Unlike other training methods, apprenticeships keep the member of staff working while they train. Although the apprentice will spend at least 20% of their work hours off-the-job, the government is working to cover most, if not all, the costs of those training hours. This means that you are getting staff who are both working and constantly improving their skills to assist your business, at no extra cost.
According to the Centre for Economics and Business Research, this is why an apprentice brings an average increase in productivity of at least £10,000 per year, with some sectors being significantly higher.
If you are taking on an inexperienced candidate for your apprenticeship, you could cut costs even further because the national minimum wage for an apprentice is just £4.15. According to Oxford Economics, the average cost of training a new employee is £25,000. With an apprentice, not only are you reducing your wage bill, your current employees won’t have to divert all their attention towards training the new member of staff, as the apprentice will also be participating in off-the-job training.
With the economy in contraction, and industry moving faster than ever, your business can’t afford to stop being competitive. With 77% of employers stating that taking on an apprentice made them more competitive, it is an opportunity you can’t afford to miss.