On the money
Sylvia's blog

Feb 1

Spotlight on Apprenticeships

“The government’s proposed commitment to apprenticeships for young people, which brings with it a significant funding promise, has helped to bring the spotlight back on apprenticeships. This week starting the 1st February is also national Apprenticeship Week 2010 , so now seems like a good time to talk about some of the benefits of the apprenticeship programme to financial services employers.

The word ‘apprentice’ may bring to mind blue-collar occupations, but it is becoming increasingly recognised as a new skills pathway for sectors like financial services. Many employers are keen to find a new source of recruits yet many are still unaware of the apprenticeship scheme.

Apprenticeships are also an important way of employees attaining the relevant qualifications which have become so necessary in the highly-regulated financial services industry. The apprenticeship programme mirrors what a lot of financial services companies are already doing and is designed to work in tandem with in-house training structures. Apprenticeships combine professional qualifications, competency training and soft skills to deliver the whole package and allow the non-graduate workforce a real opportunity to take part in a cost-effective, structured training programme.

With undergraduate fees becoming an increasing financial burden on young people, it is likely that more and more bright school-leavers will be looking for effective alternatives to university. Apprenticeships offer the future workforce a way of gaining the relevant qualifications and skills on the job, and a way of avoiding the debt which fulltime education can incur.

Apprenticeships also demonstrate an investment in people. In the long term, this inevitably effects employee motivation, productivity, the quality of new recruits and staff attrition rates in your company.

Lastly, taking on apprentices is a great way of inspiring positive PR about your business. In a time where unemployment rates remain high and budget cuts can often take their toll on internal training and development, it is important to show that your employees are being valued as an investment for the future.

The possibilities of awards, such as the National Apprenticeship Services’ annual awards (which take place on the 15th July 2010 at Westminster Plaza, London), are excellent opportunities to promote your business as one which is at the forefront of business and staff development. As an organisation which works with both employers and training providers on the apprenticeship agenda, the PR benefits are obvious. I appeared on the BBC’s Working Lunch last year with two apprentices from Aon and Bank of New York Mellon and only last week, Aon and one of its apprentices, Jennifer Lavelle, were featured in the Evening Standard in an article titled: ‘Future’s Bright for Next Generation’.

I believe apprenticeships are the skills solution for the next generation. Employers who embrace this now give themselves a competitive edge over future recruitment and staff development, and effectively prepare themselves for when the market picks up. And with increased funding for apprenticeships for the younger generation why not read about the NSAFS’s apprenticeship offer which can be delivered nationally through our network of accredited training providers.

As part of Apprenticeship Week 2010, I took part in the Guardian Careers live Q&A session on the panel of experts about apprenticeships. To find out more about apprenticeship opportunites, experiences and benefits read the thread online.

This blog also appears on FT Advisor

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Sylvia.