When people think about apprenticeships, they often picture them as a stepping stone for entry-level talent. But they’re much more than that - they’re a powerful tool for businesses looking to invest in their future.
Beyond training, apprenticeships deliver measurable return on investment (ROI) and bring strategic advantages to organisations of all sizes.
What employers invest
Before reaping the benefits, employers need to make certain investments. Here’s a summary of what this may entail:
- Time - It’s important to support your team. However, tutors will handle the bulk of the teaching, significantly reducing the time commitment needed from employers and other team members.
- Resources - Providing the tools and materials needed for the apprenticeship will also ensure that the organisation has what’s needed to succeed. Kaplan will provide a structured framework and support that also minimises additional resource demands.
- Financial investment - initial costs relating to training are often offset by government funding or levy payment contributions, making the financial investment surprisingly manageable and cost-effective.
Here’s how apprenticeships can make a real impact on your business.
The return on investment
Recruitment
Recruitment is a major challenge in today’s competitive job market, especially within the finance sector. Apprenticeships offer a cost-effective way to tap into a wider talent pool and nurture highly skilled professionals from the ground up.
ROI - by investing in their development, apprentices often feel more valued and are loyal to the organisation. This leads to higher retention rates, reduced hiring costs, and less time spent hiring and retraining new talent.
Bridging skill gaps
Apprenticeships in areas like data and technology help the workplace keep pace with technological developments and changes. Tailored programmes meet specific business needs and provide teams with the technical and soft skills to adapt and thrive.
ROI - an adaptable workforce further reduces the need for expensive hires, time spent training new talent, and the additional investment into the resources required for in-house training.
Innovation, productivity, and competencies
Whether you’re recruiting new hires or developing existing talent, apprenticeship programmes bring in fresh perspectives. By combining their ideas with others in the workplace, you create an environment where innovation flourishes.
ROI - by learning on the job and immediately applying their newfound skills and knowledge, apprentices contribute to better productivity. This also means better output, fewer mistakes, higher profitability, and more trust from clients and customers.
Leadership in the workplace
Aside from equipping professionals with technical knowledge, apprenticeships also play a key role in developing future leaders due to the leadership competencies gained.
ROI - Having the confidence in professionals within your workforce to eventually take on leadership roles is invaluable as it ensures continuity and stability in the business.
Positive reputation
Investing in apprenticeships demonstrates a commitment to employee development and social responsibility, which boosts reputation and makes working at the business more appealing.
ROI - this commitment attracts top talent, strengthens client and stakeholder relationships, and fosters a positive image for the organisation.
Financial benefits
While apprenticeships are a long-term investment, they offer tangible cost savings. Government funding, apprenticeship levy utilisation, and tax incentives can also significantly reduce the financial overlay.
ROI - the financial outlay for training is often offset by increased productivity and the long-term financial benefits of a highly skilled workforce.
Why it’s time to rethink apprenticeships
Apprenticeship offerings are not just a ‘nice to have’ in a business, but a strategic imperative. They enable organisations to build skilled, motivated teams while addressing broader business goals like innovation and efficiency.
At Kaplan, we offer programmes that deliver real value tailored to the needs of your organisation. Whether you’re looking to upskill existing staff or bring in fresh talent, we’re here to support your journey.
If you’re ready to unlock the potential of apprenticeships, or are interested to know more before you make a decision, contact the team today.
Watch our webinar
We teamed up with Sharon Morgan at Lloyds Banking Group to discuss the value of apprenticeships while particularly focusing on the Data User (Level 3) apprenticeship programme.
Watch the full webinar below or read our blog to find out how apprenticeships impact Lloyds Banking Group.