The Business Benefits of Hiring an Apprentice
Apprenticeships are a great opportunity for people to fulfil their potential in their chosen career, but did you know hiring an apprentice also brings big benefits to business?
Apprentices actually add £1.4 million to the English economy so it’s no wonder that businesses who have already taken on apprentices are thrilled with the results. Here’s the proof:
- 97% found apprentices good value for money
- 90% said apprentices boosted productivity
- 96% said they plan to hire more apprentices soon
- 86% developed skills needed by their organisation
- 80% saw an improvement in staff morale
- 80% said apprenticeships maintain or improve workforce skills for the future
- 75% said apprentices improved their product or service
- 65% of apprentices brought new ideas to the organisation
It’s not surprising that businesses are so positive about apprentices considering that AAT also found that on average businesses receive a £2,000 boost to their bottom line every time they hire an apprentice - this figure even factors in wage and training costs!
This is a very welcome short-term benefit of hiring an apprentice, but what’s even more valuable are the benefits to be reaped in the long-term.
Apprenticeships future-proof your workforce
If you take a long-term approach to your apprenticeship roles, you’ll prevent your business suffering from skills shortages as you can develop the skills you’ll need further down the line effectively future-proofing your business.
Not only do apprenticeships allow you to develop the skills you need, but they also allow you to fully tailor your training to your business.
As apprenticeships are mostly on-the-job training, you can ensure that your apprentices’ skills and knowledge can be shaped to your businesses specific needs. Even the 20% off-the-job training can be tailored to your businesses needs if you work with a training provider who has the means to offer this.
Apprenticeships aid staff retention
Remember that creating an apprenticeship role doesn’t mean you have to hire someone new - you can use the funds of your apprenticeship levy to provide training to your existing staff.
You should also be aware that while apprenticeships are often thought of as a junior position, they can also be created for more senior roles. If you have a member of staff you’d like to promote, an apprenticeship could be a smart way to deliver them any training they need.
You’ll find that offering your staff the opportunity for professional development will make them feel valued and build loyalty - two things which make them less likely to leave.
With all these benefits, apprenticeships are truly a win-win opportunity for staff and businesses alike.
Join the businesses already benefitting - view our digital-first apprenticeships.