Bottom Line Benefits
Have you thought about bringing on a new apprentice but were concerned about the cost of apprenticeship training in terms of time, wages and productivity for your business? In 2006 the Canadian Apprenticeship Forum released findings from a study of the cost-benefit analysis of apprenticeship training in 15 trade areas. Here is a summary of their findings:
- The net benefit of apprenticeship training increases each year over the course of the apprenticeship period
- The revenue generated by an apprentice increases throughout the apprenticeship
- Wages and benefits paid to apprentices increase commensurately with training and experience
- The costs related to Journeyperson time spent training apprentices declines through each year of the apprenticeship
The bottom line is that a cost-benefit analysis shows that the benefits of apprenticeship training exceed the cost in each of the 15 trade areas examined.
On average, for each $1 invested in an apprentice, a benefit of $1.47 accrues to employers for a net return of $0.47.
Now there’s bottom line results!
It makes your company more productive
A journeyperson you train internally will be more productive than one you hire from outside. As apprentices gain skills and knowledge, they also develop a thorough understanding of your business needs and how best to meet them.
Improves your product quality.
Through hands-on training and classroom instruction apprentices get to realy undertand their trade and its tools. The whole experience instills a sense of pride that can increase the overall standard of quality in the shop.
Enhances the skills of all your staff.
Jouneypersons who train apprentices will enhance their own skills. Classroom instruction gives apprentices the latest technology and bst practices to pass onto all staff. This skills development can inspire everyone to continually improve.
Reduces Employee Turnover
Studies show that employees who are trained properly tend to work for the same employer longer and take fewer sick days.
Makes you more profitable
Return on Training Investment (ROTI) research shows that employer costs in terms of apprentice wages, administration and journeyperson's time are more than offset by increased revenue from higher productivity, knowledge of the latest technology, higher customer satisfaction and the ability to take on more jobs.
Lets you plan a successful future
While others struggle to find skilled workers, you will have employees who are fully trained to industry standards AND understand the unique values of your workplace.
For more information see the LEPC Apprenticeship Toolbox