Apprenticeships: wages and costs savings
Deciding what to do after you leave school is one of the biggest life decisions you will ever make, influencing your career path and lifestyle over the coming years. The best way to make this decision is to not rush, look at the facts and decide which is the best option for you based on your academic achievements, interests and circumstance.
In today’s world many young people can no longer afford to go on unpaid internships or go to university, they need to be earning and learning as soon as possible. Others simply want to be paid for their hard work and gain experience which could put them ahead of those staying in traditional education.
The current apprenticeship minimum wage is £3.30 per hour, however most people will start out on a higher amount than this, with their wage rising quickly each year as they progress. The Apprenticeship Pay Survey found that across Level 2 and 3 apprentices, the average total earning was £257 a week.
Apprenticeships have come a long way over recent years, with the government recognising the positive impact apprentices have on the economy as well as their own development. Right now there are over 100,000 employers throughout the United Kingdom who are offering Apprenticeship places in over 190 job roles across a wide range of sectors.
This diversity, along with the rising cost of living and going to university, has transformed apprenticeships into one of the best options for young people. Apprenticeships are now available in a huge variety of industries from traditional trades and manufacturing through to marketing, financial services and much more.
The most popular and sought after apprenticeships are offered by some of the world’s biggest organisations such as Deloitte and Jaguar, which provide apprentice programmes that offer starting salaries of £20,000 or more.
Most apprentices can expect to earn somewhere between £13,000 and £18,000 during their first year, before seeing it rise to between £18,000 and £25,000 in their third year. This is the point at which most university graduates enter the job market, but without the 3 years of experience an apprentice has already earnt.
How do apprenticeship earnings compare with graduates?
Research has shown that on average those who undertake an apprenticeship are likely to earn £3,729 more per year in their first job than those who have attended university, and over £100,000 more throughout their lifetime than other employees.
This means that those on an apprenticeship can now get ahead of their peers like never before, enabling them to begin earning straight away, whilst working towards qualifications which allow them to reach the same heights as those with a degree. In many cases employers now prefer to choose someone with experience over academic achievement.
Of course for apprenticeships to be so popular with employers they also have to be effective for their business. Research has shown that 80% of employers who employ apprentices agree they make their workplace more productive and 75% of employers who use an apprentice programme say it has helped cut their recruitment costs. Figures put the total annual benefit of all apprentices in training at about £1.4 billion to the English economy.
So if you are looking to start earning straight out of school whilst learning the skills you need for a high level job, contact Lifetime Training by emailing firstname.lastname@example.org or call 0333 0143 669.