With more than 275,000 students across 66 regional colleges and universities heading back to campus, this is a prime opportunity for small- and medium-sized enterprises in metro Atlanta to recruit in-demand talent. Students will also be looking for opportunities to grow their skills through internships.
Though many students will apply for internships at Fortune 500 and 1,000 companies, the Small Business Administration reports 64 percent of new jobs come from small businesses. While working at smaller companies, interns are more likely to interact with senior managers and gain hands-on experience.
Metro Atlanta has a robust entrepreneurial ecosystem fueled by small enterprises in fast-growing technology sectors like health IT, mobility and financial transaction processing. Companies in these sectors often benefit from strong internship and co-op programs and can turn those internships into jobs. According to the National Association of Colleges and Employers 2014 Internship and Co-Op Survey, more than 50 percent of internships convert into full-time hires.
Atlanta has a vigorous talent pipeline for companies to pull from, ranking No. 3 nationally for engineering and engineering technology bachelor’s degrees. At Spelman, more than 40 percent of students major in science, technology, engineering and math. However, when it comes to recruiting interns, only 5 to 10 percent of companies that recruit at Spelman are small- and medium-sized firms.
Many companies are uncertain how to get programs started and where to source talent. College and university career centers can direct companies to resources to help structure programs and provide opportunities to connect with students.
Another way for such enterprises to source talent is by posting opportunities to online job databases. The Metro Atlanta Chamber, along with several higher education institutions and business organizations, recently launched a free job portal, InternNavigator.com. It helps small- to mid-sized companies connect with students at more than 27 institutions.
Another concern enterprises have is whether to pay interns. Along with challenges regarding the legality of unpaid internships, students are less inclined to work for free; most companies don’t expect them to. In a recent survey by the Society for Human Resource Management, more than 75 percent of respondents reported they pay interns.
With the average cost of an undergraduate education from a private college hovering around $40,000 per year and changes in credit criteria for PLUS loans, compensation for internships is more important than ever. Many students rely on this income to help finance their education.
Internships are an important bridge between higher education and our workforce. Working allows students to have mentoring and coaching from senior executives. These personal interactions and connections create a meaningful experience and impact the decision to work in a specific career field. These connections are critical to retaining top talent in the region to serve as a pipeline for our fast-growing technology sectors.
Harold Bell is director of career planning and development at Spelman College.
