Many SMEs realize the need of investing in young talent and have started to recognize the benefits. However, attracting new talent has its challenges and realizing what support is out there to assist this process and make it more appealing for SMEs to implement these practices requires better awareness of the existing materials, know-how and support. Moreover, this type of investment starts early, with partnerships and activities at school and universities.
Apart from the direct benefits for companies, there is also a broader spectrum of advantages for the society, such as increased employability and employment of young people, work experience opportunities, development of a pool of skilled workers at regional level, social inclusion of vulnerable groups, economic returns such as reduction of public expenditure etc.
Furthermore, SMEs providing WBL and apprenticeship programmes experience variety of advantages, ranging from financial to soft benefits both short and long term, such as higher productivity, reduction of external recruitment, highly motivated and talented personnel, enhanced corporate image, staff retention, opportunity to fill skill gaps etc.
There are various factors and elements of the education system across the EU but a unified approach and frameworks have been developed to enhance the role of work-based learning in its different forms and apprenticeships in particular. Moreover, to make them an effective tool for SMEs to solve the issue with lack of skills and talent, on the one hand. On the other hand, they are growth and success factors for businesses as well as key drivers for success for SMEs.
Implementing a holistic approach and system for apprenticeships allows SMEs to become more competitive and attract the right set of skills, knowledge and competences for growth and innovation as key competitive advantages in today’s economy and competitive markets.
According to the research and surveys as well as the conducted focus groups of the project “Return on Investment of Work Based learning and apprenticeships”, co-funded by the Erasmus+ programme of the European Union, SMEs' decision to engage in the supply of WBL and apprenticeship training is determined by the cost-benefit ratio of such an investment.
Knowledge, Innovation and Strategies Management Club (KISMC) is a partner in the "Return on Investment of Work Based learning and apprenticeships" project (ROI), along with a diverse and complementary mix of organisations - from Slovakia the Technical University of Kosice (TUKE), 3 training organisations active in VET: IDEC - Greece, CECOA - Portugal, PIT - Spain and also from the UK - Social Value UK - a network focusing on social value and social impact, from Italy a network focusing on the promotion of digital learning and use of ICT - DLEARN and an ICT company focusing in ICT-enabled E&T - Cosmic Innovations - Cyprus.
Costs & Benefits
The following costs and benefits have been identified through the project partners' research based on focus groups and surveys among SMEs:
Calculation of RoI
The ROI project has been focusing on developing:
- A model for the calculation of RoI of WBL and apprenticeships by SMEs
- A digital tool that will demonstrate the RoI model in a visual way
to calculate and visualize how investment on WBL and apprenticeships can manifest to multiple benefits.
To access the ROI calculation model and digital tool, please click here.
6 remarkable keynote speakers at the international conference "INNOVATION - Creating the Future" in Sofia
The APInno team behind the international conference "INNOVATION - Creating the Future" which will take place on 21 November 2016 in Sofia, Bulgaria is pleased to have amazing speakers with diverse backgrounds and experience in innovation, entrepreneurship and education.
In this blog post we are showcasing the keynote speakers and their experience while we will still have a publication about our speakers at the discussion and games panels. Although you would notice that most speakers are representing universities, all of them have a broad industry exprience ranging from starting businesses on a variety of continents to management exprience in the creative and hospitality sector, aerospace and electronics to leading institutions commercialising innovation. In addition to the industry practice, our keynote speakers provide trainings and lectures in areas such as entrepreneurship, innovation management, cultural management, design thinking, 3D printing and others.
Our 6 speakers are either former or current Innovation Managers, Entrepreneurs, Senior Managers, Directors, CEOs, Trainers and Researchers. Therefore, you would be able to hear every side of how to make innovation happen.
Take a closer look below to find your added value in the conference where you would not only listen to the speeches, but where you could take part in the discussions and meet all the speakers and international guests from over 12 countries.
Blog post by our team, innovation contributors, VIP members, blog guests, etc.
The Knowledge, Innovation and Strategies Management Club is a non-profit organisation set up in Sofia, Bulgaria in 2012 to foster knowledge and innovation management across South East Europe. KISMC is supporting the development of the innovation ecosystem in the region by bridging the gap between education, research and business.
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