Apprenticeships are boosting retention for firms across the UK
According to a new report, apprenticeships are improving employability and pay for employees, whilst boosting revenue and diversity for businesses.
Multiverse’s 2023 report on the impact of apprentices on business and individuals, reveals an overwhelming retention rate for apprentices, with 93% remaining at the same company after their scheme.
Research reveals that six in ten of apprentices starting out in their careers are from Black, Asian or multiple ethnicity backgrounds, compared to universities where more than seven in ten students are white.
A staggering 96%, of Multiverse’s early career apprentices, have stayed in work or training after their apprenticeship and employability exceeds those of graduates, with graduate employment at just 87% last year.
The data finds that the work of apprentices has directly resulted in more than £550m in cost-saving or revenue-generating activities for businesses across the country working with the apprenticeship provider.
This comes as the average apprentice now outearns university graduates with prestigious law degrees by more than £5,000. The analysis finds that the average Multiverse apprentice now earns between £26,000 and £30,000 a year. By comparison, 15 months after leaving university, law graduates earn an average of £21,500 according to the Higher Education Statistics Agency (HESA). The average Multiverse apprentice also outearns graduates with a host of other degrees, including architecture (£25,000), business and management (£24,000), and psychology (£21,500).
Euan Blair, CEO of Multiverse, said: “Our ambition is to create a diverse group of future leaders who can support businesses to succeed in an environment where tech, digital, and data skills are at a premium. What’s clear is that apprenticeships are going from strength to strength as a truly outstanding alternative to university, with apprentices providing immense value to businesses. Our programmes are giving firms the opportunity to boost revenue, productivity, diversity, and fill essential skills gaps that will meet their needs today and in the future.We’ll keep expanding these high-quality opportunities to work, learn, and earn – and it’s our ambition to develop high-potential talent with the skills they need across every corner of the country.”