How to Grow Your Business by Hiring Apprentices
After the destruction of the economic crisis, it seems that the economy is slowly but surely recovering, but it appears that there are still huge challenges for businesses who are trying to grow even at smart writers one. Skill shortages are a significant become a partial threat to many sides of a business. Nevertheless, many of you reading this article may not have realized that a great and cost effective way to build solid foundations for your business is to harness fresh talent in the form of business apprentices.
There are wide varieties of advantages when bringing eager new employees into your company or business.
Apprenticeships today cover a wider range of industries and skills than ever before.
Within the United Kingdom, a vast number of apprenticeships that were advertised have soared incredibly within a year. Approximately over 500,000 people took advantage of advertised Apprenticeships in the past years. The capital, London saw a significant rise of up to 10% in Apprenticeships, along with the numbers of applications submitted raised astonishing up to 26%.
In this article of how to grow your small business, we can take a deeper look at the benefits that an apprentice can bring to your business and how they can help turn talent into growth for your business.
It is common knowledge that apprenticeships assist businesses boost their productivity by introducing new talent that rapidly helps to grow your business skill base. Businesses who have been involved in apprenticeship schemes have reported significant improvement in productivity because of hiring an apprentice.
It has been reported that the average apprenticeship can increases business productivity hundreds of pounds per week.
Fresh ideas & genuine enthusiasm
Hiring apprentices means that they will be involved in ‘on the job’ training as well as external training in the form of a learning provider such as a college or alternative form of education service. This business arrangement is a great way to bring in fresh ideas and unique innovation into your business. Busy businesses can often struggle to keep up the pace with new ways of thinking or motivating other employees of staff.
When successfully injection an apprentice into your business will mean they can be entered in for local awards, events and competitions that can help promote your business.
For business owners that have not yet experienced apprenticeships before are can understandably be anxious or even cautious about bringing in an inexperienced young person into their business. Through the carefully structured scheme of an Apprenticeship, you as a business owner has the opportunity to develop a motivated, skilled young individual.
Vacancies in apprenticeship have increased significantly at a record rate of up to 20,000 reported spots available at any given time.
Recruitment costs of apprenticeships are currently at an all-time low, which are significantly lower than with non-apprentices.
Grants and financial support
Apprenticeships allow young skilled individuals to earn while they are able to learn in a genuine working environment, which allows them to gain valuable qualifications that they desire. Keep in mind if you are interested in investing into an apprentice, they must be paid at least the national apprenticeship minimum wage which is £2.73 (at the time of publishing) and companies with less than 1,000 staff are able to apply for an Apprenticeship grant of up to £1,500.
Inviting apprentices into your business certainly has a positive impact on our current economy let alone your own business growth. After completing an apprenticeship scheme, 86% of apprentices choose to remain within their employment. This assists in building and maintaining an active workforce, which is unarguably great news for your business and help you to know how to grow your business online.