March 20 ,2016 | by Thiago Kiwi

Apprenticeships important factor for business growth, according to research

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Apprenticeships are one of the most important factors for business growth, according to research for the Funding Skills Agency.

The research, which was released as part of National Apprenticeship Week, found that nearly half of managers in growing companies in the West Midlands believe that hiring the right employees and having employees with the right skills are the most important factors when it comes to expanding a business.

The research showed that apprenticeships are key to business growth, with managers in the West Midlands who are hiring apprentices being three times more likely to believe that the company will rapidly expand than those who are not.

Commitment

Since 2010, over 315,000 apprenticeships have been started in the West Midlands. Many major companies have shown their commitment to apprenticeships for this year’s National Apprenticeship Week, including Deloitte, Starbucks, BT and Fortnum & Mason. So far, 27,000 new apprentice jobs have been pledged for the event.

More businesses are now realising the importance of hiring people with the right skills, with research showing that finding the right employees is eight times more important to business growth than access to finance.

Valuable

Wolverhampton North East MP Emma Reynolds marked National Apprenticeship Week on Saturday by meeting with local apprentices at UTC Aerospace in Wolverhampton.

Before the visit, Reynolds stated that she was “delighted” to be visiting the company to celebrate National Apprenticeship Week, and spoke of the benefits that apprenticeships provide for young people.

“I am delighted to be visiting UTC to celebrate National Apprenticeship Week. I am looking forward to seeing at first-hand the work the apprentices do, and the contribution they make to the company. Apprenticeships provide young people with valuable skills, and this training cannot be replicated within a classroom,” she said.

Thiago Kiwi

Thiago is the LSBF Blog Editor who manages news and features content on the site, and writes about business, finance, technology, education and careers.

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