If you blinked, you might have missed it.
The SHEcession—a clever moniker given to the pandemic-induced exodus of women from the workforce—has more than reversed course in 2023. A fact sheet published by the Center for American Progress in February revealed not only that “women’s employment has … recovered to pre-pandemic levels,” but women’s labor force participation is at an all-time high. Despite this remarkable rebound, many companies continue to face challenges in recruiting and retaining women. One emerging approach to address this dilemma is the returnship.
Returnships – A Primer
A combination of “return” and “internship,” returnships are just that—internships designed for individuals returning to the workforce. Like internships, returnship programs typically run for a specified period of time. This can range from as few as 10 or 12 weeks, up to six months or longer depending on business needs. The best programs serve as valuable transitionary periods of professional development for individuals who are beginning their reentrance to the workforce after an extended period away. Returnships can help facilitate this transition by promoting a sense of community and support among participants as they learn and develop job-specific skills. Finally, returnships are typically part of a pathway that optimally culminates in participants joining the company full-time upon the program’s completion.
The benefits of a well-designed returnship program are not exclusive to the participants. Employers who host returnships can expect to receive interest from portions of the talent pool that are often difficult to recruit from. As such, these programs can be a valuable way to support DEI hiring goals. Additionally, these programs provide employers with the ability to assess participants’ skills before making a full-time hire.
Successes in the Field
In the wake of the 2008 financial crisis, Goldman Sachs debuted a first-of-its-kind returnship program, designed for returning professionals who have been away from the workforce for two or more years. As the program gears up for its 15th cohort this year, the bank receives upwards of 1000 annual applicants. Of those selected to participate, 75% typically earn full-time offers upon the completion of their returnship. Returnshipgraduates have gone on to play integral roles in the business, with one returning professional even achieving the position of managing director. Goldman Sachs isn’t the only bank with a returnships success story, however! Wells Fargo, another industry giant, received such strong interest in their returnship program’s inaugural session that the company tripled the program’s size within its first three years.
In the tech sector, companies including LinkedIn and Microsoft have instituted returnship programs as a part of their broader strategy of recruiting talent with non-traditional backgrounds. “At Microsoft,” the company’s Leap program page reads, “we know there are many pathways into the technology industry and into our organization. We’re constantly looking for new ways to create unconventional entry points for talent and leverage the skills and experiences of talent from outside the traditional academic paths.” Their immersive, 16-week program combines classroom and hands-on learning to do just that. Similarly, LinkedIn’s REACH program targets those with “non-traditional backgrounds” looking to “begin or continue their technical career.” Billed as a “technical apprenticeship program,” REACH participants have included individuals who:
- Want a career change,
- Have attended a bootcamp,
- Are self-taught,
- Don’t have a traditional degree for the role, or
- Took a break from work and are trying to re-enter the workforce.
While no two returnship programs are the same—their customizability being one of their strongest features—the programs that attract and retain top talent have similarities. Competitive pay and benefits, structured opportunities for mentorship and personal development, and a clear path to full-time employment upon their completion are all staples of a well-designed returnship program. Additionally, offering hybrid or remote returnship opportunities can also expand the talent pool from which a program can draw.
Interested in Developing a Returnship Program?
Whether you’re interested in learning more about returnships as a concept or looking to develop a full-fledged program for your company, Workmorphis can help.
Workmorphis provides a full suite of services to help organizations across the U.S. revitalize their workforce, including workforce planning strategies, skills transformation, diversified workforce pipeline strategies, employee support and empowerment, and more.
Connect with us at 877.999.7717 or info@workmorphis.com to offer your insights or learn how we can help you transform your workforce.
Meet the Author
Nicholas Mlakar is a policy intern at Workmorphis. Mlakar is an undergraduate student at Carnegie Mellon University in Pittsburgh, where he studies International Relations and Political Science as well as Social & Political History. In addition to his policy work, Mlakar has written and podcasted on the history of activism at CMU. He is in the early stages of a social history project exploring the impact of deindustrialization on the people of Pittsburgh. When not researching or writing, he enjoys reading, exercising, and spending time with friends and family.
