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Apprenticeships will boost the Yorkshire and the Humber economy to the tune of £1.2 billion* within six years, if every business hires just one local apprentice, according to research revealed today by the National Apprenticeship Service (NAS).

The surprise findings unveiled by the NAS are designed to demonstrate the true economic value of Apprenticeships to businesses across the region and promote its new ‘Return on Investment' (ROI) tool which allows individual firms to calculate the potential financial returns gained from investing in apprentices.  

The new easy-to-use ROI online calculator is available free at http://www.apprenticeships.org.uk/ and takes into consideration factors such as salaries and anticipated training costs, when forecasting the impact an apprentice can make to a company's bottom line. The tool also draws on the latest research from the Warwick Institute for Employment Research** into the costs and benefits of Apprenticeships, and is another service from the NAS to help employers make the right decisions.

Further findings from the NAS reveal that Apprenticeships will deliver a staggering £264 million return on investment to Yorkshire and the Humber's business population of 152,470*** within just three years, if every firm hires just one new apprentice. Most Apprenticeships last 2-3 years on average to complete, with the employer gaining much higher net benefits from Apprenticeships, once their apprentice is qualified. 

Nick Wilson, regional director for the NAS in Yorkshire and the Humber, said: "For the first time, we're now in a position to calculate the real economic value of Apprenticeships and demonstrate the return on investment they can bring to thousands of employers across the region.

"More than 31,000 people started Apprenticeships in Yorkshire and the Humber last year and we anticipate that figure is set to rise as this latest economic research from the NAS highlights how apprentices are the lifeblood of the economy and vital during the current upturn."

Apprenticeships offer young people a training route which combines work-based learning with theory and a recognised qualification, whilst employers experience a range of benefits when hiring an apprentice, including motivated, skilled staff and increased productivity.

Nick Wilson, added: "With over 150,000 companies operating in the Yorkshire and the Humber region, we hope the new ROI tool provides food for thought to employers who may be considering hiring an apprentice for the first time. As well as a tangible financial return and increased profitability, apprentices can also offer less measurable, but equally important, business benefits such as improving staff retention, producing future managers and introducing innovation to firms operating across a diverse breadth of sectors."

To find out more about Apprenticeships and to access the new ROI tool, visit http://www.apprenticeships.org.uk/ or call 08000 150 600.