When you're looking for ways to grow your business, taking on new employees is one of the paths that you might consider. Hiring one or more apprentices can deliver a number of excellent benefits for your business, allowing you to grow your business and train employees in the way that you like, while also saving money.
You can start to scale up your business in a way that works for you, and you receive funding that helps you to do it. If you're thinking about hiring apprentices but you want to make sure it's the right move for your business, take a look at the following ways it can help your business to grow.
Hiring new employees always allows your business to get more work done. You have an increased capacity that drives up productivity for your team and benefits your organisation. Many businesses have seen a rise in productivity after hiring apprentices. One example comes from Barclays, where each apprentice hired contributes £18,000 in productivity over the course of their programme. Businesses can benefit financially due to increasing their profits and lowering their costs, as well as providing a better service or product to their customers.
Apprentices can contribute fresh ideas and perspectives to your business. Bringing in new employees is often a good way of ensuring your organisation keeps moving forward and listens to the opinions of people with something to say. This can be especially true when hiring young people and when working with apprentices who are simultaneously working with a training provider. Your apprentices can bring you new ideas and help your business to stay up to date with what's happening in your industry, the latest best practices, and more.
Employees who hire apprentices receive funding to help them pay for training and can get support to help them hire and manage their apprentices. If you are an employer that doesn't pay the apprenticeship levy (any employer with an annual pay bill of less than £3million), the government covers 95% of the training costs for an apprentice. You might also benefit from additional grants, for example for apprentices who are aged 16-18 or those aged 19-24 who are care leavers. Employers who pay the levy also get some funding for apprentice training. The amount of apprenticeship funding provided is also based on funding bands.
You can create loyal and appreciative employees by hiring apprentices. Bringing in inexperienced new employees might seem daunting, but it can have certain advantages. One study found that 64% of apprentices stay with the same employer after their apprenticeship has finished. The employer has the opportunity to nurture an employee who has the right skills, is motivated, and is dedicated to doing their best work to help the company thrive. Apprentices are generally appreciative of the support that they receive and repay that with loyalty to their employer.
Apprentices can help you to grow your business in any area or department. People might often think of apprentices as people who are learning a trade skill, but they can just as easily be office workers or take on any role in a business. You can hire apprentices to work in marketing, sales, IT, customer service, or various hands-on roles. Just take a look at the training programmes and qualifications that apprentices can gain. Apprentices can gain a range of qualifications, from NVQs to degrees.
The number of apprenticeships available has increased, and there are many people eager to find an apprenticeship that's right for them. You can discover many young and enthusiastic people looking to apply, as well as older workers who may be looking for a career change or a new start. You might offer apprenticeships for people with little or no qualifications or experience, or you might have graduate roles on offer. In 2019/20, there were 719,000 people participating in apprenticeships in England. 47% of those who started an apprenticeship in that year were over 24, with a roughly equal split between men and women.
If you are looking to grow your business, hiring apprentices is an excellent way to do it. Apprentices help to bring something new to your business and allow you to grow your workforce and productivity in an affordable and effective way. You can scale up your business by hiring apprentices and showing them the ropes, while also creating loyal employees who appreciate the head start.
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