In 2022, the number of young people choosing to do apprenticeships is on the rise. This is a major difference to the statistics that we would have seen a decade ago. But are apprentices really valuable assets to companies? Let’s evaluate.
University has long been the most popular route of higher education for school leavers in the UK: in 2019−20 alone, there were 2.4 million students enrolled in UK universities.
In that same period, 719,000 people were actively working as an apprentice in England.
Many of us are constantly hearing the sentiment that ‘a degree is the only way into the top companies’. Consequently to this, a clear stigma exists surrounding the way that apprenticeships are perceived within the corporate world.
But what are employers thinking? Can apprenticeships really be valuable?
Are degrees favoured over apprenticeships?
Currently, many companies host graduate schemes, but apprentice hiring incentives are a lot less common. For example, in the marketing field, Marketing Week’s 2022 Career and Salary Survey showed that over half (57.9%) of those surveyed work for a brand with no apprenticeship scheme.
However, the balance between the traditional university route and the newer apprenticeship route is tipping as growth occurs.
Across the UK, over 150,000 employers are currently offering apprenticeships in more than 200,000 locations, covering more than 170 industries.
Additionally, UCAS data tells us that over 50% of students are interested in registering for an apprenticeship.
Furthermore, Apprenticeship providers such as Multiverse have been growing in popularity with school leavers. They have made it their mission to popularise apprentice roles as viable alternatives to university. In 2021, they broke the record for the UK’s largest EdTech venture funding round.
What do employers say?
We spoke to Louise, an apprentice manager at Morgan Stanley Research. We asked her about how being part of the scheme has impacted her team. This is what she had to say:
An apprentice can offer fresh perspective and new ideas to a business, enabling an existing workforce to approach things differently. As an apprentice is working alongside studying that field, their knowledge base is current and therefore they help to keep the business knowledge current too.
Louise, Morgan Stanley Research
In the next year, Louise plans to hire yet another apprentice because of the value it has added to the team.
We researched the opinions of managers across a range of UK firms. This enabled us to create a list of the most useful aspects of hiring apprentices, in a variety of industries and job roles.
Here are the top three ways employers have found apprenticeships useful in their business or team:
3 Key benefits of apprenticeships
1. Upskilling
Does an area of your company need improvement? Apprentices can be directly trained in the areas you require skill in the most. As a result, this valuable learning will stick with the apprentice for the rest of their career. Subsequently, this allows them to work efficiently and make great progress.
In either case, they will bring fresh new ideas from their own perspective of working. This will help to revitalise the company; to stimulate innovation and insight.
2. Increased Productivity
Another benefit of employing students is that your team will acquire motivated learners. These students are eager for the opportunity to learn! Unquestionably, they will be passionate about your field.
With this in mind, no doubt they will be ‘hands on’ with any assignments, and in time will also encourage other members of the team with their positive attitude towards studying and development.
Apprentices can also ‘free up’ time for other employees by taking control of their smaller tasks and relieving them of pressure. This creates a higher rate of productivity all round!
3. Loyalty & Retention
Another key point of data has shown that apprentices are likely to continue contributing to their company after completing their course in the UK.
92% of companies with apprentices believe that hiring them afterwards leads to a more motivated and satisfied workforce. 80% have seen a rise in employee retention.
Stay in the loop
As an employer, the best way to get the most out of having an apprenticeship scheme is by keeping up to date with the latest news and hearing from others in the community.
That’s why signing up to The Apprenticeship Network is beneficial for both you and your apprentices! We regularly post content which shares the perspectives of apprentices, coaches and employers alike, which can prove to be a great resource in aiding and expanding your learning.
We would also love to hear your thoughts! You can sign up here.
