14 continued from page 13 However, with an apprentice program, you are investing in the apprentices. They are taught in a formal setting that leads to gaining the appropriate credentials, and they are under the direction of a mentor They are employed officially and continue to be employees after completing their training. And, the national retention rate for apprentices is 92%. With an apprenticeship program, there are several benefits and returns on investment you can expect. An apprenticeship program is a way to create a skilled workforce where the skills are flexible, and training can be customized to your specific work environment. Apprentices learn best practices and your culture from the very beginning. Employers report that apprentices often outperform market-recruited employees. With an apprenticeship, you often build company loyalty. Participants know they are valued and are making a contribution. They are more likely to stick around, so turnover is reduced. Also, it is an effective way to build diversity. Lowwage, high-turnover jobs are often the first to disappear in a downturn and the last ones to return to jobs, too. Companies that recruit certain populations can diversify their workforce through apprenticeship programs. Having apprenticeships often makes companies more productive, profitable and innovative. Mentors appreciate the opportunity to share the skills they’ve learned, morale improves throughout the company and employers can identify people who may be well-suited for growth within the company, whether as a manager or someone with valuable skills. According to Nicholas Wyman, CEO of the Institute for Workplace Skills and Innovation (IWSI) America, employers can earn a 36% return on investment because of apprenticeship training. For context, S&P 500 companies usually see an ROI of 10%. Companies with apprenticeship programs have said that every dollar spent returns $1.50 because of increased productivity, innovation and reduced waste. And companies with apprenticeship programs have access to federal and state funding. If you consider starting an apprenticeship program, an obvious starting point is filling current needs. But building a pipeline of potential employees is important so you won’t have the same shortages five years from now. Apprenticeships can help with future staffing needs, especially if you allow current employees to participate. A few technical or leadership skills can make all the difference for them. When you are allowed to do so, take part of your reimbursement funds and put them back into apprenticeship programs for new employees so they won’t have to wait before starting a program. Everyone benefits when businesses have apprenticeship programs to train potential employees and existing employees. From the Department of Workforce Services’ viewpoint, the goal is to expand the employee pool, a strategy that helps employers and potential employees. Apprenticeships can help disadvantaged and marginalized workers reengage with the job market after the pandemic and gain the necessary skills for a successful career path. During the Most Utah apprentices are in the 25-34 age group, but the state hopes to attract more people who are just graduating from high school and are ready to enter the workforce. They want high school graduates to know enough about the program to make informed decisions about their direction after high school instead of defaulting to postgraduate schoolwork or low-wage jobs. Pre-apprenticeships and youth apprenticeships can give a foundation as early as junior high school.
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