Apprenticeships are firmly on the radar this month, with National Apprenticeship Week taking place this week and the introduction of the Apprenticeship Levy.
Due to the changes, many employers are unsure as to whether apprenticeships are suitable for their business. But National Apprenticeship Week offers a perfect opportunity to change some minds.
Here’s 3 reasons why taking on an apprentice makes perfect business sense.
Money, money, money…
Most (if not all) business decisions come down to the bottom line. So naturally the first question that comes to mind is;
“How much will taking on an apprentice cost my business?”
If you’re going to take anything away from this article, it should be that apprenticeships hindering business productivity is a myth. After an initial learning period, apprentices can add fresh, creative ideas to improve your productivity.
According to research by Learn Direct, the average apprenticeship improves productivity by £214 per week. Do the maths and that’s worth £11,000 a year to your business, and that’s a deal I think we’d all take.
Find a leader from within
Apprentices benefit from a hands-on approach from day one, which puts them in a great position to grow within the business. After finishing, GOV.UK found that 77% of apprentices stay with the same employer and 57% of higher apprentices report getting a promotion after completing their apprenticeship.
Plenty of famous faces, such as Jamie Oliver, now renowned for his culinary expertise and restaurant business success, originally started out as a catering apprentice. Believe or it not, even Leonardo De Vinci started as an apprentice painter.
Read our interview from David Banks, who went from starting out as an apprentice to spending 25 years at CEO level.
Address specific skills gaps
Companies can only operate as well as the people that work in them, and developing talent in house can reap large rewards and save time and money on an often tricky recruitment process.
From the Prime Minister’s Industrial Strategy announced earlier this year, it became apparent that a change was needed to address the skills shortage we have across our region. Many SMEs, operating on limited time and resource, require very specific skills needs, and what better way to develop these skills than to develop them from the ground up.
Industry specific training can be used to develop a stream of tailored talent to suit your needs, and with the new introduction of the Apprenticeship Levy, you can receive funding and grants to cut the costs and invest in skills development.
How do I take on an apprentice?
Business West have launched a new skills service, Skills West, to offer impartial advice about the ins and outs of offering apprenticeships and connect you with training providers to kick start the process.
For more information on taking on apprentices, or to spread the word about how you have worked with an apprentice, get in touch with our team, phone 0330 124 4446 or visit our website www.businesswest.co.uk/skills.