By Steve Goldstein
Intern experiences can involve the gamut of often thankless tasks, like stapling documents or fetching coffee.
At one investment bank, the interns have to apply for other jobs.
Automotive analysts at Stifel in Frankfurt ask their summer interns to apply for vacation jobs at German automotive plants. The idea is to see whether there is still demand for temporary labor. The interns applied for jobs at 26 different plants.
Of the auto makers who do take summer applicants, all of them were willing to hire Stifel’s summer interns. That includes six different plants for Volkswagen /zigman2/quotes/203434344/delayed XE:VOW3 -4.47% , and 11 different plants for Daimler /zigman2/quotes/201850364/delayed XE:DAI +0.32% . BMW /zigman2/quotes/202432319/delayed XE:BMW -1.37% and Volkswagen’s Audi division don’t hire students as temporary workers.
All the automotive suppliers who offered jobs last year were offering jobs this summer as well, the Stifel analysts added, and one company that didn’t last year, Schaeffler /zigman2/quotes/208889618/delayed XE:SHA +0.81% , now is.
The analysts concluded that the hiring binge shows that they are trying to catch up on lost volumes due to chip shortages. “Hiring additional temporary workers is expensive. This implies that OEMs [original-equipment manufacturers] intend to produce many more vehicles in coming months, i.e. the communication from the Q1 reporting seems still valid, at least for now. That is a positive message,” they said.