Business leaders understand that a key factor to ensuring profitability comes down to being able to effectively monitor and measure the return on investment (ROI) of various expenditures. For many organizations, human capital is one of the most significant investments, especially in areas like financial services or insurance that require specialized skills or knowledge. Fortunately, a Registered Apprenticeship is an effective tool for employers to attract, train and retain new talent while adding stability to their workforce pipeline.
One of the principal benefits for both individual employers and industries as a whole when implementing a Registered Apprenticeship is an improved ability to forecast future needs against available resources. By hiring apprentices to fill necessary roles, employers gain access to a hire-ready workforce that is trained according to contemporary industry standards and competencies. This in turn supports an aging workforce by ensuring a gradual knowledge transfer over time through mentorship and minimizing the potential for lost productivity upon the retirement of more senior employees. This pipeline of skilled employees also ultimately decreases the reliance upon external hiring for management-level positions by upskilling existing staff, thus reducing recruitment costs.
Another benefit for employers participating in a Registered Apprenticeship lies in the fact that it is not a static curriculum, but a dynamic reflection of the changing skills and knowledge necessary to be successful in a particular field. This is seen in the way ApprenticeshipNH works directly with employers in developing the components of a new apprenticeship and ensuring the experience is relevant and applicable to the contemporary demands of the industry. Over the course of the apprenticeship, the period of guided on-the-job training can also help ensure future proficiency in the role to be filled by the apprentice. Furthermore, the benefit is reciprocal by keeping employers up to date on the latest trends and technologies relevant to their field and enabling them to effectively customize the next generation of employees by focusing on key areas of future business needs.
This adaptability is especially applicable at the high school level where students can be prepared for a rapidly changing job market by pairing existing coursework with work-based learning experiences. By providing authentic, experience-based learning opportunities, students can receive training for in-demand careers in a way that supports a smooth transition from high school to college, a continuing education program or other career options. In the business and finance sector, there has been a consistent demand for qualified employees in New Hampshire for decades and the trend is likely to continue as forecasts through 2028 predict as many as 600 job openings for accountants and auditors across the state annually.
The mutual benefits to both employers and apprentices are visible throughout the course of the apprenticeship, not just when the apprentice graduates to a journey worker. This is favorable for both the short-term and long-term productivity of the employer, as the hiring of an apprentice results in enhanced output for the organization that increases over time with the apprentice’s own knowledge and abilities. The mutual benefits can be translated to a dollar amount that is approximately $1.50 for every dollar invested into an apprenticeship program. This figure is representative of how a formalized approach to apprenticeship is mutually beneficial, in a financial sense, to both the apprentice and their employer.
Since 2017, ApprenticeshipNH has helped businesses develop over 50 Registered Apprenticeship programs and helped over 300 New Hampshire residents find opportunities.
Employers interested in developing an apprenticeship of their own may visit https://apprenticeshipnh.com/request-info/for-employers/ to get started.
Don’t forget to register for the National Apprenticeship Week celebration this Friday, November 19th from 9 a.m. to 10 a.m.