Eventually, the time will come for a small business where it wants to expand and increase its staff, but this can be a costly process.
This is where apprenticeships step in. They have many short-term and long-term benefits, not just financially but for how your business is perceived.
Take a look at our 5 reasons why a small business should hire an apprentice and decide for yourself whether or not you could see the benefits.
1.) Breathe New Enthusiasm Into Your Business
Apprentices bring new ideas, enthusiasm and energy into your business. If they have the right mind-set from a young age, they will see it as a tremendous opportunity to earn while they learn.
Client loyalty has also been proven to increase with the hiring of an apprentice as they see your commitment to create a skilled workforce and providing opportunities to young people.
2.) Save Money Finding Skilled Staff
Not only are you offering a career opportunity to someone who could be moulded into a useful company asset, but you will also save money by not having to go through recruitment agencies and interviews.
The average wage for an apprentice is £200 a week and it’s proven that an investment to a person like this can increase company productivity by £214 a week by the completion of their apprenticeship.
3.) Apprenticeship Support Is Provided For SME’s
Getting people into work has been paramount in the government’s agenda in the last few years and this has led to a particular focus on encouraging businesses to take on apprenticeships.
Finding permanent staff for your business can be time-consuming and drain your resources, so it’s understandable to see why there has been a 25% increase in young people becoming an apprentice.
The Enterprise Finance Scheme set aside £500m in 2014/15 as a long-term commitment to SME lending, which means your small business can apply for a £1500 grant to help pay for each apprentice you take on.
National Apprenticeship Services also has a dedicated Small Business team that offers impartial advice and support for smoothly running your business whilst making sure your apprentice gets the training they need.
4.) You Can Train Someone Specifically For Your Company
With the financial help available from the government, you can train your apprentice to the full without having to worry about stretching out your resources and efforts elsewhere.
Your business may have a certain ethos or need someone special to take on a job, which is why developing their skills and getting to know them personally means they could be involved in your business for years to come.
5.) Improving The Bottom Line Has Benefits Throughout
With commitment from both sides, apprentices can pay for themselves after a few years by improving your company’s bottom line by boosting productivity.
A study by the UK Commission on Employment finds that 88% of employers feel apprenticeships are a cost-effective way to find staff, as getting them to work up from the bottom equips them with the right skills and ethics to progress further.
Not only will an apprenticeship benefit your small business, but the effects are there to be seen in the bigger picture. The National Audit Office states that every £1 spent on an apprenticeship is £18 put back into the economy, great for small business alike across the country.
Apprenticeships Have A Place In Small Businesses
It could seem like a strange idea for a small business to take on someone untrained with little to no experience, but the long-term effects of apprenticeships have been proven.
With the extra support for SME’s in funding from the Enterprise finance scheme, there is less to worry about providing the resources they need to gather the skill set and ethic perfect for your business.
