1. Build a pipeline of skilled workers
An opportunity to fill challenging vacancies and maintain institutional knowledge when soon-to-retire workers serve as instructors and mentors to new workers. Training apprentices can help a company accommodate an aging workforce.
2. Gain workers with customized skills
Companies have the opportunity to train workers to meet their specific standards, using the exact pieces of equipment, protocols, and procedures that are relevant to your company.
3. Boost retention
Decrease worker turnover due to the fostering of greater worker loyalty and productivity. Apprentices are loyal to the companies that invest in them. There is an added sense of loyalty between employers and employees.
4. Save money on wages
Since apprentices begin earning about 40-50% less than a fully trained employee, businesses can save money on wages by sponsoring an apprentice.
5. Make a positive return on investment
A study found a financial return on investment that averages around $1.40 earned for every dollar spent on the program.