Not all companies emerge unscathed from the economic downturn spurred by the pandemic. Talent retention and recruitment in the Great Resignation market have become major concerns for many businesses. Finding the right candidates who fit the bill of the work that needs to be done and successfully training them up to speed is a monumental undertaking that could make or break a company.
According to The ScaleUp Institute’s 2020 Business Survey, 65% of scale-ups in the UK confirmed that access to talent is “very important” or “vital,” with 19% rating it as a top priority. The survey quotes findings from the Industrial Strategy Council published in June 2020, which predicts that roughly seven million workers could be severely underskilled in basic digital literacy, core management, and STEM skills by 2030.
The solution is plain and simple: it’s time to invest in apprenticeships. It’s the perfect answer to the modern skills gap that benefits both businesses and employees. The numbers don’t lie either: 86% of employers believe apprenticeships helped them cultivate relevant skills for their organisation, while 74% said it aided in the improvement of their product or service.
When businesses undertake apprenticeships, they can either recruit new talent into the fold, or upskill existing employees to pave new career progression routes. For current staff, upskilling through high-level apprenticeships is an inducement for them to remain in the company while they acquire the tools to step into greater leadership roles.
Apprenticeships at Kent include value-adding workplace projects that are designed to benefit both individuals and organisations. Rated among the “Top 50 Training Providers” for apprenticeships in the UK, the university is home to apprentices who boldly launch new products, kick off impactful projects, and streamline organisational processes to optimise workflow for businesses.
Depending on the company size, the cost for an apprenticeship at Kent can be covered up to 100% under the UK Apprenticeship Levy or through co-investment funding. The payoff is sizable on multiple fronts, not just for the apprentice or employers. A study by the Centre for Economics and Business Research found that apprenticeships contribute 34 billion pounds to the economy: for every one pound of public money spent on apprenticeships, the economy thrived by 21 pounds.