Moneda Moves (67): Let's stop normalizing unpaid internships 💰
On this week's show, we're talking about the importance of internships and putting an end to unpaid ones too.
I'll share my experience here because it's relevant: Five years ago, I moved to one of the most expensive cities in the world to make minimum wage and earn my career in the number one market for journalism. I picked up extra gigs and made my dollar stretch, saving every cent I could. But I was also incredibly lucky, because IF I had not received any pay that summer, I don’t know that I would still be here today. My family was not in a financial position to fund my move or stay here. Earning minimum wage and navigating post-grad life without health insurance made personal finances a pretty big stress point. Surviving that summer however, would grant me access to national newsrooms and enable me to grow my career. I share this because this is one narrative of many that exemplifies just how important internships, and paid internships at that, are for our students.
More than half of graduating students who held an internship will receive a job offer by graduation. To put that into context, less than 20% of students overall usually have a job offer at graduation, per a 2016 Rudolph Foundation report. And yes, students and graduates have it tough overall, but when you start looking at who gets paid, there are some glaring concerns. Women tend to engage in more unpaid internships than men, only one third of families can support students through an unpaid internship and most students end up working a second job to make financial ends meet.
Due to the pandemic, this summer is not any easier for students, leaving them in a more vulnerable state than in years past. More than 60% of student internships have been canceled this summer, per CNBC. With Latinos and Black students holding the lowest internship participation rates overall, this week we talk about how our internships can better serve students, starting by paying them. On this week’s Moneda Moves we speak to Carlos Mark Vera, Executive Director and Co-Founder of Pay Our Interns.
LISTEN HERE.
Con poder✊🏽,
Lyanne