This year’s National Apprenticeship Week has the theme of ‘skills for life’, highlighting the importance of developing the critical, lifelong skills needed to support the profession’s growth.

Over 80% of employers and apprentices are satisfied with their apprenticeships according to research by the Department for Education, with the majority of employers (78%) saying they also improve business productivity.

It’s clear that the benefits are there, but how can this route of learning help with developing lifelong skills?

The strategic value of apprenticeships

Degree apprenticeships are essential for developing lifelong skills because they provide a structured, hands-on learning environment that benefits both apprentices and businesses.

Apprenticeships combine on-the-job training with formal education, allowing employees to gain practical skills directly applicable to their chosen industries.

Not only do these skills often remain relevant throughout employees’ careers, ensuring long-term employability, but they also teach the relevant skills needed “there and then” for businesses to thrive.

By engaging in a structured learning journey, apprentices cultivate a habit of continuous learning. In fact, statistics show that 93% of apprentices go into work or further training after completing their apprenticeship. This lifelong learning mindset helps them adapt to evolving industry demands and technological advancements.

This is not only a personal benefit, but also helps employers to remain ahead of the game given the shifts we are seeing within the finance sector.

Degree apprenticeships also offer an opportunity to train and retain existing staff, giving them the skills required to lead the modern and emerging workforce.

Upskilling for the future

Industries facing skill shortages can also use degree apprenticeships to develop a pipeline of skilled workers, addressing current and future workforce demands. This will allow employers to directly tackle existing skill gaps by training individuals in the specific competencies that are currently lacking in their workforce.

What apprentices learn in their course will also be applicable to the business they’re working for. If apprentices are doing a higher level course, it will not only prepare them for leadership roles and equip them with the technical and managerial skills required for career progression, but it will also be readily applicable to the challenges the business is facing.

It’s important to pick a good training provider to make sure this need is met, and that the business is tapping into nurturing lifelong skills.

A good way to determine if a training provider can address your business’ pain points is to see if they include practical assessments or tasks. These exercises enable employees to apply and enhance their knowledge in ways directly relevant to their roles within the organisation.

Talent retention and loyalty

Apprenticeships help foster a growth mindset within a business, but they also have other benefits that will allow your business and employees to foster lifelong skills.

An ongoing concern at the moment is talent retention. In an era where businesses are facing rising expenses and taxes, keeping a hold on talent to avoid recruitment costs is becoming more and more important for employers.

Recent data from LinkedIn found that 90% of organisations are concerned about employee retention and that providing learning opportunities is the top retention strategy.

On the plus side for apprenticeships, research by the Skills Funding Agency found that 80% of employers reported that their retention rates improved as a result of hiring apprentices, making it an effective way to hold onto talent during a tough market.

Seven in 10 of us say learning improves our sense of connection to our organisation, with eight in 10 saying learning adds purpose to our work, LinkedIn reported.

It’s not surprising, therefore, that many employees feel more compelled to stay with their employer when learning and development is made to be a priority.

Not only is this a strong benefit for employers but it will ensure the business and its people develop and grow together.

Enhanced employer branding

Degree apprenticeships also allow businesses to mould individuals into skilled professionals who align with their specific operational needs. This ensures that apprentices are equipped with the right competencies to support business growth.

When investing in learning and development, employees will be bringing new ideas and enthusiasm to the workplace, fostering creativity and innovation. And this can have a big impact on employer branding.

But it also opens doors, not just for young people, but also underrepresented groups and those from disadvantaged backgrounds that may not have previously had the opportunity to go to university.

With corporate social responsibility remaining a top priority for businesses, providing apprenticeships allows employers to better embed diversity, equity and inclusion into hiring and training practices.

This approach also means that businesses can constantly evolve along with what’s important to attract better diversity, as well as hitting wider societal issues head on.

By demonstrating workforce development and showcasing long-term investment in people, businesses can positively impact stakeholder trust and brand reputation.

Degree apprenticeships are a powerful way for the finance industry to build a skilled and adaptable workforce.

By combining hands-on training with practical education, apprenticeships equip workers with the lifelong skills needed to excel in their roles and adapt to the evolving demands of the industry.

Not only can this help with nurturing talent and boosting career opportunities, but it also ensures that the finance sector thrives with a steady pipeline of capable, confident professionals.

Investing in apprenticeships isn’t just an investment in workers – it’s an investment in the future of the finance industry.

About the author

Steven Hurst is director of corporate learning at Arden University