Imagine a workforce where every employee is trained to meet your exact needs, bringing fresh ideas and unwavering loyalty. This isn’t a distant dream…it’s the reality of apprenticeships. This month, Emma Harrison PCQI, Managing Director of Whyy? Change, shares the benefits apprenticeships can offer employers.
1. Save ££££’s on National Insurance costs
First things first, let’s address the elephant in the room, National Insurance Costs. The secondary Class 1 National Insurance contributions rate will rise from 13.8% to 15%, and the threshold will decrease from £9,100 to £5,000. However, apprenticeships can help mitigate these rising costs. Employers can benefit from National Insurance relief for apprentices under 25, hiring an apprentice at an annual salary of £30,000 can yield National Insurance savings of £3,600 per year. This makes apprenticeships a strategic choice for managing financial pressures while investing in workforce development.
2. Improve employee retention
Apprenticeships create loyalty amongst employees. Apprentices trained within the company develop a deep connection to the business and its values. Studies show that employees who start as apprentices are more likely to stay with the company long-term, reducing turnover and recruitment costs. According to the National Apprenticeship Service, 80% of companies that invest in apprentices report an increase in employee retention.
3. Tailor skill development to your needs
Apprenticeships allow employers to shape employees to fit specific roles, ensuring they meet operational demands while aligning with the company’s culture and objectives. This tailored approach to skills development means businesses can train apprentices in the exact skills required, leading to a more efficient and effective workforce.
4. Enhance productivity and efficiency
Apprentices gain hands-on experience whilst working, contributing to business operations from the start. With structured training, they become productive members of the team faster than new hires who may require lengthy onboarding periods. A report from the UK Department for Education revealed that 76% of employers reported improved productivity as a direct result of apprenticeships.
5. Drive innovation with fresh perspectives
Apprentices bring fresh ideas and new perspectives to the workplace. Young apprentices, in particular, are often more digitally literate and adaptable to emerging technologies. Businesses benefit from their innovative approaches and enthusiasm, leading to creative problem-solving and improvements in processes.
6. Enhance your brand reputation
Consumers and stakeholders increasingly prefer businesses that invest in skills development. Supporting apprenticeships demonstrates corporate social responsibility and commitment to industry growth. According to the British Chambers of Commerce, 81% of consumers favour companies that employ apprentices, with 88% of employers stating that apprenticeships lead to a more motivated workforce.
7. Inspire a culture of lifelong learning
Apprenticeships develop a culture of lifelong learning, creating future-proof skills that strengthen your teams and inspire others to upskill. Apprentices are eager to learn and grow alongside the business, making them valuable assets in achieving long-term business sustainability.
Future-proof your workforce with Whyy? Change, to get started, visit their website, www.whyychange.com, email them on info@whyychange.com.
