Survey Shows More Companies Offering Relocation Benefits to Attract Interns
In a competitive job market, strong mobility benefits can give companies an advantage in securing interns and strengthening their talent pipeline.
MORRIS PLAINS, N.J., April 19, 2023 (Newswire.com) - Weichert Workforce Mobility, one of the world's leading providers of global corporate relocation solutions, has announced the release of its latest Interns & Mobility Survey, produced in collaboration with Weichert Corporate Housing.
As the global talent shortage persists, intern programs are gaining prominence as a viable solution for building and fortifying talent pipelines and relocation benefits for interns can be a difference-maker in landing the most desired talent. But with little research available in this area, companies seek guidance in developing competitive, cost-effective mobility programs that deliver positive intern experiences. Weichert Workforce Mobility and Weichert Corporate Housing are filling the gap with this survey, a follow-up to their 2022 survey exploring the trends and best practices in intern mobility programs.
"The results of this year's survey demonstrate that in a hyper-competitive talent market, offering expanded mobility benefits like housing, tax protection and greater emphasis on 'the intern experience' remains a key strategy for appealing to the broadest intern demographics," said Jennifer Connell, VP of Weichert's Advisory Practice and architect of the survey. "Additionally, we're witnessing a shift to pre-pandemic program conditions, with virtual internships fading and the emergence of more innovative approaches to easing administrative challenges."
Surveying corporate relocation managers across a broad range of industries, the study reveals several notable data points, many of which emphasize the progression of some key trends from last year. Among the 30+ respondents, the top two reasons for offering internships were to develop a pool of skilled candidates and to advance the company's reputation as an employer of choice.
Sixty-nine percent of respondents offer mobility benefits to interns, up from 58 percent in last year's survey. Specifically, this year's study saw a 9 percent increase in companies that pay for housing, a nearly 6 percent increase in companies that cover extra baggage, and, perhaps most significant, a 14 percent increase in companies providing gross-up for taxable benefits.
The survey also revealed that, despite lingering recession fears, companies are more willing to provide the necessary support to get talent in the door. Increases in benefits and travel coverage also indicate a push to access talent outside the local area and appeal to financially disadvantaged students.
"Housing is a vital component of an intern's well-being and, accordingly, an organization's duty of care," said Mindy Pauley, Vice President of Weichert Corporate Housing. "This study gave us insight into what companies are doing to creatively source suitable intern housing while ensuring that the practices and options are inclusive, cost-effective, and safe. We're excited to see more respondents leveraging tech-driven solutions to overcome housing-related challenges and ensure a positive first impression for intern talent."
Copies of this research report can be downloaded at Weichert Workforce Mobility's website.
Source: Weichert Workforce Mobility