Yes, would seem to be the answer, with an average retention rate of just 64.5% that’s one whack of money you are all losing as a result. (source)
At an average income of £6000 per apprentice, that’s a whopping £2,130 per apprentice that is being wasted, per 100 £21,300 and for the larger institutions, per 1000 £213,000.
As providers, you are either giving that back, losing it, paying for it at the back end with a loss of income and/or bad press, Ofsted and whatever else gets thrown at you.
If you are purely a provider, and do not have fingers in other pies then comparing you to other businesses it gets weird.
Imagine asking Joe the Butcher to give up 35.5% of his profits before he starts?
He’d probably butcher you,eek!
In the figures above we have been overly generous and started at a drop rate of 20%, as so many providers are improving. However, it still makes grim reading.
But it is not all unwelcome news, with new batches of young people ready to enter the world of work now is the time for you to act.
So how about trying something new like other apprenticeship businesses are doing:
That even if doing what we suggest saves you 2 in 100 apprentices, you still win
Increases the chances of the Apprentices fully engaging
Stimulates and develops their Intrapersonal and Interpersonal skills
Challenges them to be all they can be
Aims directly at those with a poverty of ambition
Gives the apprentices a new way of seeing
Provides excellent PR for your employers and prospective employers
Prevents the need to find, interview and employ replacements for you and the employer
And most of all, can save you some of those profits you are losing. We still have time left for bookings in August and September that others like you have taken up.
Contact here to arrange a call to discuss how we can safeguard a percentage of your profits together and give young people a brighter future.
Barry wall
Managing Director
www.polkadotconsultants.co.uk
Introducing Barry Wall
"Business should be exciting and fun, consequently, I'm serious about what I do, just not…
