According to government statistics, the total participation in apprenticeships in the UK is 740k for 2021/22, making up a significant portion of the UK workforce.
Despite making a significant contribution to the economy, apprenticeships had a stigma attached to them for many years. Stereotypes persist of underpaid vocational training for less qualified and below traditional degree-type qualifications.
But in recent months, the cry for more cost-effective apprenticeships has caused the percentage of British school leavers choosing degrees to plummet for the first time in a decade.
Some of the top-level courses in high-paying sectors such as engineering are now some of the most sought after in the country, with companies such as Rolls Royce and Dyson receiving more applications everywhere than Oxford or Cambridge.
Young people are clearly waking up to the benefits: an earn-while-learning lifestyle and a more secure career path as opposed to an indebted degree and uncertain career prospects.
Getting interns also offers huge business opportunities, from diversifying their services to bridging skill gaps. We review the benefits and show why you should consider apprenticeship programs in 2023.
Bridging the skills gap
In November 2022, 13.3% of businesses surveyed by the Office for National Statistics reported a shortage of workers, while the Small Business Federation found that 80% of small businesses had difficulties hiring applicants with the right skills. Apprenticeships can help fill this void.
Instead of looking for these scarce employees, companies should also look to hire interns and improve their skills. 86% of employers, for example, say that an apprenticeship has helped them develop skills relevant to their organization. Unencumbered by bad habits, apprenticeships can bring new energy to a business and be shaped to meet your company’s requirements. This is especially true when young people are adaptable and tech-savvy. Higher-level apprenticeships may involve developing a wide range of technology-related skills, from architecture to working with structural analysis software.
Apprenticeships offer value for money
One of the most widespread advantages of apprenticeships is its significant cost-effective nature, as organizations are able to take advantage of government funding. Fee-paying employers can use the money in their accounts to pay for apprenticeships, while non-tax employers can choose to share their apprenticeships with the government.
Research shows that the government covers 95% of training costs while younger employees are usually more cost effective in their salary standards. The return on investment is significant, with some forecasters estimating that the average net benefit for an apprentice over their apprenticeship was £2,496.
In addition, apprenticeships can also save on recruitment fees. According to Glass Door, the average employer spends around £3,000 27.5 days hiring a new employee.
Improve employee retention
Bright-eyed, high-energy interns entering the workplace can lighten the burden on your existing workforce. They can often relieve you of the stress of simple, time-consuming tasks. What candidates lack in experience, they may make up for with enthusiasm, assisting with lower level tasks, increasing capabilities and boosting morale.
An apprenticeship may also generate long-term loyalty to your brand, with young people getting their “first break” at work. Many trainees may want to stay in the business after their training, which is an effective way to nurture a loyal workforce.
May the steady stream of apprentices today be your idea leaders of tomorrow. The familiar narrative of an ex-trainee rising through the ranks is a positive PR opportunity.