New guide demonstrates economic benefit of apprenticeships

Traditionally an untapped resource within the financial services and insurance sector, apprenticeships are on the rise, with more employers changing their recruitment mix to reflect the changing post-school landscape.

As well as setting out the benefits apprenticeships can provide to employers, such as the opportunity to build a "structured talent pipeline", the Chartered Insurance Institute has put together a step-by-step guide on how best an employer should go about finding funding, recruiting, inducting, developing and evaluating apprentices.

In a foreword to the guide, John Hayes MP, minister for further education, skills and lifelong learning demonstrates the economic benefits that apprenticeships can generate for an organisation and the wider economy:

"Research shows that apprenticeships help employers improve productivity by giving them a competitive edge. Employers recoup their investment rapidly, with most apprenticeships paying back in less than three years.

"The economy benefits too; the National Audit Office recently concluded that for every £1 of government investment in apprenticeships £18 was generated for the wider economy. Apprenticeships feed the national interest by fuelling the economy with the skills we need and they nourish the common good."

Statistics from the National Apprenticeship service have revealed that 77 per cent of employers believe Apprentices make them more competitive.

Speaking about the launch of the guide, Dr Alexander Scott, chief executive of the Chartered Insurance Institute said:

"As more employers look to recruit school-leavers and Apprenticeships increase within our profession, we want to support this with the publication of this guidance document.

"The CII is committed to supporting our profession in attracting the best, brightest and most diverse talent for the future, as well as developing those already in the sector."