The benefits of apprenticeships for employers
There is a skills shortage in almost every sector on industry and business at present. The Government’s apprenticeship scheme is aimed at all types of business and all skill levels.
We looked at some of the benefits to the student in our blog last month, but only touched briefly on the many advantages for employers in using the scheme either to attract new team members or upskill existing employees. The Government’s apprenticeship hub lists some of the benefits to business of training staff through the apprenticeship scheme.
Adding to the capabilities and knowledge of staff has clear benefits. By helping them work towards a professional qualification you are building skills that are directly relevant to your business and its long term requirements. In a Government survey 86% of employers said apprenticeships helped them develop skills relevant to their organisation, and 77% said that they felt having apprentices now would give them a future competitive edge.
With the skill shortage growing offering new and existing staff a clear path for personal and professional development. Structured career progression and the increased personal confidence that we spoke about in last months blog, result in more fulfilled team members who are more likely to stay with the business longer. In some high staff turnover industries with an average team turnover of 84% have found that this drops to 39% among staff who joined the business as apprentices.
Apprenticeships are a particularly cost-effective way to train staff, as they are making a contribution to the workplace while they are learning. Apprentices spend much of their time gaining skills on the job as well as adding to their skills and professional understanding in the classroom environment. Funding can also be available to support the cost of the apprentice while they are learning. For those on lower salaries under the age of 25 employers national insurance contributions are also waived.
The benefits to the employer reflect the benefits to the student. In many ways they are similar, both sides of the equation want to improve their ability to attract the other. Both want to achieve the best potential they can from their work. First Intuition’s goal is to develop financially fluent professionals who can make an impact for talent hungry employers. All types of business need team members who have a thorough grounding in financial management, and we are able to fill that need. Get in touch with the First Intuition team in Bristol or call us on 0117 3540190 to discuss how we can help with your apprenticeship plans.