Summer internships can benefit both the employer and the student. Employers are able to observe and evaluate the work of interns to determine if they would be good hires in the future. Students are able to gain real-world experience in their field of study and make professional contacts in the industry prior to graduating.
Benefits of Internship Programs for Employers
- Creates a source of future employees
- Increases retention rate of new graduate hires
- Brings new ideas to the workplace
- Builds a partnership with the local community
MSEC has conducted an annual Student/Summer Intern Study for over 10 years. The 2014 study includes responses from 36 organizations. Of those respondents, 23 organizations offered paid summer internships. This study collected the average pay rates for technical and administrative interns. Technical hires include engineering, computer science and mathematics. Administrative hires include human resources, finance, and information systems.
Highlights from the 2014 study:
- The average hourly hire-in rate for all levels of technical college students is $15.97, a 10 percent decrease from the 2013 average offer rate of $17.80.
- The average rate for all levels of administrative college students is $13.99 per hour, a 14 percent decreased from the 2013 average offer rate of $16.28 per hour.
- Hire-in rates made to college students in their junior through graduation year for technical interns are $16.52 per hour compared to $15.05 per hour for administrative interns.
- Students in their master’s program have the highest hourly hire-in rates of $19.08 for technical positions and $16.19 for administrative.
- Manufacturing industry technical intern rates for all levels of college students are $17.18 per hour and $16.75 per hour for administrative interns.
- Non-manufacturing offer rates for all technical college interns are $12.79 per hour and $11.00 per hour for administrative interns.
- Government vs non-manufacturing offer rates for all technical college interns are $13.79 per hour and $10.99 per hour for administrative interns.
Are you paying your interns correctly? Don’t guess, call us at 800.884.1328 and find out.