THE SHRED – Returnships

THE SHRED – Returnships

THE SHRED – Returnships

 
 
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THE SHRED – Don’t Call It a Comeback! They’ve been here for years.

Here’s a bit of news from the political blog – Roll Call.

“A pair of Democratic senators introduced legislation Thursday that would offer subsidies to employers who hire longtime unemployed workers. The draft bill, sponsored by Sen. Chris Van Hollen of Maryland and backed by Sen. Ron Wyden of Oregon, aims to assist an estimated 1.3 million people who have been out of work for at least six months. The government would offer one-year subsidies to cover two-thirds of the cost of a new hire’s wages and benefits, although the subsidy could be increased in times of high unemployment.”

I think this is a well-intentioned effort to get people who have been out of the labor force for a while, back in the game. However, its not a new idea. There already is a trend of companies reaching back to experienced workers, its called – Returnships. Returnships are like internships for experienced workers looking to re-enter the workforce. Jason Wingard on Forbes explains how they work:

 “Modeled after traditional student internships, organizations hire individuals for a few months to a year during which they pair employment with mentoring and training. The benefits are twofold: returners gain skills, confidence, and connections, and employers evaluate prospective candidates risk-free. Returnships can provide an excellent segue back into the working world.”

Here are three examples of companies with returnship programs.

  • Example 1 – “The Goldman Sachs Returnship program helps to develop talented professionals who are looking to restart their careers after an extended absence from the workforce. This paid program offers opportunities in a variety of divisions and the chance to experience the vast network of resources at Goldman Sachs.”
  • Example 2 – “Increasing numbers of physicians are confronted with the problem of obtaining hospital staff privileges after extended absences from the practice of clinical medicine. The Cedars-Sinai Medical Center Physician Reentry Program provides hospital credentialing committees with a convenient pathway to help reinstate physicians who have been denied privileges. The Reentry Program designs a course of participatory study that is intended to fulfill the specific needs of the reentering physician’s planned practice.”
  • Example 3 – “The Real Returns program at Credit Suisse is paid and runs for approximately 12 weeks. You’ll have the opportunity to work on projects that match your skills and expertise,  and tap into a support network of like-minded professionals. You will participate in a variety of orientation events and training sessions throughout the program that are designed to help you transition back into the work environment. You will also receive information about changes in the financial services industry, improve your technology skills and participate in workshops.”

With a national unemployment rate of 3.6%, expect companies to do more creative strategies like this in the ongoing war for talent.