Business Benefits Of Taking On An Apprentice
Posted: 4 March 2014
Employing an apprentice is a rewarding experience which helps young people achieve their potential while businesses increase their productivity and competitiveness. Apprenticeships give employers the opportunity to train staff to meet specific skills requirements and increase staff capacity through a relatively cost effective route.
Apprenticeships deliver skills designed around the needs of the business and provide the skilled workers employers need for the future. What apprentices lack in experience, they make up in enthusiasm, energy, endeavour, ambition and motivation. They generate new ideas and facilitate innovation. Training apprentices can also be more cost effective than hiring skilled staff, leading to lower overall training and recruitment costs. It reduces staff turnover and supplies skilful labour that is often not available through the external job market.
Apprenticeships enable businesses to create the workforce with the right ethos for their organisations. Companies can grow their own talent and develop a motivated, skilled and qualified workforce, while creating loyalty and continuity. LSC survey (2009) on benefits of completing an apprenticeship found out that 90% of apprentices had remained in employment immediately after their apprenticeship had ended.
Apprenticeships have wide social and economic value, they can solve skills shortage problems and bring competitive advantage to both employers and apprentices. The government recognises their importance by providing support and public funding available to businesses. The National Apprenticeship Service (www.apprenticeships.org.uk) offers advice on available support.
UK economy is bouncing back from the recession so this is the right moment to create the workforce needed for the future years. There has never been a better time to employ an apprentice with government investment of £1.56 billion planned for 2013-14, including £40m on Higher Apprenticeships to achieve 20,000 new starts. Return on investment for the economy is £18 to every £1 of government spend. New to apprenticeships employers can be eligible to receive an Apprenticeship Grant of £1,500 per apprentice.