Firms like Goldman Sachs now recognize a new opportunity to pick up top talent. It’s called the returnship.
What is it?
As the name implies, a returnship is an internship for professionals who have been out of the workforce for several years. Like other internships, these positions are only temporary, though can lead to full-time positions. And, many also include mentorship and training to get individuals up to speed on the most recent technologies and trends.
Where did it come from?
Despite the high unemployment rate, many employers still find it difficult to hire employees with the skill sets they need. Some of these firms now realize that very talented people have chosen to step out of the workforce to attend to their family for a short period of time. And when these individuals are ready to return, they can become very valuable employees.
For these firms, the returnship serves two main functions. First, it provides training and mentorship to get these new recruits back up to speed. Second, it provides an extended on-the-job interview, a low risk way to test out individuals before they become full-time hires.
Is the returnship right for you?
Returnships are not yet that common, and for now seem to be limited to mid level jobs in fields like marketing, finance and law. Firms also seem to be targeting folks who voluntarily left the workforce, rather than long-term unemployed. Some require a minimum of two years or more to be out of the workforce.
Further, the returnship is not without it’s trade-offs. These positions are temporary internships, not full-time. For instance with Goldman Sachs, the returnship lasts for six months. Then, only half of these interns are offered a full-time position
So even if you do land one of these coveted positions, several months later, you may end up back in the interview chair responding to the same questions and answers.
Still if you are looking to get your foot in the door with a top firm and get your skills back up to date, this may be an opportunity worth considering.
Took time out of the workforce? Here's a unique opportunity for you.Written by Alan Carniol
A gap in work history used to be a disadvantage in landing a job. Or in getting invited for an interview. Employers worried that such a resume gap meant out of date skills, and perhaps a decreased work ethic.
For some top firms, that view has changed.