Apprenticeships have become far more popular in recent years, with something for everyone. Gone are the days when learning a building trade was what an apprenticeship meant.
Today, there is a diverse range of qualifications on offer to suit apprentices and businesses alike. Furthermore, there is a range of incentives from the UK government to persuade companies to look at apprentices as employment options.
Here, we look at the benefits and incentives for hiring an apprentice. We also look into how to employ an apprentice.
Incentives for hiring an apprentice
Hiring an apprentice is not the expense many used to consider to be. But, with government incentives, it’s never been a more attractive prospect.
The UK government are already offering £1000 for each apprentice you hire, but from 1st April 2021 – 30th September 2021, they are also offering £3000 for each apprentice employed.
This money is an incentive to hire and train new members of the national workforce. The funds can be used to pay costs for the apprentice, including wages and travel expenses. The money does not have to be paid back.
Benefits of hiring an apprentice
When you hire an apprentice, you not only gain a new member of the team but a plethora of benefits for your business.
Furthermore, these benefits are not restricted to large businesses that take on apprentices annually. Today, apprentices are a viable option for small businesses, too.
If you’re considering hiring an apprentice, or are on the fence about leaping into the unknown, here are some of the top benefits for business owners.
Affordable alternative
With the pay rate for an apprentice being significantly lower than the National Minimum Wage, hiring an apprentice is an affordable way to add to your team.
The pay rate is much lower as the apprentice gains an education while working, making the arrangement a win-win situation for employers and apprentices. After one year, the apprentice rate goes up to match the National Minimum Wage.
Add the government’s financial incentives, and hiring an apprentice becomes a desirable and affordable proposition for business owners based in Bromley.
Future-proof your business
As technology advances come thick and fast, staying ahead of the curve is ever-more important. Hiring an apprentice is one way to future-proof your business, especially when 86% of employers said apprenticeships helped develop skills in their organisation.
An apprentice will learn the latest skills through their education and put them into practice on the job. These skills can be passed around the workplace, helping you stay one step ahead of industry advances.
Further, hiring an apprentice is a fantastic way to secure your talent pipeline. It allows you to ensure you have the next generation of talent ready to step into other roles in the future.
The long-term development of your business is critical, so by investing in an apprentice early on, you can stabilise your growth and the future of your business.
Staff retention
74% of employers have said that apprentices are more loyal than non-apprentices, which is a remarkable statistic if you’re trying to build a workplace culture and improve staff retention.
Hiring an apprentice allows you to hire the staff you need in the future before the time comes. In addition, an apprentice can work whilst honing their craft before becoming ready to step up into a more prominent role as the business develops.
By hiring early and developing the talent in-house, you can create a loyal workforce willing to contribute to the business as it grows.
Increase in productivity
As apprentices are often at the start of their journey or are retraining in an industry they are passionate about, their eagerness shines through. Consequently, 78% of employers said they saw an increase in productivity after hiring an apprentice.
Apprentices have a desire to learn and improve their trade as they climb the career ladder. Furthermore, the enthusiasm for their qualification and industry can rub off on the team.
By supporting their journey, a business can benefit from an extra team member and newfound skills learnt on the apprenticeship course.
Tailored to your business
With so many apprenticeships to choose from, you can hire the right apprentice for your needs. There’s a wide range available, from creative and design roles to finance and factory roles.
By taking on an apprentice in a junior role, you can shape and mould them to fit your needs. Further, you can find the right course and provider for your business, too.
How to employ an apprentice
There is a wide range of assistance available from the government for employing an apprentice. The government website has all the necessary information available, including a list of apprenticeships available.
You will, however, need to double-check the funding available for each course offered.
Hiring an apprentice is a fantastic way to grow your team and support the growth of your business. With government incentives, it’s also highly affordable regardless of business size.
An apprentice requires mentoring, however. So ensure you are on hand to nurture talent, integrate the new employee into the business, and afford them the same opportunities other staff may get.
Apprentices could be the future of your business, making it prudent to look after them so that they, in turn, will look after your business.
