Reduce OJT costs, realize ROI & retain talent -- faster 🚀 & cheaper
The shortage of capable or skilled workers has impacted most employers across the American economy. This labor problem has persisted. 71% of CEOs anticipated last year that the skills and labor shortage would be the biggest business disruptor.2 Employers have responded by spending and investing more in their workforces3. But higher spending has not effectively closed the skills gap or delivered breakthrough strategies. Why?
Employers have to sought to suture their skills gaps with costly services or in-house training efforts. Effective employee training is a highly specialized competency, but expensive specialized services are beyond budget for most employers and don’t scale or build capacity.
Employers at large have overlooked the apprenticeship as a viable employment model to solve the skill, talent and retention problems. An apprenticeship is not an internship. It is structured employment with very effective, tactical components:
Turbine’s workforce platform aligns each of these high-impact tactics to the employer’s workforce needs and business objectives.
jump the learning curve
capture net benefits
Apprenticeships almost always yield the employer measurable benefits and a positive return on investment (ROI).1 The costs4 (monetary, administrative and opportunity) to run an apprenticeship vary by employer to employer. Costs are determined in great deal by the experience, tools, and vendors an employer chooses.
Take control of OJT and in-house L&D and deliver instruction to the individual.
Well-defined, clearly communicated pathways for advancement can encourage employee satisfaction and retention.
Clearly defined career paths & on-the-job skills development are job-quality elements that affect worker well-being.
In 2016, DOL commissioned an evaluation of the AAI grants to build evidence about the effectiveness of registered apprenticeship for apprentices and employers. The AAI evaluation includes four sub-studies. This report presents results from the employer return-on-investment (ROI) sub-study. The key finding is two-thirds of employers interviewed for the study at least recoup their apprenticeship investments, and that the median return on investment is $1.44, or $144 for every $100 invested. ↩ ↩2
To Close Skill Gaps, Nearly 50% of Companies Are Spending More on Upskilling Employees in 2022 ↩
After wages and benefits, employer costs associated with an apprenticeship include costs related to registering the program, purchasing or hiring the RTI (related technical instruction), reduced productivity of experienced staff while they are mentoring or training the apprentice, and time and capacity of understanding the arcane requirements, completing paperwork, ensuring ongoing compliance, and reporting. ↩