Steve Nash, CEO, The Institute of the Motor Industry welcomes LibDem pledge to increase minimum wage for apprentices but believes retail motor sector already paying apprentices well.
The LibDems announced plans earlier this week to give the lowest-paid apprentices a £1.06 an hour pay rise. Steve Nash, CEO of The Institute of the Motor Industry (IMI) welcomes this proposal but believes that many employers in the auto retail sector already pay above the apprenticeship national minimum wage. The IMI recognises, however, that employers need to be able to understand the value that apprentices will bring to their business. Its ROI Calculator, launched earlier this year, gives retail motor sector businesses an easy way to ensure they get a return on apprentices.
The IMI’s apprentice return on investment (ROI) calculator helps employers and training providers make a strong business case for hiring an apprentice. The calculator enables businesses to measure the costs of hiring an apprentice against their own unique business requirements. IMI CEO Steve Nash comments: “Automotive employers must overcome doubts about the financial costs of employing young people if we are to secure a successful future for our sector and, certainly, Vince Cable’s proposal to increase the minimum pay shouldn’t be any reason to change this. Our recent ROI research broke the myth that apprentices cost firms money and overwhelmingly demonstrated that there is a clear and significant financial return.
“Apprenticeships are currently a hot political topic with parties competing to develop viable alternatives to university. The motor industry is in a unique position to benefit from any positive developments and we must not miss the opportunity to draw high quality candidates into automotive careers.” The IMI ROI calculator is available online and via mobile at www.theimi.org.uk/calculator. Managers only need to enter a few details from their business and the app instantly tells them how much profit they could generate from each apprentice.
