With concern mounting about low pay and inflation, Government has revealed that apprenticeships are its principal education offer for in-work technical skills and have the potential to change the UK skills landscape - which is suffering acute skills shortages.
Businesses are already responding - recognising the opportunity to access hundreds of courses, train new or existing workers on 'on the job', develop the exact skills they need in a structured way, and access new sources of funding. For those employers who pay the apprenticeship levy, it's often a no-brainer - because you either use, or lose contributions.
But just in case you still needed convincing, here are five ways an apprentice could boost your business:
Apprentices bring new energy, ideas and enthusiasm to the workplace, which has a knock-on effect on other employees. This boosts performance and increases productivity across the business.
In fact, as far back as 2015, the Department for Business, Innovation and Skills (BIS) said in a research paper that every pound invested in apprenticeships returned £26 at level 2 and £28 at level 3.
The beauty of apprenticeships is that you can train people in exactly the way you want - from processes, to company culture and ways of working. You'll have talented people working on the job from day one, learning every aspect of best practice.
Offering apprenticeships can be a great PR move - improving your brand reputation and raising your profile in the local area. By raising awareness, you'll also promote yourself as a forward-thinking employer, which can boost recruitment, too
Apprentices are loyal employees, who appreciate the time you've taken to train them and invest in their future. This means they're more likely to stay with your business for longer. In fact, 80% of companies who invest in apprenticeships reported a significant increase in employee retention.
Apprenticeships aren't just for entry-level recruits. There are hundreds of degree-level apprenticeships available to develop high-level skills in your business. This means you can develop the exact skills you need in house - you don't need to offer sky high salaries to attract people you'd have to retrain anyway.
So, there you have it: 5 big reasons to invest in apprenticeships.
Investing in apprenticeships delivers all kinds of returns - financially, culturally and socially. They're a fantastic opportunity for businesses and individuals alike. And there's never been a better time to invest.
If you have a wage bill of over £3 million a year, you're already paying the apprenticeship levy. It's likely you'll have funds sat in your Apprenticeship Service account - just waiting to be spent on training. This money only stays in your account for 24 months, so you've got to use it or lose it!
To find out more about hiring an apprentice, download your free employer starter pack. It covers everything you need to know about apprenticeships - from recruitment to responsibilities.