As the construction industry remains strong, an aging workforce and persistent labor shortages continue to drive up costs, wages and the overall price of building in the United States. Currently, there are roughly 25% more unfilled construction positions than hires; magnifying the need to find and retain good workers. With a tight labor market, employers need to be creative as they work to find and develop good employees.
Twenty percent of workers are 55 and older, and 61 is the average retirement age — meaning a fifth of the industry is at risk of leaving within the next six years.bisnow.com
A good way to address this need is to develop an apprenticeship program. Apprenticeship programs offer young employees senior mentoring and help them learn the skills they need to succeed. Apprenticeships are well established in the construction industry, and there are many high-quality programs for electricians, carpenters, plumbers, and pipe fitters. The concept of a formal, paid training program can be applied to almost any occupation.
Here are a few reasons why an apprenticeship program may make sense for your company
- Recruit and develop a highly-skilled workforce that helps grow their business
- Improve productivity, profitability, and an employer’s bottom line
- Create flexible training options that ensure workers develop the right skills
- Minimize liability costs through appropriate training of workers
- Receive tax credits and employee tuition benefits in participating states
- Increase retention of workers, during and following the apprenticeship.
Apprenticeship programs help businesses meet the demand for skilled workers while offering workers higher wages and better employment outcomes. Apprenticeships can create promising new pathways for young workers to well-paying jobs while helping firms develop the skilled employees they will need to continue to grow their businesses.