Calculating the return on investment for job- or skills-related training programs is likely an inexact science for many companies. Although immediate costs can be assigned to such training sessions, there are often too many variables related to implementation or cost-benefit analyses to accurately assess a return to the company over a period of time.
Conversely, customized and progressive apprenticeship programs can often generate major returns on investment for participating employers, in the 30-35% range, which are substantially greater than the earnings available to them through capital investments (a generally-accepted maximum of 10%).
Employers who provide apprenticeship opportunities both recover and benefit from their investment in several ways. These include:
- Enhanced employee productivity
- Enriched skill sets and experience
- Development of mentors/trainers
- Higher employee retention rates
- Wider understanding of/support for internal operations
The return on investment related to apprenticeship opportunities does not only apply to employers – it can also be measured from the perspective of the apprentices as well.
Individuals participating in apprenticeship programs earn suitable incomes during the course of their training. Subsequently, their income levels will increase over time such that those who complete an apprenticeship can earn up to $250,000 more during their working career than high school graduates who do not pursue such programs.
Moreover, while apprentices are being paid throughout their training period, those who choose the university route are paying out substantial amounts of money in tuition fees and other related costs while earning very little as they attain their degrees. While these degrees can possibly lead to higher lifetime earnings than apprenticeship programs, there is significant income variability for university graduates, and many do not realize any return at all on their four-year investment.
While there is surely no intent here to malign the university or college education systems in terms of the learning and earning potential for those who prefer these post-secondary options, a case can certainly be made for pursuing apprenticeship opportunities from the perspectives of:
- Immediate earning potential
- Long-term earning potential
- Practical training/accreditation
- Career/growth opportunities
In fact, return on investment in apprenticeship programs by employers (financial) and by apprentices (time and effort) can result in win-win scenarios for both parties.
Apprenticeship Programs Can Be Pursued Through Technical Staffing Agencies
Individuals interested in pursuing apprenticeship programs may find benefit from the extensive networking of a technical staffing agency like Winters Technical Staffing.
For more than 40 years, Winters Technical Staffing has provided temporary and full-time staffing for employers in the following industries or areas of specialization:
- Engineering
- Aerospace/avionics
- Electronics
- Manufacturing/production
- Skilled trades
Through their extensive staffing experience and strong relationships with employer hiring managers, Winters Technical Staffing also has the capacity and capability to identify and staff apprenticeship programs in the above areas for those who desire to launch their careers in this fashion.
To discuss potential apprenticeship opportunities in specialized fields or industries such as engineering, manufacturing, or electronics, call Winters Technical Staffing today at 1-877-495-7422 or contact us to arrange your complimentary consultation.
