Traditionally, apprenticeships were only offered in trade professions, but now many industries are able to offer this option of further education. A recent study revealed that higher apprentices generate 27% more revenue to the Exchequer than graduates from ‘new universities’ (those founded after 1992), therefore they’re certainly worth investing in. As well as providing employees with the skills and knowledge they need to succeed in their careers, apprenticeships can also provide many benefits to your organisation.
The job market is tough for the many jobseekers out there looking for an opportunity to prove their talent and take their first step on the career ladder. Therefore, if a company hires them for their apprenticeship scheme and provides them with the chance they need to succeed, they will inevitably hold a huge amount of respect for that employer. If you take the time to train and develop the skill set of your apprentices, you will generate employees who have a comprehensive knowledge of your business and are fully committed to your company. This is confirmed by a study conducted by Populous, which found that 80% of the employers asked believed hiring apprentices lowered staff turnover.
Reduce the skills gap.
As more companies are experiencing a lack of qualified candidates applying for their specialised roles, it has become evident that there is a serious skills gap. Many believe employers are partly responsible for addressing this problem as they are the only ones who know exactly which areas they’re struggling to recruit for. Employers can solve this issue by offering an apprenticeship scheme. This enables you to recruit people with the passion and potential to succeed, using the apprenticeship to develop the skills they need to become the perfect employee for a specific role. By taking such measures you can prevent a crisis occurring when an experienced and specialised senior member of staff moves on.
You may be under the impression that setting up an apprenticeship scheme is an expensive venture, but statistics suggest that apprentices will only take between two and four years to pay for themselves, depending on the level of apprenticeship they undertake. Your initial costs will not be as high as you might think, especially with the funding you’ll receive from the government and the lower salary apprentices are paid. They can also help you to boost productivity as their fresh perspective and infectious eagerness to learn helps the company to progress further, providing a return on investment. The UK Commission on Employment questioned employers on the cost of apprentices and 88% said apprenticeships are an economical method of training employees.
So if your recruitment strategy is leaving a lot to be desired in terms of hiring skilled employees and your current method isn’t cost-effective, consider setting up an apprenticeship scheme. It can help you to move your company forward as you create talented employees who are loyal to your business, will reduce the skills gap and will likely turn out to be a good investment.