Demand for apprenticeships is on the rise as 60% of businesses would consider employing an apprentice now or in the future, according to new research.
The same survey, which quizzed 1,000 HR decision makers, shows that 98% of apprenticeship employers experienced additional benefits to their business.
The St Martin’s Group report found that employers who take on an apprentice gain a financial benefit to their business of almost £2,500.
Minister for Apprenticeships and Skills Gillian Keegan, said: “It is brilliant news that this report shows that 98% of those surveyed recognise the significant benefits apprentices bring to their workplaces.
“Not only do employers set to gain financially from hiring an apprentice, but they also benefit from so much more including filling skills gaps and boosting diversity.”
The HR decision makers also highlighted additional benefits that apprentices bring to a business including helping to address skills shortage (47%), offering a cost-effective labour source (39%) and providing value for money (40%).
David Marsh, co-chair of The St Martin's Group, said: “Apprenticeships are an incredibly valuable career pathway, and we are encouraged that the findings of this report demonstrate not only the net benefits to employers but also the employment prospects for those who complete apprenticeships.
"While Covid-19 has brought a range of unforeseen hurdles for the sector, the past 18 months have also shown how apprentices can help improve the resilience and flexibility of businesses across the country.
“This includes the vital role apprenticeships can play in closing skills shortages in sectors that are crucial to economic recovery.”