Learn how you can leverage the power of apprenticeships in our National Apprenticeship Week blog to grow and develop your business.
Apprenticeships are a great investment for a business who is looking to train and expand its workforce. From entry-level to senior-level and management positions, an apprenticeship can provide a solid foundation for your business to build a pipeline of new talent.
In The Open University’s Business Barometer 2023 report, it found that one-quarter (25%) of organisations are looking to train employees with apprenticeships. If you are planning to hire apprentices, you should make sure they have the skills and knowledge to help them succeed in their chosen profession.
As National Apprenticeship Week 2024 is fast-approaching, our article looks at how as an employer, you can leverage apprenticeships to grow and develop your business.
What is National Apprenticeship Week?
National Apprenticeship Week is a week-long event, which takes place during the first week of February every year. The 17th annual running of the event starts from Monday 5 February and finishes on Sunday 11 February 2024.
Businesses and apprentices from across the country come together to showcase the benefits that apprenticeships bring to businesses, individuals, and the wider UK economy.
The theme of National Apprenticeship Week 2024 is ‘Skills for Life’, highlighting how apprenticeships can assist in developing a skilled and knowledgeable workforce for the future.
Why should your business consider apprenticeships?
If your business is looking to expand, apprenticeships provide you with skilled workers that have the skills and knowledge required for your business. There are many benefits of using apprenticeships for businesses and employees, which includes:
Access a more diverse talent pool
Apprenticeships are open to people of all ages, backgrounds, and career levels, giving your business access to a diverse talent pool.
From young talent who’ve finished school or college to experienced professionals seeking a career change, apprenticeships attract a wide range of people. Data from The St Martin’s Group found that one-third (33%) of employers have said that apprenticeships have improved diversity within their businesses.
Using apprenticeships can ensure that you have a diverse workforce that reflects the overall makeup of society.
Improve employee retention rates
Hiring apprentices means that they’re far more likely to stay at your business, compared to other employees.With an apprenticeship, the structure of the programme means that there’s more opportunities for professional development. According to a study from the National Apprenticeship Service, 65% of apprentices who completed an apprenticeship continued to work for the company that trained them.
Reduced talent costs
Recruiting new staff can be an expensive and time-consuming process. By hiring apprentices, it saves on recruitment costs while also upskilling your workforce.
There are initiatives from the government who can help businesses with funding apprenticeships through a range of schemes. We have a guide that covers everything you need to know about the incentives that are available for employers who have hired apprentices that are currently on offer.
By investing with apprenticeships as a business, it’ll mean that you will have an assembly line of fresh talent, who will want to work for you long-term.
Businesses who are looking to recruit entry-level accounting and finance professionals may want to consider our Level 4 Accounting Technician Apprenticeship or Level 7 Accountancy Professional Apprenticeship. You can work with a training provider to develop a programme that’s right for your business. We’ll make sure that the delivery of the apprenticeship ensures your apprentices have the skills and knowledge needed for a career in accountancy and finance.
The positive impact that apprenticeships bring for businesses and the economy
The benefits of apprenticeships not only bring many benefits to businesses, but the wider economy.
Modelling from the Chartered Management Institute found that with every year’s cohort of apprentices in England, they contributed almost £700m a year to the UK economy within a decade. Hiring apprentices provides the perfect opportunity to grow your team in a cost-effective way. This means that any skills or knowledge gaps that emerge within your businesses are plugged, thus saving you time and money.
Improved productivity is also another benefit that comes with employing apprentices. According to the Coventry & Warwickshire Chamber of Commerce, apprenticeships boost productivity on average £214 a week to businesses.
Attracting the best talent to your business with an ICAEW Apprenticeship
Apprenticeships can provide a competitive edge over your competitors by helping you attract the best talent to your business. If you’ve been inspired by our National Apprenticeship Week 2024 blog, then consider offering your business an ICAEW Apprenticeship.
Is your business looking to offer apprenticeships? Our employer responsibilities guide covers what’s required from you as an employer so you can provide full training and support for your ICAEW apprentices.