APPRENTICES can boost a company’s productivity by £214 a week, according to research out today.
Over the next decade, 3.8m apprentices will generate a total of £3.4bn for their employers through improved workplace skills, the Centre for Economics and Business Research claimed.
The report, released as part of national apprenticeship week, predicts that by 2022, the number of people completing apprenticeships will have risen to 480,000 a year, up from 260,000 this year.
The business, administration and law sector is expected to take on 121,000 apprentices a year by 2022.
“Raising the skills of the UK’s workforce translates into improved UK competitiveness in a challenging post-financial crisis environment,” said Charles Davis, head of macroeconomics at CEBR. “This is a vital part of rebalancing the UK economy and raising the chances of sustained export-led growth.”
The Prime Minister will use a speech in Buckinghamshire today to call on business to consider taking on apprentices to help make it “the new norm for young people to either go to university or into an apprenticeship”.
Santander said today it plans to hire 275 apprentices to work in its head office and branches, following a pilot scheme last year.
Barclays announced over the weekend that it will double its number of apprenticeships to 2,000 as well as helping match 10,000 other apprentices with business in five English cities.