Local MP Tessa Munt is encouraging more local businesses to take on an apprentice after new research revealed how beneficial this can be to businesses.
Every time a local company hires an apprentice, its bottom line gets an average boost of just over £2,000. This represents the benefit after typical wage and training costs here in the South West are deducted, but the advantage ‘kicks in’ as soon as the apprentice joins the firm and starts being trained.
Last year, 1,000 people started an apprenticeship in Tessa’s patch, which means that new apprentices alone provided a local boost of over £2m last year.
The number of apprentices has been increasing rapidly. Despite this, surveys show that 60% of small businesses are missing out because they don’t know enough about how apprenticeships work. Many assume that an apprenticeship is difficult to administer and will involve a short-term cost.
New research was commissioned by the Association of Accounting Technicians (AAT), which has pioneered apprenticeships in accounting. Less traditional areas of work like accounting now make up the majority of apprenticeships, demonstrating the huge expansion in the range and types available.
The Chief Executive of AAT, Jane Scott Paul, welcomed the news:
“I am delighted that Tessa is encouraging more companies to employ an apprentice. Far from being a cost, apprentices bring benefits straight away.”
“It’s really important that employers know there are apprenticeships of all shapes and sizes, including those in non-traditional sectors like accounting and law. That’s how apprentices boosted UK firms by £1.8 billion last year.”
Commenting, Tessa said:
“If you don’t have one already, I’d encourage every local business in my part of Somerset to consider taking on an apprentice.”
“By giving someone a chance to learn your business, you also boost your bottom line. The £2m benefit here in my patch makes a real difference to the local economy, and that’s just from apprentices who began work last year.”
“Apprenticeship numbers have doubled, with the Government making this a priority. It’s great news for each local apprentice, great for our businesses and great for our economy.”