Intern Compensation 101

THE EMPLOYER GUIDE TO ...- INTERN COMPENSATION .. $ $ $ $ $ To pay or not to pay? Get the facts on why money is a hot topic in the internship community. Compensation Is Still Scarce 47.8% 1 MILLION of the internships taken by the Class of 2013 were the approximate number of UNPAID internships in the United States annually UNPAID Not Paying? Interns Will Look Elsewhere Your interns are already hurting financially 41% of paid interns found that the remuneration level was insufficient to cover their day-to-day expenses 61.4% of students need to work second jobs when working an unpaid internship 65% of students rely on financial assistance from parents during their internships Recent Internship Lawsuits Is your company next? FOX SEARCHLIGHT Fox Searchlight: A judge ruled former interns were entitled to the wage-hour protections of the FLSA and the New York Labor Law FTCTURES Charlie Rose: When a former intern claimed minimum wage violations, the production company agreed to pay a $250,000 settlement Charlie röse CONDÉ NAST Conde Nast: Interns filed a suit after claiming they were paid just $1 per hour Hootsuite: Faced viral outrage over unpaid internships and paid all interns from the past six months hoot suite NBC Universal: Former interns are suing after going unpaid during their time spent on Saturday Night Live NBC UNIVERSAL The Benefits Of Paying Your Interns Cash-strapped students are more likely to take a paid internship 60% of the 20 million Americans who attend college each year borrow annually to help cover the cost 60% On InternMatch, paid positions get an average of 2.5 times as many clicks as unpaid positions PAID UNPAID Paid internships are attractive to diverse candidates -- especially those in debt 81% 67% students who earned bachelor's degrees left school with debt Paid interns have a greater chance of being hired $51,930 61% $37,087 median starting salary at first job for a PAID intern median starting salary at first job for an UNPAID of paid interns received at least intern one job offer Paid interns are happier and more engaged PAID UNPAID 42% 25% 31% 30% time spent on clerical and non-essential functions time spent on professional tasks Average Hourly Wage Rates Based On Year Of Bachelor's Degree Study FRESHMAN SOPHOMORE $13.91 $15.36 JUNIOR SENIOR $16.82 $17.57 Awesome Intern Perks Many Companies Provide 2$ 2$ Paid Holidays Relocation Medical and 401K Assistance Dental Insurance (Including Housing) Intern Perks To Fit Any Budget Exciting projects Skill Networking opportunities training Event Flexibility Company outings attendance Compensating your interns will not only save you from a lawsuit, it will positively impact your bottom line! $ $ $ s Brought to you by IM InternMatch Find your focus SOURCES http://www.naceweb.org/Publications/Spotlight Online/2013/0626 Just_38_Percent_of_ Unpaid_Internships_Were_Subject_to_FLSA_Guidelines.aspx http://www.asa.org/policy/resources/stats/ http://www.americanprogress.org/wp-content/uploads/2012/10/WhiteStudentDebt-5- INTRO.pdf http://www.naceweb.org/s05292013/paid-unpaid-interns-job-offer.aspx?referal= knowledgecenter&menuid=109 http://www.internaware.org/about/why-unpaid-internships-are-wrong/why-unpaid- internships-are-bad-for-young-people/ http://www.internetevolution.com/author.asp?section_id%=774&doc_id=264577 http://altoonaherald.desmoinesregister.com/article/DB/20130706/NEWS01/307060008/ Survey-Paid-internships-really-pay-off http://www.naceweb.org/s08012012/paid-intern-job-offer/ http://www.naceweb.org/uploadedFiles/NACEWeb/Research/Intern/Comp_Guide_ 2012.pdf http://www.prweb.com/releases/internbridge/02/prweb10400332.htm design by ShamgarTracts.com AFRICAN AMERICAN ONIIVI