Only one in three SMEs across the UK currently offer apprenticeships, according to new research from the Close Brothers Business Barometer, a quarterly survey of SME owners and senior managers.
The Business Barometer also revealed that almost two fifths of those who do take on apprentices say that it gives them access to the best young talent, while 28% say that it allows them to develop skill sets the business may be lacking. A further 16% say that apprentices improve business productivity.
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Chief executive officer at Close Brothers Asset Finance, Mike Randall said: "It is evident that SMEs who participate in apprenticeship schemes see clear business benefits in doing so, and I think it would be to the benefit of the wider economy if participation in such programmes were to increase.
"Apprenticeships becoming more embedded in our culture can only be a good thing as they allow employers to develop a motivated, skilled and qualified workforce, whilst at the same time improving employability prospects for the younger generation."
"Apprenticeships could play a key role in helping SMEs bridge that skills gap but perhaps the cost and process of recruitment and training are prohibitive factors for many smaller businesses.
Appreciating the cost factor, Close Brothers Group has launched the ‘Close Brothers SME Apprentice Programme’. As part of the programme the company has pledged to contribute to the cost of apprentices for 60 SMEs in the engineering and manufacturing sector over a three-year period.
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By GlobalDataUnder the scheme, Close Brothers will help pay for 20 apprentices to learn their skills at the University of Sheffield AMRC Training Centre. The programme has also the support of the Manufacturing Technologies Association (MTA).
