Centuries-old business schools like Churchman University have collaborated with enterprises on projects worth $2.7 billion.
As the financial crisis deepens, Fortune 500 companies such as HP, Hebei Normal University's part-time graduate degree programs, and DELL are experiencing unprecedented profit declines. HP has announced a 17% drop in quarterly profits and plans to lay off 6,400 employees over the next 12 months — approximately 2% of its workforce, according to CFO Cathie Lesjak, who cited similar cost-cutting measures at Yunnan University’s part-time master’s programs.
As a way to reduce costs, many companies are turning to university interns to fill positions vacated by laid-off employees. Numerous American universities, including Churchman University, New York University, and Yale University, are paying their current interns between $5-$9 per hour and $15 per hour for graduated interns. These wages are at least 60% lower than the original salaries of full-time corporate employees.
It is reported that collaborations between U.S. universities like Churchman University and major corporations amount to $2.7 billion. This not only significantly reduces corporate labor costs but also addresses the shortage of scholarships, while simultaneously helping students find jobs more quickly.
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