What are the benefits of apprenticeships for employers?
Apprenticeships bring a whole array of benefits for employers, from improved retention rates to a higher employee satisfaction level. Whether you’re a levy-paying business or not, it’s worth understanding the value an apprenticeship programme can bring your business.
Apprenticeships are an investment in all levels of your team, from entry-level to manager and beyond. But what about the return on this investment? Here we explain the main benefits that an apprenticeship programme can bring you as an employer.
Improved retention rates
Apprentices across every industry are more likely to stay within your business compared to other team members. Apprentices stay, and the reason is clear. Apprenticeships offer learners structured career progression and increased confidence, resulting in fulfilled team members.
In fact, 80% of companies that have invested in apprenticeships report an improvement in staff retention.
Lifetime Training works with four of the largest UK Pub Companies (Pubcos), a sector renowned for a high turnover of employees. These Pubcos have an average team turnover of 84%, and an apprentice turnover of 39%. Apprenticeship programmes have resulted in these companies halving their turnover rate, a clear benefit to any employer.
Government incentives for young talent
Employers will receive a £1,000 government incentive for each apprentice employed between 16 to 18-years-old. The incentive is also available if the apprentice is up to 24 years old and has previously been in care. This cash incentive is to help with costs relating to a business taking on a younger, less experienced team member.
It is a clear benefit for any employer looking to bring on young talent.
Save on National Insurance contributions
If the apprentice is younger than 25 and earns below £827 per week, employers won’t have to pay class 1 National Insurance contributions. The employee will still pay their share, so this is a benefit purely for employers. The money saved only adds extra value to employing an apprentice.
Upskill your workforce at all levels
From new starters to management, there are apprenticeships for every level of your team. By mapping your apprenticeship programme to internal career progression, learners can understand their next step clearly.
Utilising your apprenticeship levy towards training your existing staff means a more engaged and skilled team. Around 70% of apprenticeship training provided by Lifetime Training is to existing team members across all levels of our client’s business.
Improve talent attraction
Around 75% of applicants applying through Lifetime Training’s recruitment service do so specifically because it’s an apprenticeship. Earning an accreditation alongside industry-leading training attracts driven, forward-thinking applicants. A candidate that is seeking to learn and develop is an asset to any employer.
Free recruitment services
Employers can cut the cost of the recruitment process by utilising Lifetime’s free apprenticeship recruitment service. Applicants are screened against criteria set by our clients, with the final decision being made by the employer.
Lifetime have a specialist higher apprenticeship recruitment team, so this free service can even be used to find management-level candidates.
Industry-leading skills and behaviours
New apprenticeship standards are industry-led and are developed by employers in your sector. This means the skills, knowledge and behaviour developed by apprenticeships are made to be the best in your industry. Introducing apprenticeships means your business is up to date with the best practice behaviours in your sector.