Pandemic online work experience placements are booming in the banking industry
We’ve all felt the effects of the COVID-19 pandemic. Still, young people have been particularly impacted, with significant disruptions to their schooling and fewer resources for in-person extracurricular experiences, such as typical career-related study. Students in high school and college have already been under pressure to pursue a career path, and work experience is critical in providing young people with the necessary exposure to jobs. For this reason, Speakers for Schools investigated new trends related to this dilemma.
With lockdown regulations instituted in most workplaces, several businesses have found that working from home is a viable option. Around 64% of UK internships and summer programs were cancelled at the start of the initial lockdown. Due to the impact of the COVID-19 pandemic, work experience online is booming right now in the banking industry, as students and graduates of relevant fields seek new ways to improve their employability.
What is virtual work experience?
Virtual work experience, also known as a remote or online experience, allows students and graduates to complete full internships from home, typically only requiring a laptop. All are welcome to participate in online job experience, and for the most part, all you need is a computer and a reliable internet connection to get started.
Virtual internships are similar to conventional in-person internships in that they encourage applicants to collaborate for companies. They’re especially important now because they enable students and graduates to obtain useful job experience and build their resumes despite coronavirus restrictions.
Many of these conventional in-person placements have not only been substituted for virtual work experience. The new model for job experience in the banking sector has changed early outreach programs for businesses, encouraging them to expand the number of internship placements offered while improving geographical reach.
The rise of online work experience placements in the banking sector
With many companies forced to lay off employees between April 2020 and March 2021, some sectors were better positioned than others to transition to automated outreach and pave the way for others to suit. Banking was one such sector that not only continued to operate but also welcomed the ability of virtual work experience to increase awareness of the variety of careers available to young people, with there being an increase of 803 placements during this period.
Work experience placements increased by 5,890 places across the UK from April 2020 to March 2021. This indicates a healthy rise in the amount of work experience options available for young people in harder-to-reach regions while still allowing UK businesses to expand their catchment area regardless of their physical location. Furthermore, simulated placements accounted for 71% of the new hires.
About 3,000 additional placements were offered directly in London during the same period, with almost half of these opportunities being delivered via online work experience.
The experience of virtual experience
Virtual internships have the same recruitment process as conventional internships, but the training varies greatly depending on the company’s technological setup and contact methods.
You’ll apply for this work experience with a CV and cover letter, and certain organisations may need you to fill out an application form. You can submit a speculative application if you’d want to obtain experience with a specific business but can’t locate any advertised internship vacancies; nevertheless. Keep in mind that an organisation may not necessarily have the requisite technology to offer your requirement for online experience.
Employers understand that the pandemic is depriving students and fresh graduates of the opportunity to obtain real-world job experience, and are working tirelessly to make simulated experiences relevant and beneficial for those who participate. In general, online internships entail:
- Virtual meetings with the boss or coach each day
- Individual project collaboration, in which you can concentrate on a single big project rather than assisting with several minor tasks (as you probably would if you were in an office environment).
- Digital tours and video guides
- Virtual networking experiences and online conversations with various members of the organisation to offer insight into the jobs of different colleagues.
- Online socialising activities teaching opportunities usually offered by an e-learning portal.
- The company offers a single point of contact to a virtual intern who can double as a coach, tutor, and trainer. That individual can assign assignments, provide input on completed tasks, and answer any questions you might have about the industry.
Some organisations will provide you with access to their e-learning platform, which includes video tips on soft skills like collaboration as well as hard skills like how to use Excel to complete complex tasks.
Expectations for 2021
We expect Virtual Work Experience to continue gaining ground and drawing more employers who hope to broaden their talent quests as constraints loosen as workplaces open up to allow face-to-face experiences and in-person placements.
Virtual Work Experience will be a central part of all employers’ outreach efforts with the majority expecting a blended solution post-pandemic that is overwhelmingly weighted on virtual work experience. In the last 18 months, our employer network has expanded rapidly as more businesses recognise the many advantages of Virtual Jobs.
