Media Contact: Heather Nezich, ASE, 248.223.8040, [email protected]
Troy, MI – December 8, 2023 --- ASE, one of the nation’s oldest and largest employer associations, has released the 2024 Starting Salaries for Co-op Students and Recent College Graduates Survey today. The annual survey provides a comprehensive look at the current state of wages and benefits provided to co-op students and recent college graduates. The survey also presents employers with a snapshot of the recruitment and retention trends associated with these new entrants to the workforce.
Highlights of the ASE 2024 Starting Salaries for Co-op Students and Recent College Graduates Survey include:
- Roughly half of those surveyed (51%) have increased rates for Co-op/Intern students within the last year. This is an increase from last year, where 46% had increased wages for this segment of their workforce.
- Slightly more than seven of ten respondents (72%) say their company has hired in the past year, or plans to hire in 2024, a recent college graduate, similar to what was reported in 2022 (73%).
- The top five in-state institutions the responding companies actively recruit from are: 1) Michigan State University; 2) University of Michigan-Ann Arbor; 3) Oakland University 4) Kettering University; 5) Wayne State University.
- The top three knowledge/skill factors organizations consider when making hiring decisions, in order, are: computer skills; related coursework (i.e., to the work required in the job); and degree level.
- 82% of respondents reported that they do not provide benefits to co-ops/interns
- Of the 18% of respondents that provide benefits to co-ops/interns, 20% provide medical coverage, 20% provide paid holidays, 20% provide paid sick or personal days and 20% provide tuition assistance.
- The highest average starting salary was, again, Electrical Engineering at $78,151. This is roughly an $8,000 increase from the previous year ($71,500).
The ASE 2024 Starting Salaries for Co-op Students and Recent College Graduates Survey findings were announced by ASE President and CEO, Mary E. Corrado. “In an era of persistent labor demands, the present landscape offers a promising window for graduates. Employers, driven by an unyielding need for skilled professionals, are actively seeking talent, especially in technical fields where we are witnessing robust wage growth. This trend, as highlighted in the ASE 2024 Starting Salaries for Co-op Students and Recent College Graduates Survey, not only underscores the favorable conditions for graduates but also emphasizes the dynamic nature of the workforce.”
Background information on the ASE 2024 Starting Salaries for Co-op Students and Recent College Graduates Survey
124 organizations from across Michigan participated. Organizations with 100 employees or less nationally made up approximately 39% of the survey sample, while organizations with 101-499 employees nationally represented roughly 38% of the sample. The remaining 23% of the sample came from organizations with more than 500 employees. A variety of industries have been represented in the survey, with durable goods manufacturing (47.6%) leading the pack. Trades and Services (25.8%) were the second-largest industry representation.
This survey is available at no cost to ASE Members via the ASE Survey Library. It is available for $415 for non-member participants and for $825 for non-member non-participants. Request to purchase here.
About ASE
ASE is employers trusted partner for Everything HR. ASE is a non-profit, membership organization – everything we do is based on the needs of members and to drive the success of their organizations and help them THRIVE. ASE strengthens organization's HR departments by offering member benefits and discounted services that span the entire employee lifecycle including recruitment, development, and retention while minimizing compliance risk. We provide our members guidance through new legislation and workplace issues such as those that occurred with the COVID-19 pandemic. Learn more about ASE at www.aseonline.org.