Apprenticeships are an increasingly popular option for employers looking to develop their employees and increase their workforce. Not only do they provide valuable learning opportunities, but they can also bring a range of benefits to employers and the workplace as a whole. Some of the main benefits include:
- Save on costs: Apprenticeships allow employers to train employees while they work, which can be more cost-effective than traditional training methods. Depending on your business size and eligibility, most apprenticeship training costs are either fully or partially (95%) funded by the government, helping you to upskill your team on a budget. The first year apprentice pay rate from April 2023 is £5.28/hr compared to £10.42/hr for an employee over 23. An additional £1,000 funding is available to employers who hire apprentices aged 16 to 19 or 19 to 24 with an Education, Health and Care plan.
- Customized training: Employers can customize apprenticeships to meet their specific needs, ensuring that the employee is trained in the skills that are most relevant to the company.
- Improved retention: Apprenticeships can lead to higher retention rates, as employees who have invested time and effort into their training are more likely to stay with the company.
- Increased productivity: Apprenticeships can lead to increased productivity, as employees are able to apply their new skills on the job from the start.
- Positive company culture: Apprenticeships can contribute to a positive company culture, as they show that the company is committed to investing in its employees and their development.
- Positive public image: Employers who offer apprenticeships may also benefit from a positive public image, as they are seen as supporting the development of the workforce and investing in the local community.