Bottom line benefits
Have you thought about bringing on a new apprentice but were concerned about the cost of apprenticeship training in terms of time, wages and productivity for your business?
In 2006 the Canadian Apprenticeship Forum released findings from a study of the cost-benefit analysis of apprenticeship training in 15 trade areas. Here is a summary of their findings:
- The net benefit of apprenticeship training increases each year over the course of the apprenticeship period;
- The revenue generated by an apprentice increases throughout the apprenticeship;
- Wages and benefits paid to apprentices increase commensurately with training and experience;
- The costs related to journeyperson time spent training apprentices declines through each year of the apprenticeship
The bottom line is that a cost-benefit analysis shows that the benefits of apprenticeship training exceed the cost in each of the 15 trade areas examined.
On average, for each $1 invested in an apprentice, a benefit of $1.47 accrues to employers for a net return of $0.47.