UK businesses could see their revenues skyrocket by up to £18 billion if they make use of apprenticeship schemes, according to new research.
To mark the start of National Apprenticeship Week 2015 (March 9th-13th), the Centre for Economics and Business Research released a report to highlight the benefits that firms in the UK can enjoy from employing apprentices.
The report, entitled The Benefits of Apprenticeships to Businesses, revealed that every apprentice in England delivers an average positive net gain of £1,670 to their employer each year.
Not just this, but 25 per cent of consumers said they would be prepared to pay more for goods and services offered by businesses that employ apprentices, with the aggregate gain amounting to £18 billion if consumers pay between 1.2-2.0 per cent extra as a price premium.
Business secretary Vince Cable said: "In launching National Apprenticeship Week we are celebrating the 2.1 million apprenticeship starts since 2010 and the positive impact they are having on businesses around the country."
During the week, events will take place across the country to honour the success of apprenticeship roll-outs. Small business champion Jason Holt will also launch a new mentoring service to small businesses that are looking to take on apprentices.
Skills minister Nick Boles added: "This research is further proof that apprenticeships deliver for businesses as well as providing life-changing opportunities for young people.
"National Apprenticeship Week gives us the opportunity to raise the profile of apprenticeships and traineeships, and to celebrate the important role they play in our economy. I encourage people of all ages and employers of all shapes and sizes to find out more about apprenticeships and how they can deliver for them."
Virtual College has a huge range of tools and resources for apprenticeship providers to enhance learner engagement and support the learner journey. Learn more about the apprenticeship support we offer: https://vimeo.com/85235448