‘White Collar’ Apprentices? Labor Department Estimates There Are ‘More Than’ 7 Million Job Openings In The U.S. & Only 6.1 Million Available Workers - Many Of Those Workers Are ‘Lacking The Right Skills’ To Fill The Open Jobs
Apprenticeships are nothing new, but business is taking a fresh look at how to use them to generate a talent pipeline for White Collar jobs.
Potential occupations for expansion include jobs in finance, insurance, supply chain management, telecommunications, and information technology.
According to analysis by Burning Glass Technologies and the Harvard Business School, the core occupational groups for Apprenticeships could triple from 27 occupations to 74, increasing the number of Apprenticeship opportunities to 3.3 million.
The benefits are clear: Apprenticeships provide paid on-the-job training and real-world experience for individuals to develop the skills that employers’ value.
This helps those new to the workforce transition from the education realm into the Business World or it can aid already skilled Workers make a shift in industry or job role.
Unlike internships, Apprenticeships typically occur over a longer period of time and lead to a full-time job - and while starting salaries for Apprenticeships may be lower at first, they pay off in the long run.
Mathematica Policy Research found that those who complete Apprenticeship Programs in the United States earn an average of $250,000 more in their lifetime than those who do not.
By some estimates, Technology-Focused Apprenticeships can even pay up to 50% more annually.
Pallavi Verma is a Senior Managing Director for Accenture who oversees its business in the Midwest United States and leads the firm's National Apprentice Program. She notes Apprenticeships "provide the candidate with the training and mentorship needed to develop proficiency in targeted business and technology areas, supplemented by soft skills to augment the individual's performance and ready them for success."
The U.S. Department of Labor estimates there are more than seven million job openings in the country and only 6.1 million available Workers - and many of those Workers are lacking the right skills to fill the open jobs.
Rapid changes in technology and emerging business models are making it more important than ever to prepare Workers not only for their current jobs - but also for the types of jobs that will be in demand in the future.
"This is the ‘largest mismatch ever recorded, but the disconnect goes deeper than connecting employers and job seekers.’ We are ‘experiencing a skills scarcity that is a defining feature of today's economy and a major obstacle for many U.S. companies,’" Verma explains.
However, many Industry Leaders claim that the traditional four-year degrees that colleges and universities provide fail to help students graduate with the skills necessary to secure high-paying jobs.
Companies are pursuing White Collar Apprenticeships because of their potential for retaining Workers and helping to close these enduring and persistent skills gaps.
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