navigating the competitive landscape of summer internships in 2024.

what emerging talent needs to stand out, and what HR leaders can do to help

The landscape for students looking for summer 2024 internship opportunities has proven to be more competitive than ever. Recent data from various sources paints a picture of a market where opportunities exist but are harder to secure due to heightened competition. Are things as grim as some are making out, or is it a case that students need to navigate this challenging environment differently to years previous?

A recent article in SIA revealed a 7% decline in internship listings on Handshake, a popular job search platform for college students. This decrease has led to a surge in the average number of applications per internship, jumping from 53 last year to 93 this year. Such a sharp increase underscores intensifying competition among students for these crucial early career opportunities.

The reduced number of internships is partly due to economic uncertainties in key sectors like finance, tech and consulting. Companies in these industries are scaling back on internships or replacing them with lower-cost workshops and educational programs. For instance, Tesla recently rescinded its summer internship offers as part of broader cost-cutting measures, a move that left many students scrambling for alternatives just weeks before the programs were set to start.

Despite these challenges, it’s crucial to recognize that the landscape is not entirely bleak. The National Association of Colleges and Employers (NACE) 2024 survey indicates that 79.4% of employers plan to either maintain or increase the number of interns at their organizations compared to the previous year. This is a significant counterpoint to the narrative that internship opportunities are universally declining. Additionally, platforms like RippleMatch report that 35% of companies are increasing their internship offerings, while 34% are maintaining current levels.

As we celebrate UN Youth Skills Day, an initiative focused on empowering the next generation of leaders and innovators, and recognize the immense potential of our youth, it’s important to remember that developing skills can help bridge the gap between education and employment. This day serves as a reminder that, with the right skills and determination, young people can overcome the challenges of today’s job market and build successful careers.

how to stand out

The key takeaway from the internship challenges being reported on this summer is that, while the number of opportunities may not be drastically reduced, the competition for these roles has intensified. Students and early in career professionals need to adopt more strategic approaches to stand out. Networking, tailoring applications meticulously, and leveraging various job search platforms can significantly enhance their chances of success. For instance, LinkedIn remains a powerful tool for connecting with potential employers and showcasing relevant skills and experiences.

It’s also worth considering that the data from Handshake might not fully capture the breadth of the internship market and some employers have experimented with alternative platforms. As a result, relying solely on Handshake's data might present a skewed perspective. Diversifying job search strategies by exploring other platforms can open up additional opportunities.

Securing an internship isn't just about landing a role; it’s about preparing for the job market. Developing relevant skills through self-initiated projects, like a focus on video editing and building a TikTok presence, or building a blog site about an industry you desire to work in to show understanding and awareness, can be incredibly valuable. These efforts not only build a strong portfolio but also demonstrate proactive and adaptable qualities to potential employers.

how you can help emerging talent

As senior HR leaders, it is crucial for us to encourage students to persevere and utilize all available resources to navigate this competitive landscape. Internships are a pivotal step in early career development. With our guidance and support, students can find valuable opportunities even in a challenging market. By promoting the importance of staying informed and proactive, we can help students turn this competitive environment into their next opportunity.