SW consumers support apprenticeships

Consumers in the South West prefer to do business with businesses employing apprentices, a new report from the Centre for Economics and Business Research (CEBR) has revealed.

The Benefits of Apprenticeships to Businesses study finds that offering apprenticeships were perceived by three quarters of consumers in the South West as contributing to society and providing opportunities for young people, with 5 million consumers nationwide more likely to make a purchase from an apprentice employer.

More than one in four consumers in the South West say they would go as far as even paying more for goods and services offered by companies that employ apprentices.  Aggregated across key sectors in the economy, this price-premium would equate to an additional £18 billion a year in consumer spending nationally.

The report, launched to mark the start of National Apprenticeship Week 2015, is part of a national drive to promote the benefits of apprenticeships. Events across the country will celebrate the success of apprenticeships that have been transformed over recent years so they are more responsive to the needs of employers and learners.

The week will also see the launch of a new mentoring service for small businesses interested in taking on apprentices will be launched by small business champion Jason Holt CBE.

Today’s research also highlights a number of other financial benefits firms employing apprentices can enjoy, such as increased long-term productivity. A typical apprentice delivers productivity gains of over £10,000 per annum, rising to almost double that in the construction and planning, and engineering and manufacturing sectors.

Moreover, the research demonstrates that even before an apprentice is fully qualified, many businesses will see economic benefits of offering apprenticeships.  The figures show that while training, each apprentice in the South West is estimated to deliver an average positive net gain of £1540 per annum to their employers.