Investing in training increases your bottom line. Here are some of the advantages of investing in apprenticeship and youth apprenticeship in your business:
• Return on Training Investment. (video) Although the cost of apprenticeship is often perceived as a barrier, it appears that the monetary benefits generated by apprentices outweigh the training costs.On average, for each $1 invested in an apprentice, a benefit of $1.38 accrues to employers.
• Retention of good employees and technicians. According to the 2001 report by the Industry-Education Council of Hamilton, Apprentice Retention in the Skilled Trades (2001), access to training is one of the top ten considerations for apprentices staying with their employers. By investing in apprentices and youth apprentices, you are demonstrating to your employees that you value training and development of your staff.
• Transfer of corporate and technical knowledge. By matching good and loyal technicians to youth apprentices, you are ensuring that their skills stay in your company for years to come.
• Access to a pool of younger employees. There is much more competition in today's labour market for skilled tradespeople and increasing competition for young employees.
• Increased product quality and service. If you have consistent and qualified staff, it increases customer loyalty by providing a better service to them. There is less wastage and fewer warranty returns, which increases your profit. Training youth apprentices to your quality standards will ensure that the level of service will be maintained in your business.
• Increased workplace safety. Apprentices are trained in workplace safety. Employees with high awareness of workplace safety practices are a huge advantage, and help to ensure that your premiums do not dramatically increase (Industry-Education Council of Hamilton (2001). Apprentice Retention in the Skilled Trades).
For more information on Return on Training Investment (ROTI), refer to the Canadian Apprenticeship Forum, or download the report, Return on Apprenticeship Training Investment for Employers - A Study of 15 Trades (PDF)