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.Read more