Earn and Learn
”Earn and Learn” describes a group of routes into and within employment which combine study with practical experience, so enabling individuals to gain the knowledge and skills required to pursue their chosen occupation.
For The 5% Club, earn and learn includes –
- Apprenticeships at all levels
- Formalised graduate training programmes
- Sponsored students
- T Level placements
It does not include –
- Single instance/short-term training
- Internships
- Work experience (freestanding or related to qualifications).
Why is Earn and Learn important
- Accessible to All: Earn and Learn programs provide opportunities across various skill levels, offering an alternative pathway to university for many careers. These programs lower financial barriers, making education more inclusive and reducing student debt.
- Real-World Skills for Employers: Participants gain valuable knowledge, hands-on experience, and practical skills that are highly valued by employers. This combination ensures individuals are job-ready and adaptable in their respective fields.
- Economic Independence: Earn and Learn routes can be especially beneficial for individuals from challenging backgrounds, offering them a path to financial stability through education and employment.
- High Return on Investment for Employers: Employers benefit from more motivated and effective employees, which improves retention rates and workforce productivity. This creates a strong return on investment by developing skilled workers who are already integrated into the company culture.
- Societal Benefits: On a larger scale, these programs contribute to reducing the number of NEETs (Not in Education, Employment, or Training), which helps improve societal productivity and lowers the social and economic costs associated with unemployment and underemployment.
Why hire an apprentice?
The following highlights the business and social benefits of hiring apprentices.
- Cultivate a Skilled Workforce: Apprenticeships allow companies to train individuals with the exact skills needed, filling skill gaps and boosting productivity.
- Cost-Effective Talent Development: Apprenticeships are often more affordable than hiring experienced professionals, with government funding and wage incentives available.
- Future-Proof the Business: Apprentices provide fresh perspectives and learn cutting-edge techniques, helping companies stay competitive in a fast-changing market.
- Increased Loyalty and Retention: Apprentices who learn within a company are more likely to stay, reducing turnover and the costs associated with hiring externally.
- Improved Workforce Diversity: Apprenticeships can attract candidates from diverse backgrounds, fostering inclusivity and innovation within the company.
- Enhanced Employer Brand: Supporting apprenticeships demonstrates a company’s commitment to developing talent and investing in the future, improving its reputation.
- Tailored Training: Apprentices receive customized training that aligns perfectly with the company’s needs and processes, ensuring that they are productive from day one.
- Contribute to Social Mobility: By offering apprenticeships, companies help young people and career changers gain valuable skills and opportunities, contributing to the community.
The following is an excerpt from a recent article in FE News by Chris Stoker-Jones, Director of Vocational Training at Catch22
Apprentices are, time and again, proving to be hugely valuable assets.
- Boosting productivity: Research shows each apprentice brings a gain in productivity of more than £10,000 per year for their employer, with figures for some sectors being even higher.
- Filling skills gaps: As the needs of the workplace evolve and the impact of Brexit becomes clear, there will be skills gaps to fill. Taking on apprentices can help fill those gaps.
- Competing in the modern marketplace: You can train apprentices in the skills that your business needs now and in the future. In industry research, 77% of employers agreed that taking on apprentices helped to make their organisations more competitive.
- Building staff loyalty: Staff typically feel loyal to employers who have invested in their training and are therefore more engaged and motivated to stay.
- Cost-effective training: Apprenticeships are particularly cost-effective as a form of training because, while employers pay apprentices’ wages, funding is available to cover many other training costs.
- Supporting social mobility: ‘Earn and learn’ training opportunities, such as apprenticeships, are key to helping people from disadvantaged backgrounds enter the workplace and progress into fulfilling careers.