Following a revealing research project into ‘Return On Investment’ (ROI) from Automotive Apprentices’, the Institute of the Motor Industry UK (IMI) developed an Online scientific calculator that shows businesses their return on investment from their training cost and wages.
The research showed conclusively that there is clear and significant financial return to employers who invest time and money in such programmes, with most businesses finding they will get an average of 200% return over 3 years, with the trainees pulling their weight financially after just one year.
The Return on Investment Calculator app, is accessible on all mobile devices and platforms, so even the busiest company executive can examine the stats easily and decide to take on an apprentice. With the input of a few details from their business, the app instantly tells them how much profit they could generate from each apprentice.
Potential for growth
IMI resident scientist, Dr Paul Spear who developed the calculator, will be one of the keynote speakers at the annual Automechanika Conference to be held on Saturday 9 May at Nasrec in Johannesburg and will introduce delegates to ways of generating true value and return on investment for investing in learnership programmes. The theme of this year’s event is ‘Rewards Just Ahead’.
“We compared the performance of apprentices in a variety of different sized businesses across the motor industry in the UK,” explains Spear. “From the data we built a complex algorithm, which is the basis of the calculator. The science is independently corroborated, there’s no reason for employers to have any doubts about the potential benefits of training young people any more.”
The IMI represents thousands of individuals and business in the retail sector of the motor industry. The sector generates £150 billion a year for the economy already but there is still considerable potential for growth. Skills gaps are a perennial problem for the industry; something IMI hope will be alleviated by the introduction of the calculator.
No more guesswork
“This app is revolutionary for our industry. No more guesswork, no more vague discussions around the need to develop skills for sometime in the future. This makes hard business sense and it’s all about the money. Our message to all the businesses across the sector is, Apprentices pay their way – so get one today,” adds Spear.
To try the ROI calculator and find out more about the science behind it please go to http://www.theimi.org.uk/agenda/apprentices