July 2015: Paying it Forward

It turned out that Michael was enquiring whether the offer that I had made during a post-event beer where I would take on his daughter, Lily, as an intern on Waters for a short period over the summer had been a serious one, and whether the offer still stood. I informed him that the offer was indeed a serious one and that I would be happy to show her the ropes. Lily started at Waters in mid-June, oscillating between the office and attending her university lectures in London.

Large numbers of capital markets firms have formalized intern programs where they seek to identify the leading candidates who have just left college with the view to securing their services. It's a low-cost, low-risk talent acquisition strategy that in most cases pays significant dividends to both parties-hence the reason for their continued existence. And, if anything, such initiatives are likely to play an even more important role for capital markets firms, as the competition for talent ─ most notably in the technology realm ─ intensifies.

Dan DeFrancesco's feature this month addresses this issue, conveying the acuteness of the challenge facing capital markets firms when it comes to attracting, securing, and, most importantly, retaining the services of bright young technology things, given that pretty much every formalized business in the West has a broad range of technology requirements that young techies can adapt and apply their skills to.

But what about informal internships or work experience arrangements that provide young people with a "taste" for a company or industry that they feel they might enjoy, even if they haven't necessarily studied at college level along those lines? I would suggest that such tasters are hugely influential in terms of helping young people make more informed decisions at such a crucial stage in their lives.

Those arrangements might not directly lead to formal employment ─ at least not in the short term ─ but by paying those opportunities forward, so many more young people would be exposed to our industry without the pressure of expectation, which is precisely what we need right now.

Those arrangements might not directly lead to formal employment ─ at least not in the short term ─ but by paying those opportunities forward, so many more young people would be exposed to our industry without the pressure of expectation, which is precisely what we need right now.

Michael, when you read this column, please note that I hope you're still at Lord Abbett for at least the next decade. You see, Gracie, my daughter, is doing an extended internship at Lord Abbett once she completes her high school studies. You just don't know it yet.