Unlocking Economic Growth Through Management Apprenticeships
Management apprenticeships are playing a crucial role in shaping the future workforce by boosting productivity, enhancing social mobility, and strengthening the economy. A recent study by the Chartered Management Institute (CMI) and Oxford Economics reveals the significant impact of these programme on businesses and individuals alike.
Key Findings
Management apprenticeships deliver – at every level – and need to be a key part of the skills mix across the UK, both now and into the future.
Economic Contribution
Management apprenticeships improved business revenues by £106.1m last year alone, showing a strong link between skills investment and business growth.
Return on Investment
Management apprentices helped boost their firm’s revenue by an average of £20,900 per apprentice, per year.
Gender Diversity
Women now make up the majority (59%) of management apprenticeships, outpacing the 46% of women in the UK’s overall management workforce.
The importance of Management Apprenticeships
Management apprenticeships bridge the gap between education and real-world leadership.
Unlike traditional degree programmes, these apprenticeships provide:
Hands-on Experience
Practical leadership training within real business environments.
Immediate Workforce Contribution
Apprentices start adding value to businesses from day one.
Cost-Effective Talent Development
Businesses can train future managers while maintaining productivity.Recommendations & Future Outlook
Policymakers and businesses must collaborate to ensure management apprenticeships continue to drive economic growth and social mobility.
To maximise the benefits of management apprenticeships, the report suggests:
- Increasing accessibility to apprenticeship programmes.
- Reducing administrative barriers for businesses to enroll apprentices.
- Expanding support for small and medium-sized enterprises (SMEs) to implement apprenticeships.
- Enhancing mentorship opportunities for apprentices to ensure long-term career success.