Hiring an apprentice can have fantastic benefits for the employer, such as increased productivity and high retention rates, but what about the benefits for the economy as a whole?
A study conducted by the Centre for Economics and Business Research (Cebr) in 2014 showed that apprenticeships were due to contribute £34billion to the UK economy during the same year, with that number due to rise each year with more and more young people becoming involved in apprenticeships.
There are a number of reasons why this is the case; the first being that with more young people in apprenticeships when they may otherwise be unemployed, there is a reduction in unemployment benefit payments, to the extent of £370million per year. These people who are in apprenticeships are more likely to be in employment for longer, over time receiving higher wages and having more disposable income to re-invest back into the economy.
Businesses will see higher profits with increased productivity and more consumers buying into their products as they are seen to support apprentices, with the report from Cebr estimating increased outputs for businesses of £1.8billion in 2012-13.
All of these benefits result in every £1 being spent on apprenticeships, the national economy gains £21.
Aspire Training Team can work with businesses and young people across Dorset, Hampshire and Somerset to help you see the benefits of hiring or becoming an apprentice. To find out more details contact the team on 01202 551553 or email firstname.lastname@example.org.