UK firms receive a bottom-line boost of more than £2,000 for each apprentice they take on
British companies that decide to take on apprentices could enjoy a bottom-line boost of up to 2,000 pounds for every young person they bring on-board, the recent “The Value of Apprentices” report compiled by the Centre for Economics and Business Research (Cebr) would suggest.
According to the figures obtained from this research, apprentices delivered around £1.8 billion of net economic benefits to UK organisations last year, offering businesses a significant return on their investment, with economic output often exceeding average wage and training costs.
Furthermore, research highlights that businesses don’t have to wait in order to realise the financial gain of hiring an apprentice, with many companies enjoying economic benefits while their apprentice is still in training. In fact, once the apprentice is fully qualified employers can expect to see further productivity improvements while apprentices can expect to benefit from increased earnings potential.
On the downside, the report has also underlined a widespread lack of awareness of the Government’s apprenticeship offer and its benefits, particularly amongst smaller companies, which means that many organisations could be missing out on the advantages of taking on apprentices.
Those UK firms interested in offering up apprenticeship positions should also implement extensive workforce management solutions, that will help them provide a superior level of support for these inexperienced workers, and this is specifically where Tensor plc can put its extensive experience to very good use.
We supply a full range of solutions designed specifically to streamline workforce and skill management within companies of any sizes. Our WinHR suite enables managers to save and easily access a wide array of data pertaining to each of their employees, thus allowing them to better use the available resources and skill ranges at any given moment.
Moreover, Tensor’s range of products offer both a high level of reliability and good value for money, which means that companies who do decide to implement our solutions will immediately see the returns, without taking a hit as far as their balances are concerned.
If you’d like to find out more about the range of workforce management and Time and Attendance solutions supplied by Tensor, just contact us or Book a Demo, our representatives will be more than happy to answer any questions or queries you might have.