Industries Take Notice of the Value of Apprenticeships
The Apprenticeship Forward conference was recently held in Washington, DC and attendees heard success stories from a wide range of businesses, not only construction, about how apprenticeships can “change lives and help businesses grow.”
The US Department of Labor recently posted an article covering the event, highlighting areas about apprenticeship programs that employers should take note of:
- Apprenticeship is a winning workforce development business strategy for companies and provides a strong return on investment: A recent Department of Commerce study indicates that the return on investment for business is approximately $1.50 for every $1 invested with a range of benefits from reduced turnover to greater productivity from apprentices.
- Apprenticeship creates a pathway to skilled, middle-class jobs for American workers: Nearly 9 out of 10 apprentices are employed after completing their apprenticeships, with an average starting wage of more than $60,000 per year. Over the course of their careers, apprentices earn over $300,000 more in wages and benefits than their peers who do not participate in Registered Apprenticeship programs.
- Apprenticeships allow more Americans to participate in a growing economy: Apprenticeship can revitalize whole communities by bringing well paying jobs to a diverse untapped talent pool, and has a proven success rate at decreasing youth unemployment in countries with strong apprenticeship systems like Germany and Switzerland.
- Apprenticeship is a great investment for the public sector: A 2012 Mathematica evaluation of 10 states found that every dollar invested in apprenticeship led to $27 in tax returns and more than $35 in total benefits. The public also benefits by leveraging private sector investments in training, estimated at over $1 billion per year.
Of course, this is nothing new for employers and leaders in the Building Trades unions, but such information does serve to help expand the market share of IUPAT employers as the business advantages of apprenticeships gains traction.