Apprenticeships can generate a sizeable return on investment for motor traders within just three years, according to new research by the Institute of Motor Industry (IMI).
The findings of the recently published report from the IMI focus on automotive apprenticeships and how they can be of value to the industry. The study\’s main finding showed that by the end of their third year, a talented apprentice can see a return on investment of between 150 and 300 per cent.
Importantly, however, a mechanic or garage would need to ensure their motor trade insurance policy covered apprentices working on their vehicles; quotes are specific in relation to the people that are covered by a policy whether it\’s a full-time employee, a sub-contractor, or indeed someone undertaking study so the firm would have to make sure any potential mishaps that occurred at the hands of an apprentice were covered.
Nevertheless, Steve Nash, chief executive of the IMI, was keen to stress that apprenticeships are extremely valuable to the motor trade industry. As reported in The Sentinel, apprenticeships are not only important because they will provide a long-term financial return, but they are also a key part of tackling the issue of youth unemployment.
Last week Prime Minister David Cameron vocalised his support of apprenticeships following a visit to the Midlands. Furthermore, with pressure being applied to the Chancellor George Osborne to address the ongoing problem of youth unemployment within the upcoming Budget, it seems likely that this is an area that is going to be targeted in a bid to help the younger generation pick up useful skills and get back into work.
Mr Nash said: “Our research proves that businesses must overcome their doubts about employing young people and invest in the future.
“With the right attitude and support of the employer giving a young person suitable opportunities to apply their skills, a positive return on investment can be achieved much earlier than commonly perceived.”
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