- Apprenticeships in the health care, precision machining and information technology fields deliver positive ROI for the companies implementing them to recruit and train new hires, Greg Goth writes for SHRM. Goth cites a study published by Cleveland's Case Western Reserve University and the U.S. Department of Commerce.
- In the study, researchers found that in nearly all cases, the use of apprenticeship programs provided a generous ROI. One company found a total return of $55,000 in reduced overtime and additional billed hours.
- A manufacturing company saved an estimated $1.6 million annually when comparing results to its previous employee training methods. In the report, the Commerce Dept. said there are currently 500,000 registered apprentices around the US.
There is growing evidence that apprenticeships provide one of the best returns on investment and quality of training opportunities for companies today, especially now that organizations have expanded apprenticeships to include industries outside of traditional trades.
Apprenticeships offer the chance for one generation of skilled workers to transfer their industry knowledge to the next generation of employees. Such programs are an effective form of long-term mentorship for younger workers.
Millennials are eager to learn new skills; investing in younger workers early on is an excellent way to attract fresh talent.