2022 KP People Report

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2022 KP People Report

Early Career Programs

Highlights

Top insights in this section are:

Despite layoffs that largely impact junior talent, companies with 50+ employees are recruiting for internships and entry level full-time roles.

Majority of companies begin recruiting August 2022 and plan to host a 100% in person or a hybrid program.

There’s been a rise in gap years due to the pandemic. Companies are seeing more interest in off season internships.

University Recruiting (UR) Program Overview

We saw a rise of layoffs in 2020 due to the uncertainties of COVID. The recruiting market bounced back quickly in 2021, and now in 2022, we have seen an increase of layoffs across the startup and tech industries. This has largely impacted interns and new grads as companies may not have resources to support and train junior talent.

For companies that are hiring, they begin recruiting in August - October 2022 and wrap up by January - March 2023. While some early stage companies (Seed - Series B) do not have a formal program, many opportunistically take on interns and new grads throughout the year if they see a good fit.

📈 Trends

There’s a rise in gap years due to the pandemic.

Some students take off a semester to recruit. Off season internships (i.e. winter, fall etc) are more popular. More students continue their internship from summer into fall.

Cadence for bringing interns together range from once a week to once a month.

The time it takes to accept an offer will vary. Some companies see students commit to decisions earlier, while others are see a longer timeline.

Interns and new grads love to be in office!

Timeline

Majority of companies have either accelerated or have not changed their timeline to recruit early talent.

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Internship Structure

The majority of companies surveyed plan to host a 100% in-person or hybrid program in 2023. This is a shift from 2022 where 65% of companies surveyed hosted a 100% remote program and 20% hosted a hybrid program. Those that raised $75M have an average of $60,000 as annual budget for UR Programs.

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Ratios

For those that have raised $50M+, we see these average ratios for 1 intern to the EPD (Engineering, Product, Design) organization.

Function

Ratio (intern : # of experienced EPD employees)

Engineering

1:14 AM

Product

1:13 AM

Design

1:23 AM

There are no rows in this table

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Source of Hires

Over half of companies surveyed find success recruiting through partnerships with student groups and referrals.

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💡 Tips from University Recruiters

🙌 Recruiting

📗 Programming

📈 Conversion

Provide company one-pager prior to the first interview.

Build an interview prep process and have consistent touch-points with candidates.

Have former interns refer new ones!

Host an “open house” and bring together senior EPD leadership and potential candidates.

Use tools* and platforms to find diverse talent.

Have interns present projects to exec team at the end of the summer.

Ensure events are inclusive (i.e. timezones, access to supplies etc).

Host events (i.e. educations series with leadership series, game nights, hiking etc).

Take pictures of ALL events!

Buddy program between employees and interns.

Provide meaningful work to interns / new grads!

Recap intern accomplishment's in company all hands.

Communicate the value that working at a hyper-growth startup can have for a new grad.

Leverage ERGs to build connections outside of program.

There are no rows in this table

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*Examples include: Handshake, Rewriting the Code, ColorStack, Jumpstart, Untapped, Edlyft

Intern / New Grad Compensation, Perks, Benefits

It is a close split between how companies pay their interns: hourly with overtime, or pro-rated salary.

💡 TIP:

Levels.fyi⁠

(started by a former KP Fellow) is an open-source database of engineering, design, and product salaries. Please note that this is self reported data from employees. Only 4% of the data is validated based on offer letters and W2s, but it may be helpful in providing a general market data.

💻 WFH Stipend

30% of companies surveyed provided a WFH stipend. This number is similar to the data reported in our 2021 People Report where 35% of companies surveyed provided a WFH stipend. Other perks provided for interns include

Future⁠

subsidy,

Modern Health⁠

sessions, company swag, meal credits, and a monitor reimbursement program.

🏠 Housing Stipend

Over half of companies surveyed provided a housing stipend for interns. For those that provide housing stipend, this number ranges from $2,000-6,000.

👏 Sign-on Bonus

70% of companies surveyed provided a sign-on bonus for new grads. For those that provide sign-on bonus, this number ranges from $5,000-$20,0000.

Applications for the 2023 KP Fellows Program will open in November at

fellows.kleinerperkins.com.⁠

Highlights

University Recruiting (UR) Program Overview