With in-person professional opportunities reopening after an era of online programs built after the COVID-19 outbreak, many banks ran internships this summer that differed in multiple ways from past years.
"For the first time since the onset of the pandemic, we were able to welcome interns back onsite in our offices. 80% of our interns worked a hybrid schedule, with in-person and remote days designated by their managers," said Rosilyn Houston, chief human resources officer at Santander U.S. "It's been energizing to have our interns back onsite, participating in our business resource groups and acclimating to our new ways of working."
After largely virtual professional opportunities over the last two years, in-person connection was key for many banking interns not just on a professional level, but also on a personal one.
"Some feedback we did receive was that interns were looking for more opportunities to network and connect via in-person events with business leaders, as well as social events after work with their peers," said Tracie Morris, U.S. chief human resources and inclusion officer at BMO Financial Group. "Creating opportunities for social interaction and in-person touchpoints is important to our interns."
"There was less virtual fatigue than previous summers," said Jeff Shelman, a spokesperson for U.S. Bank, where interns asked for more in-person connections throughout the workday.
The shift from virtual internships to hybrid and in-person ones was not the only notable change in banking internships this summer, however. Interns' increased online presence and engagement on social media was a notable trend, bank executives said.
"This year's interns were highly motivated and had better technical training and skill sets as well as a strong sense of ambition at earlier levels of college than in previous years. They were more prepared professionally and were much more engaged on social media, such as LinkedIn," said Jacob Rahiman, senior vice president of talent management at Valley Bank in Wayne, New Jersey.
Interns transferred this online engagement to the workplace, where they showed a heightened desire to establish professional networks and do new things.
"What changed is that they are looking to build resume experience and diversify their resumes more," Rahiman said.
Another pattern in this summer's banking internships was an interest in banks' social impact and interns' desire to affiliate with a "purpose-driven company," as Houston put it.
"It's encouraging to hear directly from our interns that they want to be here because this purpose resonates with them and our values align with their own," said Houston. "It's encouraging and a clear indication that our future talent will be well positioned to meet the needs of our customers for years to come."
"[Interns were] vocal about wanting to work for companies that align with social causes," said Shelman.
Intern programs at many banks are also expanding and becoming increasingly competitive. This year, TD Bank welcomed one of its largest intern classes to date, and Santander U.S. employed 102 college students out of 3,500 applicants this summer.
"The main focus for this class included more — more recruitment efforts made to attract quality talent, and more applications resulting in more highly qualified candidates to choose from to join TD Bank," said Kim Strignile, head of talent at TD Bank.
This rise is promising for banks, whose internship programs often result in talented young individuals joining the bank.
"With the strong competition for talent in the workforce, having a strong internship program is critical in attracting potential employees," Rahiman said.
