Last week was National Apprenticeship Week. Here we take a look the positive impact that apprenticeships have on businesses and the economy.
National Apprenticeships Week aims to educate young people, businesses and entrepreneurs on how apprenticeships can be beneficial to all parties while dispelling myths surrounding the schemes. Many young people are sceptical of apprenticeships, believing pay to be less than £200, when in fact apprenticeships pay on average £257. As for businesses, apprentices can provide strengths and status rather than being an added burden.
Research has found that in certain industries, employing apprentices can actually increase long term productivity within an organisation by £10,000 per year. This is an average of £214 per week. This equates to around £83 in the retail sector and £114 in health, public services and care. These figures could reach as much as £401 in construction and planning, and £414 in engineering and manufacturing every week.
Aside from direct financial uplift in a business, apprenticeships can have a positive effect on the skills and mentality of a workforce. Many businesses have skill gaps which cannot be filled by employing full time workers. By employing apprentices that can fill these roles, as well as learning by working, a workforce can become much more well-rounded and flexible. What’s more, 80% of companies that invest in apprentices report an increase in staff retention and an astonishing 92% of employers said that apprenticeships in their business have led to a more motivated and satisfied workforce.
Improved Customer Relations
Research shows that customers will look much more favourably on a company that employs apprentices than one that doesn’t. 25% of the consumers surveyed by The Benefits of Apprenticeships to Businesses report said that they would be willing to pay a premium for a number of goods and services if these were provided by businesses that offered apprenticeships. Over two thirds of people also said that apprenticeships are “a key part of a company’s engaging with, and contributing to, society”. Along with a strong renewable energy policy, businesses can drastically improve their relationship with current and potential customers.