Setting up an apprenticeship program is a great investment. Every dollar spent on a Registered Apprentice brings an average return of $1.50! Tax credits and grants can make the return on investment even greater. In a recent study by the US Department of Commerce, companies were nearly unanimous in their support of apprenticeship – 97% of participating employers recommend Registered Apprenticeship as a training model.
Customized Training
Apprenticeship programs allow you to train your employees for the specific jobs you need. When setting up a new program, you define the skills you need to develop and the experience your apprentice needs to acquire. Even when your company takes part in an already established program, your apprentices learn on your company’s equipment and work in your company’s unique environment.
Employee Retention
Many companies these days are having a hard time hiring and retaining staff, but an apprenticeship program can help by building employee loyalty. 94% of apprentices continue employment after successfully completing an apprenticeship program.
Lower Recruitment and Relocation Costs
Hiring new employees can be expensive. The costs of advertising, the time spent reviewing resumes and interviewing applicants, and the possible time and expense of relocating your chosen candidate all add up – especially if the new employee doesn’t perform as expected once they are hired. Hiring an apprentice means you have the opportunity to see real life job performance and work ethic before committing to full-time employment.
Safety
Properly trained workers get into fewer accidents. Your company benefits by minimized liability costs, less downtime from injuries, and less damage to equipment.
Keep up with Industry Advancements
The combination of theoretical training alongside on-the-job training helps make sure your employees learn about the most up-to-date methods in your industry.
Diversity
Hiring an apprentice can help you insure your company meets its diversity goals.