Benefits of Apprenticeships For BusinessesFebruary 8, 2023 12:29 pm
One of the unfortunate double-edged swords of gaining an education in a particular skill is that employers are looking to hire people with experience. But how does a newly educated craftsperson gain experience without a job? This cycle could be endless, leaving workers wondering how to gain the experience needed to find a valuable position in the industry and business owners seeking a capable and well-trained workforce.
That’s where apprenticeships come into play benefitting both employers and job seekers alike. In our last blog, “Benefits of Apprenticeships For Job Seekers” we explored the benefits for job seekers taking part in an apprenticeship program, while this week we are taking a closer look at why an apprenticeship program is beneficial for businesses including productivity increases, financial incentives, and a loyal workforce.
A Highly Skilled Workforce
Most businesses seek to employ workers who have some experience and understand the details and nuances of how to do their job.
An apprenticeship program that matches experienced sponsors or mentors with those who are being paid to train will allow for a highly skilled workforce to develop. Better yet, those trained workers have been trained in specific ways needed in your organization.
By matching those with years of experience to new hires eager to learn, your business will be able to cultivate and develop the right skills for your industry.
Retention of Workers
Retaining highly-skilled workers is a goal of all businesses. Unfortunately, in today’s economic climate where there are more open positions than ever before, businesses are seeking loyal employees who are the right fit for the workplace and who remain for years.
By training future employees through your apprenticeship program those workers will feel loyal and appreciative of the training they have received and are more likely to remain in the position for longer.
According to Mass.gov, businesses that utilize apprenticeship programs see an increase in productivity. This increase can positively impact the bottom line of your company.
Whether the increase in productivity comes from the energizing of the workforce with new hires or the boost in morale for experienced workers guiding an apprentice is unclear.
Limit Liability Costs
Again, depending upon the industry and field of work, many businesses will see a minimization of liability costs through appropriate training of workers. That training can mean fewer workplace accidents and injuries thus being advantageous for liability insurance.
Potential Tax Credits
Certain industries are allocated tax credits for a Registered Apprentice Tax Credit (RATC) program. Check out the complete registration program and application process at Apprentice Tax Credit (RATC) on Mass.gov.