There is no doubt American companies have a record number of unfilled vacancies. Up to the start of 2019, 7 million jobs remained vacant in the U.S, according to data released by the Progressive Policy Institute. Most employers admit there is trouble finding qualified employees. To solve the skills gap problem, many companies are turning to apprenticeship programs for help. Those who have managed to roll out successful plans have found value in the program and benefited more than they invested.
If you’re still contemplating whether or not to roll out this program, here is why your company should invest in apprenticeships.
1. Apprenticeships Boost Productivity
According to U.K. research, 78 percent of employers say apprenticeship programs help boost their workforce productivity. In the U.S, Dartmouth-Hitchcock in Lebanon, New Hampshire, admitted investing in apprenticeship played a major role in expanding and reorganizing its medical services. When you invest in your employees’ skill development, you allow them to hone skills to benefit your company. A skilled employee boosts productivity massively.
2. Reduces Turnover Rate
Organizations with apprenticeship programs enjoy lower turnover rates. When workers have opportunities for advancement, they stay engaged and are invested in their company’s success. Also, because it is people within your organization who offer the training, apprentices are likely to stick around long enough, waiting to become valued employees after their program.
3. Gives Good Return on Investment
Companies investing in apprenticeship programs can get an average return of $1.47 for every $1 they invest. This is one and a half times more than any other training program. The ROI also stands out when compared to traditional hires. For this reason, businesses offering apprenticeship programs are likely to outperform their competitors because they have the right people for their work.
4. Saves on Recruitment Costs
Today’s talent landscape is competitive. Hiring a new employee could cost you an average of $4,425. It will also take you 36 to 42 days to get the right personnel for your company. By training someone internally for an existing job in your company, you save money you would have spent on recruiting new talent. Apprenticeship training also allows you to hire brilliant talents at an early stage.
5. Develops Skills You Can’t Buy
It’s hard to find a perfect employee for your job description. While you can’t buy an experience, you can pay for someone to get it for you. Since apprentices spend time working alongside your employees, they acquire the training they never get in school. Many companies currently rely on apprenticeship training to build future specialists in the most sought-after roles, such as software developers and I.T. specialists.
Enjoy the Many Benefits of Apprenticeship Programs
A skilled labor force is fundamental to growing a thriving business. Apprenticeships are one of your best options for achieving this goal. With these five benefits of apprenticeship programs, you have better reasons to develop your employees’ skills and talents.
Are you interested in gaining skilled employees through apprenticeships? WOZ Registered Apprenticeship Program can help you get started. Contact us today for more information.
