Roughly 47% of young people were employed in July 2020, down from 56% a year earlier, according to data from the Bureau of Labor Statistics. (July is typically when youth employment peaks.)
At the same time, internship opportunities — paid or unpaid — dried up nearly entirely.
“The past year presented unique challenges for college students and recent graduates trying to gain valuable internship experience, with many employers making the difficult decision to pause hiring or even cut internships,” said Amanda Stansell, an economic data scientist at job site Glassdoor.
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“Fortunately, the labor market is seeing signs of recovery, presenting opportunities for workers early in their careers to not only find internships at top companies but also earn a hefty paycheck,” she added.
For college students looking for paid internships, more companies are actively recruiting, according to a new report by Glassdoor.
Tech companies, in particular, are using internships as a pipeline for hiring and that means offering highly competitive salaries, Stansell said. “It’s a great way for companies to attract talent and build their talent pipeline.”
Interns are making the most overall at chipmaker Nvidia, followed by Facebook and LinkedIn, where the median monthly pay is more than $8,000, according to Glassdoor. If these salaries were being paid full-time, interns would be bringing home around $100,000 a year, well above the U.S. median salary.
