Verizon’s internship program has a lower acceptance rate than the Ivy Leagues – here’s how its HR group runs it
By Cloey Callahan • August 27, 2024 •
Ivy Liu
This chronicle modified into as soon as first printed by Digiday sibling WorkLife
This year, Verizon acquired a story 49,000 applications for its summer season internship program.
It’s a signal from enthusiastic undergraduate students who are hoping to unbiased themselves as candidates for hire at the cease of the 10-week program. On the an identical time, companies aren’t honest having a see to rising seniors and juniors anymore for internship opportunities, however as a replacement recruiting of us as younger as rising sophomores. That’s a phase of a talent shortage impacting companies all over the country.
It’s also one of the vital explanations why Verizon has created a sturdy program that now now not most inviting attracts younger talent however encourages them to discontinue for either a beefy-time role or for an internship the next year within the event that they haven’t graduated but.
Of the 49,000 applications, most inviting 1% modified into as soon as chosen for the internship this summer season – that’s a lower acceptance price than the Ivy League Universities.
“The opponents for the seniors is so excessive,” said Steve West, Verizon’s head of world talent acquisition. “They’ve so many different alternate suggestions on their plate. Some interns advised us they applied for over 100 internships. It’s wild to take into chronicle the 363 we acquired, what number of total applications they submitted.”
This system, helmed by Verizon CHRO Sam Hammock, permits interns access to crew mission and alternate unit work centered on gaining abilities through genuine-world experience, divulge access to senior leaders, alongside with frequent publicity to c-suite leaders, and onsite publicity to diversified alternate units.
Verizon sees the most hobby in expertise groups, however they even have interns placed in finance, sales, present chain and HR capabilities moreover. They work with a core crew of 24 colleges as partners, with 50% of hires coming from these. That involves Rutgers University, UT Dallas, George Mason, Cornell and Virginia Tech, to title about a.
“Now we have a correct feeder pool and we shield them posted on what’s occurring at Verizon,” said West. “We’re making definite each single particular person that receives a proposal for either beefy-time or but any other internship is that they bring together that provide sooner than they stroll out the door.”
It hasn’t historically been how Verizon has executed it, however it completely now now not too long within the past strategized and shifted to develop on that drag momentum.
This summer season, 17% of interns are getting again from final year. That’s largely because when they return to college, Verizon stays fervent with them and affords engagement actions. West calls it a funnel of engagement. The earlier that they have interaction with diverse talent, the more seemingly it is that they’ll develop a real relationship. That involves the relaxation cherish web web hosting occasions on National Intern Day to bringing students out to NFL stadiums to showcase Verizon’s expertise being used there.
Verizon’s total conversion price is around 85% in the case of contemporary hires or returning interns.
But one thing that truly units the program apart, and maybe why it’s attracted so many candidates, is that interns are in a unbiased to access Verizon’s beefy benefits kit on day one of the vital internship. A phase of that is Verizon can now create 401k matching contributions for workers’ qualified pupil mortgage funds, which modified into as soon as honest presented this year. Employers now have the probability to match pupil mortgage repayments with 401k contributions, thanks to the SECURE 2.0 Retirement Financial savings Act, which has begun to procure traction within the U.S. Verizon contributes a complete of 6%.
“Considered one of the vital things we highlight with our benefits is the day one aspect of them,” said Kevin Cammarata, Verizon’s VP of advantages. “We don’t have waiting sessions on benefits. It’s a philosophical core to how we provide our packages. We favor of us coming within the door working for us to in actuality feel cherish they’ve access to the an identical things as the of us which have been here for a length of time.”
And previous that, Verizon saw an uptick in internship applicants when it subtle-launched its contemporary employer heed final year that showcases diversified existence with a approach of community and well-being. Particularly, when of us began to see what Verizon does for mental health and financial security, there modified into as soon as increased hobby.
“The internship itself is a brief time-frame in somebody’s profession,” said Cammarata. “We’re eager to bring and create an surroundings where we are sourcing top talent, however of us are eager to come support support after their experience and work for Verizon. I agree with a plentiful phase of that is our sturdy benefits kit. We gape at all dimensions of well-being and ideas to take care of particular person desires.”
It’s real to express that this year they’ve been successful with that. This cohort of interns wrapped up in August. Initial solutions came upon that 98% had a drag experience and 99% would cherish to come support to Verizon for either an internship or job. They highlighted things cherish firm tradition, stability with hybrid work alternate suggestions and face-to-face time with executives. Verizon’s aim is to develop off the momentum in future years support.
“The different of applicants has grown,” said West. “We’ve considered it struggle through the roof.”
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