By 2020, America is projected to experience a shortfall of about 8 million workers, according to The Center for American Progress. Apprenticeship programs offer a solution for both businesses and potential employees to address this national concern. Download the Infographic below to learn more about the growing need for apprenticeships in the U.S., and the benefits of program creation and implementation for employers, educators, and workforce development agencies.
The U.S. will experience a significant shortage of skilled workers within the next decade. Yet, our economy has a growing need for candidates with technical competencies.
Additionally, a growing number of young adults require access to alternative methods of formal education and training – Millennials are leaving college unprepared for the job market, with surmounting debt, and limited employment opportunities.
How can employers, educators, and workforce development agencies unite to address this national concern?
Apprenticeships offer a realistic, high-value solution to help restore U.S. competitiveness, and create a path to endless possibilities for young adults to succeed in their careers and lives.
As reinforced by the U.S. Department of Labor, apprenticeships are beneficial to workers –candidates who complete programs earn $300,000 more over a lifetime than their peers who do not. Furthermore, apprenticeships create a competitive advantage for businesses as they:
- Improve productivity and the bottom line
- Reduce turnover and increase retention
- Provide opportunities for tax credits and employee tuition benefits in certain states
Apprenticeship programs also create industry-driven, flexible training solutions to develop a highly skilled workforce that meets national and local needs. For example, President Obama has made expanding apprenticeships a priority, investing an unprecedented $175 million in the American Apprenticeship Initiative Grants in 2015. This investment represents the largest infusion of public funds ever invested in American Apprenticeships, with an additional $90 million due for investment in 2016.
The President has also set a goal to double the number of apprentices to 750,000 by 2020 to help address this national concern. But, are you prepared to participate in program expansion, and benefit from an apprenticeship program?
Whether you are an employer looking to design the right program, a workforce development agency trying to build a pipeline of skilled workers, or an educator shaping an apprentice delivery strategy, we’re here to work with you. Contact Franklin Apprenticeships to learn more about the power of high quality, registered apprenticeship programs.