On the first day of National Apprenticeship Week, new research has shown the value apprentices can bring to small businesses.
To mark the start of the sixth National Apprenticeship Week (11th-15th March), the Centre of Economics and Business Research (CEBR) conducted research into the value of apprenticeships. It found that the average apprentice boosts business productivity by £214 per week, leading to increased profits, lower prices, better products and higher wages.
The figure rises in different industries – apprentices are estimated to be worth £401 a week for construction apprentices and £414 a week for engineering apprentices in terms of business benefits.
Thanks to encouraging schemes, the amount of apprenticeship completions is estimated to reach 3.8 million by 2022, translating to £3.4billion in gains for the UK economy.
This will be news to many small businesses, which seem to overlook the value of offering apprenticeship schemes.
David Way, chief executive of the National Apprenticeship Service said: “Apprentices not only increase productivity but also bring creativity and dynamism into the workplace; the very best examples of which are being showcased in this year’s National Apprenticeship Week. We need to get this evidence across, particularly to small employers.”