How can hiring an apprentice benefit your business?
Apprenticeships are a great route for individuals to fulfil their own potential in their chosen career and they can also bring big benefits to your business.
1. Increased quality of work
2. Increased productivity
3. Reduced costs
4. Increased competitiveness
Increased quality of work: Apprentices are continually assessed and monitored. This ensures that the quality of their work is consistently high. The vast majority of businesses believed their Apprentices became an asset to their business before the end of their training period. 70% of businesses with an apprenticeship programme believe the quality of their staff retention has increased as a result.
Increased productivity: With apprenticeship-based training to up-skill the workforce, productivity improves. This decreases waste and improves employee satisfaction and retention. 76% of businesses saw an increase in productivity as a result of undertaking an Apprenticeship programme. 57% of businesses believed their apprentices showed more loyalty than their other employees.
Alongside the increase in productivity and the decrease in waste, both training and recruitment costs are lower when hiring an Apprentice. An Apprentice’s national minimum wage begins at £3.70 per hour. Many employers choose to increase this as their apprentices develop more skills. 53% of businesses have noticed a decrease in their recruitment costs. 59% of businesses have noticed a decrease in their training costs.
Collectively, these benefits will increase the competitiveness of your business. By investing and improving the skills of your workforce, an Apprenticeship scheme can ensure the long-term continuity of your business. Companies have said they have developed new skills themselves from learning from Apprentices.