Financial Services Apprenticeships
What percentage of apprentices stay in employment after their apprenticeship?
14 January 2020
If you’re currently weighing up your options with regards to training and employment, an apprenticeship could be an excellent choice. These schemes blend real, paying work with the chance to train, learn skills and study for valuable qualifications.
But is an apprenticeship right for you? One of the important things to consider is what this kind of programme of work and training can do for your long-term career prospects. Before making such a big decision, you’ll naturally want to know whether an apprenticeship is likely to lead to a full-time job once you’ve finished.
So, just how many apprenticeships lead to long-term employment? Let’s take a closer look at some of the statistics.
What percentage of apprentices get a job?
Government research in 2018 uncovered a very encouraging statistic – that 65% of apprentices (of a total of 844) in the study remained in full-time employment after finishing their apprenticeship.
Other research also reveals similarly positive news in terms of job prospects for apprentices finishing their scheme. One study found that a huge 85% of apprentices stay in employment, and 64% of these continue working with the same employer.
This will make a lot of sense for current apprentices, who are trained, valued and invested in by their employer during their scheme. The apprenticeship is tailored to the business, so perfectly prepares them for a career in the company. If there’s a good fit in terms of values and goals, then there’s no reason why an apprentice can’t thrive in the same business as their initial apprenticeship.
It’s not only important to look at how likely it is you’ll get a job after your apprenticeship. It’s also smart to consider career progression. What pathways will be available to you once you finish your apprenticeship? According to one report, a management position could even be on the cards – as researchers found that it takes an average of five years for an apprentice to reach management level in around half of companies that take on apprentices.
Why hire an apprentice?
If you’re an employer deciding whether or not to hire an apprentice, there are a number of crucial things to weigh up. Here are just some of the many benefits of apprenticeships for businesses:
- Apprentices bring valuable ‘soft skills’ to the business, such as communication, team-working and leadership.
- Young apprentices can also help to keep knowledge up-to-date within the business, especially when it comes to IT and technology skills.
- Apprentices can bring a significant amount of added value for the business – a report by Microsoft found that apprentices can add value of around £37,000 per employee, per year. This shows just how important it can be to invest in talent at the apprenticeship stage.
- The chance to ‘grow your own’ talent. Many employers are facing skills shortages and are struggling to compete with the higher salaries offered by larger competitors. One effective solution can be to set the syllabus for your apprentice and mould this exciting potential talent into a hugely valuable asset, one which could drive your business forward in the future.
- Upskill your existing team. Do you have an employee with potential, but they need certain qualifications and training in order to progress? An apprenticeship could be a viable option when university is not, helping to fast-track an employee and give them valuable new skills.
- Youth, enthusiasm and exciting new ideas. Every organisation can benefit from a breath of fresh air, and this is exactly what an apprentice can bring. They’ll have their own ideas and a fresh perspective, which could help to reinvigorate your team and encourage start different ways of thinking.