After enduring the majority of her university years cooped up at home due to the devastating effects of the Covid-19 pandemic, 22-year-old Martha Storey eagerly anticipated her summer placement at one of the UK’s prominent financial services firms last year. Unfortunately, the experience did not live up to her expectations. Many members of her team resided outside of London and only commuted to the office one or two days a week. Meanwhile, Martha was stuck in her sweltering tiny flat, which made working from home unbearable at times. To exacerbate matters, there were days when she found herself as the lone member of her team physically present in the office, which only added to her sense of loneliness.
Martha’s frustration is a sentiment increasingly shared among ambitious young individuals who view internships or placements at prominent banks, law firms, or accounting companies as a potential gateway to a lucrative career in the City. The shift towards remote working brought about by the pandemic has disrupted the traditional office environment and subsequently altered the face-to-face experiences of summer internships, where recruits strive to impress their employers and companies assess budding talent. In light of the new hybrid workplace, both managers and interns have been compelled to adapt in order to ensure that interns can integrate and thrive within the organization.
Despite the wave of job cuts and the economic downturn, companies have not halted their internship programs. They have learned from the disruptions caused by the pandemic, which severely impacted their talent pipelines. In fact, the number of summer internships and placements in 2022 has bounced back and surpassed pre-pandemic levels. The Institute of Student Employers conducted a survey of 168 major employers and discovered that hiring was up by 7% compared to 2019. This summer, companies reported hiring as many interns, if not more, than the previous year. Leading professional services firms such as PwC and KPMG, as well as major banks like HSBC, are offering hundreds of internship positions that range from a few weeks to several months. The most coveted internships offered by renowned multinationals like Goldman Sachs have an acceptance rate of less than 1%, and the competition remains fierce even after interns secure a spot within the company.
Adapting to the hybrid working model, various firms in the fields of accounting, banking, and law have noticed that their interns possess a strong desire to work in the office despite the flexibility of remote work policies. Louise Fitzgerald-Lombard, Head of HR for Global Markets at BNP Paribas, states that interns are eager to be physically present in the office in order to have close proximity to senior leaders and actively engage in substantive work. PwC’s data reveals that interns come into the office an average of four days per week, surpassing the attendance of other employees who are allowed to work remotely two or three days per week. The value of observing senior lawyers in action and learning from direct experiences is much greater when individuals are physically present together in a room. Some companies even require their younger staff to work in-person, limiting the number of remote workdays. At the law firm Linklaters, trainees are allowed to work from home only one day per week, compared to the two days allotted for other employees.
Having younger staff members present in the office is beneficial for employers as well. James Marriott, Head of Debt Capital Markets at Wells Fargo, believes that internships provide managers with an excellent opportunity to assess potential recruits. “The best form of interviewing is to work with someone,” he affirms.
However, building meaningful face-to-face connections has become more challenging in the era of hybrid working, particularly when many colleagues are still working remotely. Eliza Filby, a historian who advises firms on generational differences, acknowledges this as an issue. She notes that millennials, who directly oversee younger cohorts, are more likely to live further away, have young children, and are less inclined to be physically present in the office. Thomas Harbor, a 27-year-old, confesses that the lack of socializing during his internship in the pandemic dampened his interest in consulting. The absence of engaging in office banter, lunchtime discussions, and the opportunity to forge friendships made the experience feel isolating. Employers are aware of these concerns and are making efforts to address them in order to attract and retain valuable staff. Linklaters and HSBC have implemented “training buddies” systems that pair interns with mentors. Law firm Allen & Overy has developed guidelines for supervisors to support trainees in their hybrid working arrangements. Many businesses are also facilitating earlier client interactions for young recruits, exposing them to high-stakes situations and creating a sense of purpose in their roles. In order to bring structure to social activities, KPMG has extended the induction period for young hires to five days and introduced social mixers that have proven successful in alleviating uncertainties.
The intern class of 2023 faces its own set of challenges. Most of this year’s cohort is entering the workforce after a tumultuous university or school experience, marked by lockdowns and the suspension or online migration of classes, activities, and socializing. Several firms have reported that their interns struggle with confidence and communication, lacking essential interpersonal skills such as public speaking, conflict resolution, eye contact, and telephone etiquette. According to Filby, this is the result of a confidence issue rather than an actual deficiency in abilities. Nevertheless, companies such as PwC are piloting coaching programs to address skill gaps in new recruits. BNP Paribas’ Fitzgerald-Lombard believes that despite their nervousness, young individuals often impress with their ability to command a room and that confidence is the key area that needs nurturing.
Despite the challenges posed by the hybrid workplace, both interns and employers still find silver linings. Companies like HSBC have successfully introduced virtual internships, which offer short remote experiences to a larger pool of students or graduates, thus enhancing diversity and providing accessible entry points to the organization. Online communication has also increased opportunities for interaction, allowing young recruits to have more face time with senior leaders and colleagues from different locations. Lawyers, for instance, now have the chance to bring more junior staff members along for client meetings due to the increased capacity of virtual meetings. For some young recruits, internships serve as a means to assess the offerings and culture of prospective workplaces, including the availability of face-to-face support, relationships with colleagues, and opportunities to stand out. Failure to meet these expectations can result in the loss of talented individuals. Martha Storey, for example, declined a permanent role following her summer internship at a financial services firm because the experience failed to provide the stimulation she had anticipated.
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