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 Benefits of Cooperative Education
Employer Benefits:
- The cost of recruiting co-op students averages 16 times less than recruiting recent college graduates.
- Almost 50% of co-op students accept permanent positions with their co-op employers. The retention of college graduates after five years of employment is 30% greater for co-op graduates.
- Typically, co-op students receive lower salaries and fewer fringe benefits than permanent employees. Total wages average 40% less for co-op students.
- The percentage of minority group members hired is twice as high among co-op students as among recent college graduates, thus assisting co-op employers in meeting EEO objectives.
- Co-op programs provide an opportunity to evaluate employees prior to a decision regarding full-time employment.
- The co-op graduate’s work performance is often superior to that of a college graduate without a co-op. Students are more flexible and easily adapt to a professional environment.
- Regular staff members are freed up from more basic aspects of their jobs to focus on more demanding and profitable assignments.
- Co-op programs supply students who have new ideas and fresh approaches. Co-op students bring state-of-the-art technical knowledge to their work assignments.
- Co-op graduates are generally promoted sooner (and further) than other graduates.
- Co-op programs build positive relationships between businesses and schools.
Student Benefits:
- Co-op programs enable students to apply classroom theory to actual work situations.
- Co-op programs allow students to test out their interests and develop their long-range career plans and career goals.
- Co-op programs enhance the graduates’ market-ability by providing on-the-job training.
- Students enrolled in co-op programs show increased academic performance (higher GPA, fewer failed courses), and a 20% greater graduation rate.
- Co-op programs provide students with a source of financial aid to help defray their educational expenses.
- Co-op programs develop students’ overall maturity by strengthening resourcefulness, problem-solving skills, self-confidence, self-discipline, and sense of responsibility.
- Students develop human relations skills through interaction in career settings.
Educational Institution Benefits:
- Cooperative work experience provides for an extension of classroom experience, thus integrating theory and practice.
- Cooperative education keeps faculty members better informed and aware of current trends in business and industry.
- Co-op programs build positive relationships between schools and businesses and provide faculty members with access to knowledgeable people working in a variety of fields.
- Co-op programs enhance the institution’s reputation and attract students interested in the co-op plan to the school.
- Cooperative education provides schools with additional business and industry training facilities that would otherwise be difficult to finance.
- Cooperative education provides schools with lower placement costs for graduates.
Source: Michigan Council for Cooperative Education
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