Zarah ChoudharyResearch from Davies found that 57% of financial services employees said their organisation has an apprenticeship scheme in place, while 35% said theirs did not, and 8% were unsure.
504 full-time employees from UK financial services firms were surveyed, and found that among organisations running a scheme, 73% indicated that permanent roles are typically offered at the outset for those who complete their apprenticeships.
71% stated that the schemes were more economical than hiring graduates or junior employees through other channels.
85% of respondents believed apprenticeship schemes helped build loyalty between participants and their organisation, while 78% reported that participants in their apprenticeship programmes often progressed to long-term careers within their company
Among senior managers in organisations running apprenticeship schemes, 87% said their schemes aim to create pathways for diverse talent, enabling a wider range of people to build careers in financial services.
Additionally, 74% said the Government’s Apprenticeship Levy – which provides funding to pay for apprenticeship training costs – was an important incentive.
Of those without an apprenticeship scheme, 15% said they did not know how to take advantage of the Apprenticeship Levy, while 11% did not know how to establish an apprenticeship scheme.
One fifth (19%) said they did not see the value in running a scheme, while 42% indicated that they attract enough talent through other means.
Craig Potter, professional education senior partner at Davies, said: “My biggest takeaway from this research is that it demonstrates just how valuable apprenticeship schemes can be for financial services organisations.
“With a majority of firms now offering permanent roles to their scheme graduates and a similar number of firms reporting that they are cutting recruitment costs as a result, it’s clear that they provide an excellent pathway for firms looking to secure long-term talent.
“However, it’s concerning that over a third of firms are missing out on these benefits, either due to a lack of understanding of how to set up a scheme or misconceptions about their value.
“The lack of understanding around the Apprenticeship Levy is a particular concern, especially with its impending transition to a Growth & Skills levy under a Labour government.
“The fact that so many firms are simply unaware of how to establish a scheme demonstrates that more support and education are needed to help organisations tap into this important talent pipeline.
“As a sector, its vital that more investment is made to raise awareness of the benefits that apprenticeships can provide – only then can we secure the talent needed for the sector to grow sustainably in the years ahead.”
