LONG-TERM IMPACT ON BUSINESS GROWTH
Apprenticeships are a proven way to boost employee retention and loyalty. Investing in training and development shows a commitment to your workforce, which fosters higher morale and reduces turnover costs. Without apprenticeships, businesses may struggle to build a stable, skilled workforce, hindering long-term growth.
WHY UNDERESTIMATING THE VALUE OF APPRENTICESHIPS DOESN’T PAY
Apprenticeships are often overlooked by businesses as a viable route for workforce development, yet failing to embrace these opportunities can cost UK businesses significantly in both direct and indirect ways.
In a competitive economic climate where skills gaps continue to widen, underestimating the value of apprenticeships is a missed opportunity that could impact your bottom line.
THE HIDDEN COSTS OF A SKILLS GAP
One of the most pressing challenges businesses face is the skills gap – a mismatch between the skills employers need and those available in the workforce.
Apprenticeships offer a solution by providing tailored, on-the-job training designed to meet specific business needs.
By failing to invest in apprenticeships, businesses risk incurring higher recruitment costs, as they scramble to find qualified candidates in a shrinking talent pool.
Additionally, onboarding experienced hires can be more expensive and less effective than nurturing talent from within.
LOSS OF PRODUCTIVITY AND INNOVATION
Apprenticeships are not just about filling vacancies; they are about building a pipeline of skilled employees who are aligned with your business culture and goals. Without this, businesses face reduced productivity and lower innovation. Apprentices are known for bringing fresh perspectives and new ideas, contributing to creative problem- solving and efficiency improvements. Ignoring this potential means forfeiting opportunities to drive growth and innovation within your organisation.
MISSING OUT ON FINANCIAL INCENTIVES
The UK government offers substantial financial incentives to encourage businesses to hire apprentices. Employers can benefit from funding to cover training costs, as well as direct grants for hiring apprentices. Small businesses can receive up to 100 per cent funding for apprenticeship training. By underestimating apprenticeships, businesses effectively leave money on the table, failing to leverage these cost-saving measures.
Underestimating the value of UK apprenticeships can cost your business in recruitment, productivity, and missed financial incentives. Forward-thinking businesses recognise that apprenticeships are not just a cost-effective solution for today’s challenges but a strategic investment in future growth. Ignoring this could leave your business lagging behind in an increasingly skills-driven economy. Don’t let outdated perceptions hold your business back. Embrace apprenticeships as a pathway to success.
HOW B&FC FOR BUSINESS CAN HELP
B&FC For Business is focused on supporting businesses of all sizes make the most of apprenticeship opportunities.
Whether we are providing large-scale apprenticeship support for organisations such as Vodafone or working with smaller companies to launch their very first apprenticeship programme, our experienced team are here to help at every stage of the process.
Taking the headache out of paperwork, identifying skills gap, helping with recruitment, whatever a business needs to optimise the potential that apprenticeships offer, our client services team can ensure you make the most of possibly the most affordable (and sometimes even free) training businesses can access.
To find out how we can help you skill up your workforce, please email us at
business@blackpool.ac.uk .
01253 504343 |
business@blackpool.ac.uk |
www.blackpool.ac.uk/employers
Developing people. driving success. since 1892.
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