Bank of America invests in internships because they are good for the business, individuals, and the economy and workforce overall. AJ Barkley, Head of Corporate Social Responsibility at the Bank, reflects on the unique value of internship programs.
It’s a hard truth for entry-level job seekers: it can be very difficult to get a job without previous work experience. Yet, many people will ask: how are you supposed to get that experience if you can’t get a job in the first place?
This is why internships and experiential learning opportunities are so critical.
For employers, taking a bet on someone who hasn’t entered the workforce yet can seem like a gamble, but that can be a short-sighted view. Creating more internships and experiential learning opportunities for candidates as early as high school isn’t just about opening doors for them, building their skills and helping to illuminate their personal career paths. It can be incredibly beneficial for your organization, as well as the current economy and the workforce of the future. Put simply, these opportunities matter, and they are an important way that we can support the leaders of tomorrow.
Here are a few reasons why.
The Next Generation Offers Fresh Perspectives and Insights
Interns and other young hires will bring new ideas and perspectives that can have a positive impact on your business. While they may have a lot to learn, we can learn a lot from them, too. For example, interns may be more familiar with new technologies that hold potential to make your organization more efficient or innovative. They can also help your company better understand their generation as consumers. They are experts on what young people want and need, and they can help advise on ways to better reach their peers with a product, service or message.
As a good example of this, our Financial Center Internship Program employs high school students—many of whom come from underserved communities—to work as digital ambassadors in our financial centers. The insights and know-how they bring are a true value add to our business.
It Can Strengthen Your Workplace Culture
I’ve had the opportunity to work alongside so many young people throughout my career—whether that’s here at my company or through our youth workforce development programs. And I have noticed that so many come through the door with great enthusiasm and optimism that can energize a whole team. And while my colleagues and I can serve as mentors to them, our interns often serve as “reverse mentors” to us, showing us how we can do better, especially in the way we engage with our younger teammates each day.
Internships Can Fuel Your Talent Pipeline
If your organization doesn’t offer an internship or other onramps for young hires, a high-potential candidate may move on and take a position elsewhere. And that organization is likely to hire them full-time. In fact, 58% of interns become full-time hires. Without this pipeline, there is a good chance your company will miss out on promising talent before ever seeing their resumes.
You’ll Be Setting Up the Next Generation for Success
It may sound hyperbolic, but early career experiences like internships – even if they are only a few weeks long – really can change lives.
That’s why our company has a long history of investing in youth employment, both within our company and beyond, including partnerships with nonprofits like Year Up United, mayors and sports teams; our Financial Center Internship Program; and Student Leaders, one of our signature philanthropic programs. Now in its 20th year, the Student Leaders program connects service-minded high school juniors and seniors to eight-week paid summer internships with local nonprofits to gain early work experience and leadership skills. Since we created the program, we have placed 4,500 students across nearly 100 communities into internships at more than 500 local nonprofits nationwide.
These teenagers inspire us every year with their sense of purpose and ambitions, and we have countless stories of students who have gone on to tremendous and impactful careers. They often credit their internships as a springboard for their professional journeys.
We’ll Build a Stronger Workforce Overall
Investing in early career-building opportunities through your organization will have a long-term impact, and not just for that one individual. They are an important way for us to prepare and develop future leaders, build a more skilled U.S. workforce and create new career pathways that will help our economy grow.