If you think that you need some help, whether for developing new strategies or products for your business, you need administrative help or looking for a way to fill vacancies or skills gaps within your company, apprenticeships are a great and cost-efficient way to do so.
The Government is pushing vocational training as a route into the workplace. In October's Autumn Budget, Chancellor Rishi Sunak promised the UK a £2bn "skills revolution", with £170m dedicated to apprenticeships and training. Good news, at a time when many students are questioning the expensive of a £9,250 per year degree.
Ahead of National Apprenticeship Week, The Open University and The 5% Club found that nearly three quarters (70%) of employers held the belief that apprenticeships and work-based learning would be vital to their organisation's recovery from COVID disruption, compared to just half (50%) of business in August of 2020*. Some of the top findings are listed below:-
On top of this positive data, there are many more reasons to hire an apprentice:
You will widen your talent pool
According to the Institute of Student Employers (ISE) there are 22 applications for each apprenticeship vacancy
Employers set the course standards
Apprenticeship Trailblazer standards are set by employers. And there are over 600 standards that suit every sector and 1000's of job roles. As an employer, if you can't find the standard you need, you can create one with a group of employers within your sector.
You'll create a diverse workforce
Whether you lead a manufacturing company, professional services firm or a creative platform, attracting and retaining a diverse talent pool is a must for any forward-thinking business.
In 2018 diversity was ranked a top priority. Research shows that 43%** of businesses with more diverse workforces have higher profits – and apprenticeships are the cornerstone to reaching that talent early.
Diversity isn't just about race and gender - age is also a key differentiator
Young people offer a fresh perspective, and older people offer experience
TRAIN, RETAIN, ACHIEVE
Companies can use apprenticeships to address their current skills gap to retain staff through development, proven to increase morale. Many employers are also using apprenticeship funding to un-tap millions in revenue generation.
Marks and Spencer have done so by launching their digital and data hub that includes hiring new apprentices and is open to all employees. The retailer sees data science supporting product design, buying and allocation, store operations, and customer interactions, including the Sparks loyalty programme. In addition, algorithms that produce tailored offers for its 13 million Sparks members are powered by data science.
Whilst M&S have its own in-house training hub, the opportunity for smaller employers to offer training is just as available by using apprenticeship training providers who are passionate about helping businesses develop new talent and skills through apprenticeship funding. Even better, most training providers provide one-to-one blended learning that is adaptable to your business needs.
If your company's pay-bill is less than £3m, you'll only pay 5% of the apprentice's training costs, and the Government will fund the rest. This can be very cost-effective for many firms; for example, if you hire a Level 3 Business Admin Apprentice, the training cap is £5000 you will only pay an employer contribution of 5% of that, which is £250. This is much cheaper than paying for expensive training courses in many cases.
The Open University commissioned PCP to survey over 600 businesses in England between 5th and 14th January 2021. The full report will be published as part of The Open University and The 5% Club webinar 'How apprenticeships can develop the future beyond the pandemic' on Thursday, 11 February. The panel will include learning and development experts from The Open University, Balfour Beatty, Salts Healthcare and Network Rail.
Hopefully, just like those organisations surveyed, you are convinced that apprenticeships are an excellent way to support, develop, and grow your business. If you wish to take the next steps in growing your business, get in touch with us.
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08 Feb 2022