Apprenticeships provide an effective way for employers to attract young talent and upskill existing staff. Benefits include:
- Productivity gains – Apprenticeships boost business performance by helping employers develop a motivated, skilled and qualified workforce. 86% of employers said apprenticeships developed skills relevant to their organisation and 78% reported improved productivity.
- Employer and employee satisfaction – 87% of employers said they were satisfied with their apprenticeship programme and 75% reported that apprenticeships improved the quality of their product or service. Almost 90% of apprentices say they are satisfied with their chosen apprenticeship and over four in five say their career prospects have improved as a result.
- Reducing staff turnover – Investing in apprentices leads to higher levels of staff loyalty. An extensive survey undertaken by the Skills Funding Agency in 2015 showed that more than half of employers indicated that apprentices stay in their business longer than other recruits.
- Reduction in recruitment costs – Over half of employers have reported that apprenticeships have reduced their recruitment costs. Training new and existing staff (growing your own talent) is more cost effective than hiring experienced staff.
- Reduction in levy payments – Investment in apprenticeship training leads to a lower tax bill for those businesses that are required to pay the apprenticeship levy. Existing training programmes can be adjusted to include apprenticeship training in order to achieve these fiscal benefits. For more information about the levy please click here.