According to recent analysis conducted by <a href="http://group.barclays.com/home"; target="_blank" title="New window - group.barclays.com">Barclays</a> bank, the British economy would get a significant boost if employers created more apprenticeships; this boost would equate to £4.4 billion annually.<br />
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The increase in the number of apprenticeships, however, is not as significant as the economic boost that this type of training would provide. Employers would only need to increase the proportion of apprenticeships by 2.2%, which is just under 438,000 apprenticeships.<br />
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By mapping data from the Department of Business, Innovation and Skills against estimated productivity from the <a href="http://www.cebr.com/" target="_blank" title="New window - cebr.com">Centre for Economics and Business Research</a> (CEBR), Barclays was able to uncover the financial potential of increased apprenticeships.<br />
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Based on CEBR data, apprentices who complete their placement add £214 to the economy on a weekly basis.<br />
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The research also indicated that the health and social work sectors would need to add 38,000 apprenticeships, while the education sector needs to add only 13,500. Across professional, technical and scientific sectors, an additional 20,000 apprenticeships would be needed.<br />
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“Apprenticeships are growing in profile, but we know there is potential for some industries to take on more and deliver dramatic benefit to both our economy and young people,” explains the head of the Barclays Retail and Business Banking employability programme, Mike Thompson.<br />
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He went on to say: “We are now calling on business leaders across industries to look at how to pave the way for a new wave of apprenticeships.”