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4 Mar 2024

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Apprenticeships could boost UK businesses revenue by £18bn

Posted on in Business News , Cycles News

Consumers prefer to do business with businesses employing apprentices, a new report has revealed.

The Benefits of Apprenticeships to Businesses study conducted by the Centre for Economics and Business Research (Cebr) finds that offering apprenticeships were perceived by two-thirds of the public as contributing to society and providing opportunities for young people, with 5 million consumers more likely to make a purchase from an apprentice employer.

One in four consumers say they would go as far as even paying between 1.2% and 2.0% extra as a price premium for goods and services offered by companies that employ apprentices. Aggregated across key sectors in the economy, this would equate to an additional £18 billion a year in consumer spending.

The 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.

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 England is estimated to deliver an average positive net gain of £1,670 per annum to their employers.

Business Secretary Vince Cable said "The benefits of apprenticeships are clear - they make a vital contribution to the economy, boost business productivity and give people the skills they need to get on in the world of work.
"As this research shows, there has been an important shift in the attitudes towards apprenticeships with businesses, consumers, and young people recognising the significant opportunities they can offer."

Funded apprenticeships from ATG Training

Employers who have not taken on an apprentice in the last year may be eligible to receive a £1,500 grant.

ATG logoFull funding is available on cycle maintenance apprenticeships for 16-24 year olds and employer contributions are reduced for over 25s - so there has never been a better time to take on an apprentice!

Apprenticeships benefit everyone. The apprentice gets valuable on the job training, employers get engaged, loyal staff and customers get professionally maintained bikes from qualified staff. Better yet, apprenticeships are largely delivered in your place of work, meaning little down time for your mechanics.

ATG Training offer an apprenticeship and an advanced apprenticeship.

Cycle Apprenticeship

Who is it for?

Anyone working as a mechanic who wants to gain training and qualifications to use during their working life.

What is included?

  • Certificate of Cycle Maintenance (often referred to as a Technical Certificate, this is the specific, hands on training in Cycle Maintenance)
  • Cytech Technical Two and wheel building training
  • Level 2 NVQ Diploma in Engineering Maintenance & Installation - Cycles pathway
  • Functional skills level 1 or 2.
  • Employment Responsibilities and Rights
  • Personal Learning & Thinking Skills

Advanced Cycle Apprenticeship

Who is it for?

Cycle mechanics that have completed the Apprenticeship and want to increase their skills, technical knowledge and obtain a high level qualification.

What is included?

  • Diploma of Cycle Maintenance
  • Cytech Technical Three training (3 courses)
  • Level 3 NVQ Extended Diploma in Mechanical Manufacturing Engineering - Cycles pathway
  • Functional skills at a minimum of level 2

To find out more about taking on a new apprentice or training an existing member of staff with ATG click here or contact ATG Training.

 

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