The Institute of the Motor Industry is to launch a new online calculator later this year which will provide a quick and easy way to access the potential return on investment of apprentices.

The Institute, which has technician members throughout Ireland, has conducted an extensive study into the value of apprentices in the automotive sector. This draws on historical data and intensive research over a two year period. The broad conclusion of this is that apprentices can offer a return of investment around three times as much as their cost. The results of these findings will be put into a new online calculator which motor trade businesses can use to see what returns investing in an apprentice can bring.

Head of ROI Paul Spear says, “In our interviews with businesses we found that many technicians are eager to have an apprentice working alongside them because they know their own efficiency and productivity will increase. The companies we worked with knew their apprentices were cost effective or were even providing a good return but they had not fully quantified the benefits. The IMI’s detailed study has enabled us not only to prove it but also to develop a calculator.”

Paul adds that with the calculator able to demonstrate up to a potential 300% return on investment, apprenticeships make a compelling business case. He says, “We have proven time and again that investment in appropriate training provides significant added value and returns for business.  What took us by surprise was that the quality of the data from the employers which enabled us to demonstrate growth in real apprentice productivity as their expanding knowledge and skills are increasingly applied over time.”