Verizon’s internship program has a lower acceptance rate than the Ivy Leagues – here’s how its HR group runs it
This year, Verizon received a record 49,000 applications for its summer internship program.
It’s a signal from interested undergraduate students who are hoping to position themselves as candidates for hire at the end of the 10-week program. At the same time, companies aren’t just looking to rising seniors and juniors anymore for internship opportunities, but instead recruiting folks as young as rising sophomores. That’s a part of a talent shortage impacting companies across the country.
It’s also one of the reasons why Verizon has created a robust program that not only attracts young talent but encourages them to stay for either a full-time role or for an internship the following year if they haven’t graduated yet.
Of the 49,000 applications, only 1% was selected for the internship this summer – that’s a lower acceptance rate than the Ivy League Universities.
“The competition for the seniors is so high,” said Steve West, Verizon’s head of global talent acquisition. “They have so many different options on their plate. Some interns told us they applied for over 100 internships. It’s wild to think about the 363 we got, how many total applications they submitted.”
The program, helmed by Verizon CHRO Sam Hammock, allows interns access to group project and business unit work focused on gaining skills through real-world experience, direct access to senior leaders, including regular exposure to c-suite leaders, and onsite exposure to various business units.
Verizon sees the most interest in technology groups, but they also have interns placed in finance, sales, supply chain and HR functions as well. They work with a core group of 24 schools as partners, with 50% of hires coming from those. That includes Rutgers University, UT Dallas, George Mason, Cornell and Virginia Tech, to name a few.
“We have a good feeder pool and we keep them posted on what’s going on at Verizon,” said West. “We’re making sure every single person who receives an offer for either full-time or another internship is that they get that offer before they walk out the door.”
It hasn’t historically been how Verizon has done it, but it recently strategized and shifted to build on that positive momentum.
This summer, 17% of interns are returning from last year. That’s largely because when they go back to school, Verizon stays in touch with them and offers engagement activities. West calls it a funnel of engagement. The earlier that they engage with diverse talent, the more likely it is they will build a strong relationship. That includes anything like hosting events on National Intern Day to bringing students out to NFL stadiums to showcase Verizon’s technology being used there.
Verizon’s total conversion rate is around 85% when it comes to new hires or returning interns.
But something that really sets the program apart, and perhaps why it’s attracted so many applicants, is that interns are able to access several benefits across Verizon, including paid holidays and the opportunity to enroll in the company’s 401K program. A part of that is Verizon can now make 401k matching contributions for employees’ qualified student loan payments, which was just introduced this year. Employers now have the option to match student loan repayments with 401k contributions, thanks to the SECURE 2.0 Retirement Savings Act, which has begun to gain traction in the U.S. Verizon contributes a total of 6%.
“One of the things we highlight with our benefits is the day one aspect of them,” said Kevin Cammarata, Verizon’s VP of benefits. “We don’t have waiting periods on benefits. It’s a philosophical core to how we offer our programs. We want people coming in the door working for us to feel like they have access to the same things as the people who have been here for a length of time.”
And beyond that, Verizon saw an uptick in internship applicants when it soft-launched its new employer brand last year that showcases different lifestyles with a sense of community and well-being. Specifically, when people started to see what Verizon does for mental health and financial security, there was increased interest.
“The internship itself is a brief period of time in someone’s career,” said Cammarata. “We want to deliver and create an environment where we are sourcing top talent, but people want to come back after their experience and work for Verizon. I believe a big part of that is our robust benefits package. We look at all dimensions of well-being and ways to take care of individual needs.”
It’s safe to say that this year they’ve been successful with that. This cohort of interns wrapped up in August. Initial feedback found that 98% had a positive experience and 99% would like to return to Verizon for either an internship or job. They highlighted things like company culture, balance with hybrid work options and face-to-face time with executives. Verizon’s goal is to build off the momentum in years to come.
“The number of applicants has grown,” said West. “We’ve seen it go through the roof.”