According to reports, businesses in UK consider the shortage of skills and the difficulties in recruitment a much bigger threat to its performance than reduced consumer spending or increasing oil prices. Many business owners also give vocational work based training a higher rating compared to any other qualifications. There is a reason why 130,000 workplaces have chosen to employ apprentices. Employers recognize that apprentices provide many benefits for their organizations and research has been conducted to support their claims. The following are the top benefits of apprenticeships for employers.
As a business owner, one of the benefits of Apprenticeships in London is higher productivity. This is based on the feedback from the majority of employers. A business can secure a supply of people with the skills and qualities that it requires and ones that are often not available on the external job market. Apart from higher productivity, your business can benefit from high quality work. According to employers, apprentices produce high quality work across the board. Hiring apprentices also helps to retain staff and it reduces staff turnover. Employee satisfaction is another benefit.
From day one, the apprentices are provided with the appropriate tools to perform their work. The quality of their output is monitored, which leads to improved performance. Apprenticeships in London lead to reduced costs because improved productivity means that costs are reduced. A business can take advantage of government funding to reduce the costs of training the apprentice. The government can fund up to 100% of the training costs and a business can receive a grant of£1,500. Hiring an apprentice also leads to less waste because you are employing someone that you have trained for a particular job.
Apprenticeships in London lead to better recruitment and a business requires new blood in order to achieve its strategic objectives. In the English Premiership, clubs need to recruit new players in order to remain competitive. If a club fails to do so, it can be relegated. Being relegated means that a club will lose the revenue that comes with participating in the Premier League. When you compare the cost of buying new players and the lost earnings, it is better to invest some money in new players and avoid relegation. The same can be applied to the business world and it is better to hire an apprentice and remain competitive.
Apprenticeships in London lead to increased staff retention because they reduce the external recruitment expenses that arise from increased retention rates. A competitive advantage is the result and since the labour market is tight, you can reduce your recruitment and training costs. Staff motivation is another benefit because apprentices tend to be eager to learn and they are highly motivated. In addition, they are flexible in the way you can train them and the duration of employment. You can hire an apprentice for short and long-term projects.
Filling Skills Gaps
Apprenticeships in London can help your business to fill its skills gaps. Apprentices provide a business with a diverse range of skills that are tailored to meet its needs. The specialist skills that your business requires to stay abreast with new technology can be developed. Your business can also keep up with the latest working practices. By hiring young recruits, a business can be able to replace its ageing workforce, which can help it remain competitive. The older employees can also pass on their knowledge to the young recruits, which means that their unique skills and knowledge are not lost when they leave the organization.
Future Recruitment Needs
The energy and enthusiasm that young people can bring to a business can have a positive effect throughout the organization. Even if your business can recruit externally, this is going to prove more expensive compared to hiring an apprentice. The cost of inducting employees and providing them with additional training is high and you can avoid this by hiring an apprentice. Apprenticeships in London contribute to the pool of highly skilled employees from which your business can recruit in future. The supply chain, that is your sub-contractors, can also be provided with a skilled workforce.
Talented and Diverse Workforce
Talented and diverse workforces are the result of Apprenticeships in London. Talented workers are creative and they know how to solve problems at the workplace. They are also more productive and make everyday tasks appear easy. A diverse workforce is a sign that a company is interested in promoting social responsibility. This is beneficial to an organization because most consumers prefer dealing with a company that is socially responsible, and hiring apprentices shows the commitment to this cause. Apprenticeships also demonstrate that the company is committed to the growth and development of the employee, which is highly motivating.
Apprenticeships in London can allow your business to bring in someone who has fresh ideas, a person who can be innovative. On and off the job learning ensures that an apprentice learns the skills which can work best for the business. New and existing workers can be trained and apprentices can also increase the level of interest in the training that your organization is offering. This is because apprentices promote greater competitiveness and no employee wants to be left behind. Employees generally do not like change but an apprentice can make them more willing to embrace change and improve their skills.
Return on Investment
Apprenticeships in London can lead to employees being more productive and efficient. Return on investment is another benefit that your organization can gain from hiring apprentices. This is because of the apprentices gaining transferable skills, rising through the ranks and becoming valuable members of your organization. Nationally recognized qualifications can be provided to an apprentice and this means that they can have concrete impact on your business performance. An organization can reduce agency costs because an apprentice is loyal to your organization and you will not need to hire temporary staff. You can reduce your labor costs because the minimum pay for an apprentice is £3.30 an hour, which means that your business can benefit from hiring a young and enthusiastic worker for less than £6,000 a year.