How employers benefit from providing apprenticeships for their existing employees
On top of gaining a new qualification, apprenticeships provide your existing employees with an opportunity to learn and become more experienced. Aside from being beneficial for employees, apprenticeships can also be a useful tool for employers. You can spend time and money hiring brand new apprentices. However, there’s a lot of value to be gained from upskilling your existing employees.
For a start, they’re likely to be a respected and valued member of the team, have a good understanding of your company and the industry you operate in. You know the areas where they excel and those where they need improvement, meaning you’ll be in the ideal position to guide them through the process. But, perhaps most importantly, you’ve already recognised their potential as something you want to invest in.
Develop highly skilled staff
Apprenticeships can be optimised to help your employees learn and develop skills specific to their job role. By upskilling your staff, you are creating highly skilled employees, who will deliver a quality service. As they go through their apprenticeships, your employees can apply their new skills, making them more efficient in their different roles. They will also continue to provide long-term value to your company, as they will eventually become capable of contributing to the development of their colleagues. This in turn will increase the productivity of your workforce and the overall growth of the business.
With government funding available for apprenticeships, they are one of the most cost effective ways to upskill your employees. If you’re a sizeable employer with an annual payroll of more than £3 million each year, then you’ll already be paying the apprenticeship levy. In return, you’ll get funding for apprenticeship training and assessments.
Smaller businesses that aren’t paying the levy are also eligible for funding. If your company happens to be in this position, then the government will cover 95% of your employees’ apprenticeship training. With the funding readily available, your employees can accelerate their learning and development in no time.
Improve employee retention
Hiring new employees is neither cost nor time efficient. Therefore, retaining staff is important to maintain a good rate of productivity. One way to keep your employees engaged and motivated is to provide them with apprenticeship training. As your essentially investing in their future potential, employees who take on an apprenticeship will feel like a valued member of the business. As a result, they are likely to become increasingly satisfied in their role, work harder and stay loyal to your company.
Future proof your business
To keep progressing and maintain your position as a successful business, you need to keep one eye on the future. You should be identifying key areas of your business where you’ll be looking to strengthen, which is where apprenticeships come in. Remember, as you’re essentially building the future of your business, make sure your employees take on apprenticeships that will be relevant to the long-term growth of your business.
By doing an apprenticeship, your employees will upgrade their skills, gain more industry knowledge and become accustomed to the latest technology. With enough time, you can expect them to become fully embedded in the culture and eventually take on more senior positions within the company.
Job related training
As an apprenticeship can be tailored to the relevant job role and industry, your employees will learn the skills and knowledge that’s necessary for success in their chosen field. With 80% of the training completed on-the-job, your employees will be able to apply their new skills immediately. This will allow them to become more efficient in their current role, while also preparing them for future positions, something which will help you to narrow your company’s skills gap.
If you think apprenticeships would be beneficial for both your company and your employees, make sure to get in touch with Pareto.