6 Ways Apprenticeships Can Benefit Your Bottom Line
Did you know that apprenticeship is recognized nationally as 1 of 10 innovative workforce development best practices? Apprenticeship has evolved dramatically over the past 50 years and is now found in a wide variety of occupations.
Apprenticeship is an innovative way to develop new employees and prepare for the future while utilizing flexible training programs. Some industries that have successfully used apprenticeships include advanced manufacturing, information technology, energy, tourism, transportation/logistics, and healthcare. The model can be adapted to almost any workplace.
Take note of the following six ways that a registered apprenticeship program can benefit your company.
1. Reduced Training Cost
Because Apprenticeship focuses on growing talent from within, it can eliminate the need for expensive recruitment programs. In addition, eligible businesses can receive a South Carolina tax credit of $1,000 per apprentice per year for up to four years through the ApprenticeshipSC program. If your company is located outside South Carolina, search for local apprenticeship programs that may offer similar benefits for companies in your area.
2. Build Employee Loyalty
Because apprenticeship training programs create a path for upward mobility within the company through career development and training, they typically have a positive impact on morale and loyalty. Trained employees are more valuable, become vested in the workplace, gain a personal sense of accomplishment, and earn respect among their peers.
3. Availability of Skilled Workers
As the workforce continues aging and the baby boomers retire, a lifetime of skills and expertise will walk out the door with them, creating a shortage of skilled workers. In order to remain competitive in a global marketplace, companies must maintain a pool of highly skilled, specialized workers. Apprenticeships are a way to ensure that your company is constantly growing and developing a future diversified and flexible workforce.
4. Attract Potential Employees
In addition to tackling skill shortages and training incoming employees, apprenticeship programs also attract new talent. Individuals looking for rewarding work with advancement opportunities often seek out companies that provide apprenticeships for this reason.
5. Improved Productivity
A structured training program creates the motivation to achieve. For this reason, employees involved in apprenticeship are usually more productive and tend to work harder to reach goals. In addition to combining on-the-job training with classroom instruction, apprenticeships produce fully-trained workers that are trained to your company’s standards.
6. Decreased Turnover
Apprenticeship programs help to retain employees, reducing the high cost of turnover. When a company invests in its employees, employees are in turn more committed to the company.