Apprenticeship programs have been proven time and again to be beneficial to businesses. That’s one of the reasons the United States has invested billions of dollars into creating 1,000,000 apprenticeship opportunities. It's time to start considering how starting an apprenticeship program can positively impact your business.
Starting an apprenticeship program is financially beneficial to businesses
While investing in potential workers with little to no experience may not seem financially viable, in 2020 it was reported that for registered apprenticeship programs the average return on investment was $1.48 for every $1 spent on apprentices.
This is due to many factors, but most notable that apprenticeships have a direct link to higher retention rates and reduced turnover. Many apprentices who complete their programs stick with their companies for years. This means that businesses save money on recruiting and hiring processes.
The US government also has numerous grants for apprenticeship programs. Once registered with the US Department of Labor, companies can request funding assistance in starting their programs.
Starting an apprenticeship program creates a more skilled and efficient workforce
The entire point of an apprenticeship program is to teach apprentices the skills needed to further their career in a specific field. When you have control over that curriculum, it allows you to fill certain skill gaps you may lack in your current workforce. In many cases, apprentices also bring new and fresh ideas that more experienced workers may overlook.
But the most beneficial part of an apprenticeship program is that it teaches your workers to learn and develop themselves even after they have finished their apprenticeships. This means that your workforce is less likely to become outdated and stay up-to-date on current trends and practices.
Starting an apprenticeship program can also be beneficial to your current workforce, many menial tasks that may take the time of your more experienced workers are great experiences for apprentices. This allows for senior workers to focus on more skill intensive projects. It also gives many current workers valuable leadership and mentorship opportunities when helping apprentices.
Starting an apprenticeship program improves company culture
Starting an apprenticeship program demonstrates to employees that not only are businesses willing to invest in new opportunities, but they are willing to invest in developing employees into the best version of themselves. Former apprentices tend to show a higher level of job satisfaction which has led to increased retention rates.
Apprenticeship programs also offer non-traditional pathways to coveted jobs, meaning many people from non-traditional backgrounds have the opportunity to break into long standing industries. This naturally increases the diversity and inclusivity of many industries that may have had a stagnant labor market.