Apprenticeships are increasing, but…
Last week, we shared information about how apprenticeships are increasing in Kentucky and highlighted a new program at Bray Construction Services. (Read it here.) This week, we continue our deep-dive into the benefits of apprenticeships by sharing a recent report from the Hechinger Report. The report highlights several positives and some sticking points for companies considering apprenticeships.
Key points include:
More people want apprenticeships than are available. The demand for apprenticeships is expected to continue to increase under the Trump Administration as President Trump championed apprenticeships in his first administration.
94% of apprentices remain with their employer after their apprenticeship ends. This is an unheard-of retention rate for entry-level workers.
Experts calculate the return on investment for apprenticeships as $1.44 for every $1.00 invested by the employer.
Many states, including Kentucky, provide incentives to businesses for starting apprenticeship programs.
Employers are put off by the amount of red tape involved in setting up and maintaining apprenticeship programs. However, companies can partner with intermediaries to administer their programs.If you want to learn more about intermediaries and other alternatives for managing an apprenticeship program, contact NKY Works at 859.657.WRKS (9757) or NKYWorks@NKADD.org. We can help you explore options to make apprenticeships successful for your business.
Is your interest piqued? Read the full report here.