The National Apprenticeship Service has launched a new tool for employers to calculate the return on investment (ROI) for firms if they take on apprentices.
The ROI Calculator is an easy-to-use web tool designed to help employers understand the potential returns they could gain from investing in apprenticeships.
The calculator was designed based on research done at Warwick University, which demonstrated how apprenticeships across six major industry sectors brought large net benefits to employers.
It estimates the average cost of employing and training an apprentice against the gains that come when their ‘additional productivity’ impacts on the business.
Separate research published earlier this month revealed four in 10 employers still find apprenticeships difficult to access, but most believe the training schemes deliver a positive return on investment.
A survey of more than 500 business leaders, by the Chartered Management Institute, found that 40% of employers felt apprenticeships were hard to access, while half (49%) said the lack of funding for those aged over 25 was a barrier to further uptake of apprenticeships.