How apprentices outperform the wider labour market
Apprentices are a great way to give businesses a financial benefit of up to £2,500. This can be seen as:
- Employers stand to gain a net benefit of at least £2,496 when taking on an apprentice even during their training period
- A Survey of 1,000 HR decision-makers reveals that 98% of apprenticeship employers experienced additional benefits to their business.
- Demand for apprenticeships is on the rise, as 60% of businesses surveyed reported they would consider employing an apprentice now or in the future.
The report’s results are good news for firms wanting to hire more people and invest in training for new employees since the research provides a complete evaluation of the advantages of apprenticeships to both businesses and individuals in the UK.
The research estimates the true costs of employing apprentices in the UK to enhance worker participation and promote sustainability, quality, and development in the apprenticeship industry. Dispelling popular stereotypes about the costs, time, and complexity of apprenticeships, the research not only found an early net benefit of £2,496 for companies hiring apprentices, but it also indicated extra value for employers.
The higher initial expenditures involved with enrolling apprentices can be recouped considerably sooner than expected. Additionally, the benefits apprentices bring rise as they gain more expertise, implying that an employer’s average net benefit will continue to improve over time.
The benefits of more investment in apprenticeships to the UK’s economic recovery were also discussed, with individuals with apprenticeship qualifications outperforming the rest of the labour market in terms of unemployment. “Between 2017 and 2020, the unemployment rate amongst those with apprenticeships averaged 2.5%, while that of the wider economy averaged 4.2% and graduates average stood at 2.8%.”
The government has offered funds and assistance to help revitalize the apprenticeship sector, which promises to play a critical part in the labour market’s revival. Recent financing and subsidies have been critical in cementing the value of apprenticeships and encouraging more firms to adopt alternate paths for recruitment; according to the report, 60% of businesses are contemplating hiring apprentices now or in the future.
However, it is advised that if these prospects are to be converted, the system must be easier to understand and operate to overcome the hurdles that businesses confront.
Empentis offers a wide range of apprenticeships and training that can improve your business not only with financial benefits but also improving company morale, employer performance and the quality of work improves and aims to tailor all apprenticeships offered. To find more information on apprenticeships and funding, get in touch with us today.