As the competition for top intern talent heats up – and as housing remains hard to access – we expect that more companies will provide financial housing support for incoming interns. But this support goes further with a trusted Corporate Housing Partner. On top of managing short and long-term leases for interns, Corporate Housing Partners can also offer unique, outside-the-box solutions and support in highly competitive markets.
One corporate attendee suggested that, for those companies forgoing financial assistance for housing within their intern program, it can help to develop an internal portal for incoming interns to connect and find potential roommates to share expenses.
Another client contact suggested using a calculation of the intern’s expected salary as the basis of the lump sum/stipend amount in most locations, with the exception of high-cost-of-living areas like the Bay Area, New York, Seattle, etc.
Eager to continue the conversation around Intern programs? Us too!
That’s why we’ve teamed up with Weichert Corporate Housing for our second intern survey, diving even deeper into the evolution of intern mobility programs so that you can attract this young talent and drive experiences that make a great impression! Open to corporate mobility managers, access the industry’s most comprehensive internship survey here.
As a participant, you’ll receive the final survey results and best practices to implement within your 2023 mobility strategy!