It’s a competitive job market for employers and many are trying to differentiate themselves from their competitors. Employer’s want to show potential employees that they provide more than just a paycheck; they provide a better quality of life for their employees. Some are appealing to Millennials with perks like catered lunches and unlimited paid time off. Some are trying to promote a better work/life balance by letting employees work remotely. But are these investments the investments employees are really looking for?
Apprenticeship programs are rapidly gaining popularity as a different way to attract and retain employees. And many are seeing them positively affecting their bottom line. While there are many positive effects of apprenticeship programs, let’s look at the three that have the biggest impacts on your bottom line.
In 2018 workers quit their jobs at the highest rate since 2001, and it’s a trend experts predict will continue. An expensive one at that. The Association for Talent Development reports that the average training cost per employee is $1,252, and that isn’t accounting for time spent filling the position and lost productivity.
The reason behind this big increase may surprise you. According to LinkedIn’s 2019 Workforce Learning Report, 94% of employees say that they would stay at a company longer if it invested in helping them learn and grow. Suzy Welch, best selling management author says that people are asking themselves, “When was the last time I did something for the first time?” Chances are that if you haven’t gotten a promotion, then you haven’t been given the opportunity to learn something new. “The facts are: Be growing or get going,” she says.
Apprenticeship programs that combine mentorships and on-the-job training address a lot of those employee and employer pain points. Making this kind of investment signals to your employees that you care about them and in return you will get more enthusiastic, motivated and loyal employees. There is also the added benefit of teaching employees specific skill sets tailored to your business. And when apprentices are trained in the context of your business their productivity grows making them more efficient in their current job role.
Pipeline of skilled employees and future leaders
A low unemployment rate, an aging workforce and a skills gap have all created a competitive employment market. Businesses that used to solely rely on buying their talent (via pay rate), are starting to realize that they’re going to have to expand their approach. And it’s not just filling current open positions. With more and more baby boomers retiring each year, businesses will soon be faced with a leadership gap.
Apprenticeship programs can be a highly effective tool in build your talent pool. They give you the opportunity to train new and current workers in the skills sets that are most needed helping to fill immediate gaps. And when you including leadership training you are also preparing your next generation of managers and leaders.
As Jasmine Star, founder of Social Curator, which manages social content for companies and uses apprentices., puts it, “There was a time when traditional education came in the form of a professor and a thickly-bound textbook. Technology advances at such a rapid pace that books are outdated quickly. Apprenticeships, on the other hand, offer real-time education.”
Improve company culture
Company culture plays a big part in any company’s success. It’s defined as the sum total of the values, behaviors and attitudes of employees – from the CEO down to interns. A company’s culture helps form a company’s identity and it can also affect the financial well-being and future of a company. How your employees perceive you does ultimately affect how your customers will see you.
Apprenticeship programs help to create a healthier and more positive company culture. When employees feel invested in, they want to invest back. That means higher productivity, better quality of product, improved company reputation and happier employees. And happier employees are much more likely to become company advocates, take less sick days and stay longer.
To speak with a UMBC Training Centers team member about developing an apprenticeship program, please visit: https://info.umbctraining.com/ccao-career-services.
The CCAO apprenticeship is sponsored and managed by UMBC Training Centers. It has been approved by the Division of Workforce Development and Adult Learning (DLLR). Various employers will participate in the program.