How apprenticeships can be good for business?
In today’s dynamic business environment, continuous improvement is no longer a choice!
To remain competitive, businesses need new skills and talent. Skill enhancement and up-gradation are a necessity to thrive in an evolving market.
According to research, one in every five Indian graduates does not have a job. This is not only the case in India but around the globe. According to Georgetown University Center (2020), the United States might face a skill shortage of 5 million skilled labor. It is due to a lack of adequate qualifications and technical certificates. Countries like UK, Germany, and Canada also continue to face the problem of skill shortage.
The future of work
As we all know the level of competition in the market has intensified! The advancement of technology has completely transformed the nature of work. Each industry has evolved with technological adaptation. As per the Institute of Future (IFTF 2017), around 8 out of 10 new jobs have emerged in the market. This makes existing jobs obsolete thereby widening skill gaps. Around 45% of the jobs are now automated due to technological up-gradation.
How can businesses adapt to this change?
Experts are of the opinion that embedded learning and skill development is the key! Businesses need to adapt to the changing scenarios to thrive. This was not that important 40 years ago.
Acquiring quality talent has become a challenging affair. The widening skill gap on a global level has intensified the problem. What could be the solution to the problem? - Apprenticeship!
It is a time-tested approach to train and develop skilled workers. Research suggests that business apprenticeship offers attractive benefits to business organizations. Businesses are adopting apprenticeships to gain skilled workers and develop talent. This in turn enables the organizations to increase their productivity and efficiency.
Apprenticeship information for employers
Apprenticeship training is beneficial for both employers and trainees. Trainees get the opportunity to develop talent, earn qualifications and salary at the same time. Providing apprenticeship will benefit the business by creating a wider talent base. Apprentices can become loyal skilled workers of the organization in the long run. It helps businesses to cater to various ranges of roles at different skill levels. They are now equivalent to a Master’s degree or Bachelor’s degree. Alternatively, apprenticeship jobs also drive socio-economic impact. Apprenticeship in India has gained importance especially due to governmental support.
Here are 5 main benefits of apprenticeship to business:
Develop skills and talent
There is a race for talent as competition intensifies! Only an entrepreneur understands the true value of talent and skills. Skilled workers are imperative to business success. Apprenticeship provides the opportunity to develop new skills as per the needs. The scheme can train up new employees to bridge the skill gap.
Low investment
Apprenticeship is one of the most cost-effective ways to develop new skills. Employers can access grants and funds for apprenticeship programs. The government provides 95% of funds to the business for apprenticeship programs. The government fundings for apprenticeships depends on the size and eligibility. This reduces the cost of hiring apprentices and upskills the team within the budget.
Increases efficiency and productivity
Reports suggest that the efficiency of businesses increased by 78% after apprenticeship programs. Apprentices are eager to learn new things and boost their career paths. Moreover, the business gets a supporting hand as and when needed at a lower budget. This in turn increases the productivity and efficiency of the business. Skill acquired through an apprenticeship can bring long-term benefits to the business.
Gain loyal skilled workers
Apprenticeship training is a great way to gain loyal workers! Apprentices after earning qualifications and experience become full-fledged workers of the organizations. Reports suggest that 90% of the apprentices in the organization get retained. They continue to serve the organization in the long run. This benefits the business in various aspects. Additionally, apprentices are already familiar with the organization which saves induction time.
Talent tailored to business need
Apprenticeship in India has gained much significance in recent years. This is because talent can be tailored as per business requirements. The business can leverage the benefits of apprenticeship in different fields.
Conclusion
Apprenticeship is the way to bridge the prevailing skill gap. Entrepreneurs can switch to apprenticeship programs to develop skills within the budget. Businesses can grab the opportunity of apprenticeship schemes to develop skills. Along with government support, there cannot be a better time to adapt it. It’s time to upskill and reskill your team through talent acquisition services. Introduce yourself to diverse talent within a limited budget. Let us help you to maximize the benefits of apprenticeship. Contact today for a free consultation.
