Against a backdrop of labor market pressures and rising demand for digital transformation, professional apprenticeships deliver ground-breaking results for employers and workers alike.
To mark US National Apprenticeship Week 2023, we’re taking a closer look at how apprenticeships are changing the trajectory of businesses, careers, and lives in our new report, Professional Apprenticeships: A Force for Change in America.
1. Unlocking transformational results for businesses
No matter what industry you’re in, your ability to compete is only as strong as your ability to change — but many businesses find themselves held back by critical technical skills gaps.
Two thirds of business leaders believe the current higher education system is not well-suited to deliver the skills needed for the workforce of tomorrow, citing a lack of real-world training, a lack of durable skills and insufficient training in industry-relevant technical skills as the main reasons.
To grow, innovate, and deliver real results from emerging technology like Artificial Intelligence (AI), thousands of businesses across the US are turning to on-the-job training methods, like apprenticeships, to answer the urgent need for skills.
“I was able to acquire new skills in machine learning and learned how to use certain applications like Tableau, SQL Developer, and Workday to build dashboards. I feel like I’m making a big impact by understanding complex code,” says Ashley, data apprentice at Intermountain Health.
Today, Ashley uses her machine learning, coding, and analytical skills to help her team identify key improvements and make informed hiring and compliance decisions.
At a moment in time when the potential for innovation has arguably never been greater, professional apprenticeships continue to deliver results. So far, over $669 million in cost-saving or revenue-generating activities has been attributed directly to the work of Multiverse apprentices.
And their impact doesn’t end there.
2. Creating a superhighway to employee career growth
Two out of three workers(opens new window) say they don’t feel engaged at work. But did you know that 94% of employees would stay in their current role(opens new window) if the company invested in their development?
Apprenticeships provide a way forward for talented individuals at all stages of their career.
By combining foundational knowledge and skills with the practical benefits of applied learning, apprentices have everything they need to advance in their current role, or excel in a brand new position.
According to research(opens new window), seven in 10 apprentices gain new job responsibilities after they finish their program, and 93% of employees remain at their company upon completion of their apprenticeship.
It’s a solution leaders can agree on, as they consider their skills strategies for the next decade. 70% consider on-the-job learning the best way to develop the most in-demand skills of the future. Over three-quarters say they plan to increase training and development budgets by 2030, including upskilling programs to help existing employees develop in their current roles, and reskilling initiatives for helping employees transition into completely different roles.
3. Opening up career opportunities for all
Thousands of employers are turning the dream of equitable careers into a reality, by using professional apprenticeships to:
- Create exciting opportunities for workers to upskill or reskill
- Integrate fair career opportunities for all
- Help pave the way toward equitable access to skills
Starting a career six figures in debt simply isn't an attractive proposition, with 61% of young adults saying student loan debt will have a negative impact on their lives. For women and people of color, that number is even higher at 67%. It’s no surprise that the majority of young Americans say they would skip college if their dream job was attainable post-high school.
When it comes to apprenticeships, the math looks remarkably different. As they earn while they learn on-the-job, employees gain essential skills at no extra personal cost.
And as the rise of automation continues to transform the world of work, professional apprenticeships can help to expand career opportunities and ignite prosperity across the US workforce.
According to new research from Burning Glass Institute and Multiverse, apprenticeships have the potential to move 830,000 US workers into new career pathways in 2024, which would result in $28.5 billion more in earnings.
Real change starts today
In the future of work, employers have two options — be part of the change, or be part of the past.
As the pressure to transform continues to increase, professional apprenticeships provide a win-win solution. One that results in improved business outcomes and increased opportunity for workers.
At Multiverse, we transform businesses and careers equitably, through the power of on-the-job training.
To learn more about what we do, reach out to our expert team, or dive deeper by downloading our latest report, Professional apprenticeships: A force for change in America.
