What Are The Benefits Of Apprenticeships For Small And Medium Enterprises?

Introduction

A major obstacle to corporate expansion is the fact that almost half of companies are having trouble filling open positions. For SME owners struggling with a growing skills gap, high recruitment costs, and overworked personnel, taking on new apprentices is the ideal way to secure the future of their company.

At the beginning of the epidemic, apprenticeship programs experienced a sharp decline. However, according to current data, which shows that the number of new starters increased by 43% in 2020–21, it appears that business owners are mindful of the crucial part that apprentices may play in the post-pandemic recovery. In this article, we are going to talk about the benefits of apprenticeships for small and medium enterprises.

1. Filling the Gap of Dexterity and Skill

Apprenticeships can be a huge help to you if you’re looking for trained workers who could cater to the needs of the industry. Through an apprenticeship program, you may help your apprentices develop their talents in a manner that will be advantageous to your business in the long run. Your training will guarantee that the apprentices’ abilities are suited to the business’s future needs. As a result, skills gaps may be filled and internal talent can be used to develop managers and leaders in the future.

2. Employee Retention and Commitment

When it comes to the profitability of a firm, employee loyalty is an important factor. With the aid of apprenticeships, you may develop a dependable workforce that is dedicated to the business and highly competent. Additionally, apprenticeships encourage employees to consider their careers carefully and commit to the organization for a longer period of time. By doing this, you can keep all of your talented workers.

3. Get Help From The Government In Terms Of Money

You are eligible to get financial incentives from federal programs for your apprenticeship training. For instance, the government contributes up to INR 7,500 for three months’ worth of training (500 hours) to Basic Training Providers (BTP) under the NAPS (National Apprenticeship Promotion Scheme). Additionally, it distributes 25% of the statutory financial incentives, up to INR 1,500 for each trainee per month. These are the statistics of the Indian government’s apprenticeship programs. You can search for apprenticeship programs in your country.

4. Profitability And Output

You cannot argue with the reality that a company’s efficiency is increased by investing in apprenticeships. You would be able to boost your pipeline and develop a talented team. Apprentices put forth a lot of effort to accomplish company goals and contribute fresh ideas. The profit of your business will benefit from this as well.

5. Revitalization of the Business Environment in the Company

New apprentices provide a new perspective on your business, which may benefit your current employees. Apprentices demonstrate their eagerness to learn and contribute fresh ideas while receiving on-the-job training. High-caliber individuals who may not want to spend more money on a standard degree always improve the business environment and contribute highly. Instead, they aim to become skilled and successful in their preferred field. The partnership with the applicants’ talent and ingenuity can help your company gain new perspectives on its operations and expand more quickly.

Conclusion

You are demonstrating a proactive attitude to the industry requirements if you are interested in investing in people through apprenticeships. It is always advantageous for you to make use of the government’s apprenticeship programs and raise the productivity of your company because the future workforce is largely dependent on new insights and abilities. The apprenticeship programs and partnerships with young talent can only improve the business environment of your company.