Measure the Profitability of Apprentices
Employers who take on apprentices can now measure their return on investment (ROI), following the launch of a free online calculator by the National Apprenticeship Service (NAS).
The Return on Investment Calculator works by estimating the average costs of employing and training an apprentice, against the gains that come when the apprentice’s productivity starts to make an impact on the business.
While it does not give specific costs for each employer, the calculator is designed to help firms work out the costs and benefits of hiring an apprentice by asking a series of questions about pay and industry sector. It is based on research and case studies of employers in six sectors, including hospitality, engineering and retail.
“Apprenticeships are an investment with lasting rewards, some of which are not easily measurable, such as improving staff retention, providing future managers and introducing innovation.”
said NAS spokesman, Kate Dew.
“While every employer’s situation is different, the ROI tool has been designed to help businesses understand the potential returns they could gain from investing in an apprenticeship scheme.”
Take a look at the Return on Investment Calculator.