Businesses can take advantage of investing in a registered apprenticeship program to train workers in the skills they need to stay competitive in an ever-changing marketplace. One of the largest investments in apprenticeship is made by the businesses that hire and mentor apprentices.
In return, employers aim to maximize their return on these investments and capitalize on the many benefits of registered apprenticeship programs. Registered apprenticeship is a business investment with associated costs and benefits. Department of Labor statistics indicate that the return on investment for a registered apprenticeship program is valuable, with $1.46 for every $1 invested in an apprentice.
“Joliet Junior College staff takes pride in working with company personnel to go through each of these items to illustrate the cost of hiring an apprentice, and the advantages an apprenticeship program can provide to their company,” JJC Dean Amy Murphy said.
The ROI of an apprentice is determined by considering a wage progression over the life of the program, the wages of an experienced technician, billing and hourly workloads for an experienced technician, the hourly cost of training the apprentice, and productivity changes from pairing an apprentice with an experienced technician. Wage data are median wages for the occupation.