Page 15 - Gi flipbook September 2018

STEM apprenticeships could add

£6bn in social value, report claims

A NEW REPORT from “If every company Apprenticeships bring
engineering consultancy involved in STEM fields tangible value to business
WSP claims that there and looking to apprentices
is around £6 billion in to bolster their skills
social value waiting to be shortage were to apply
unlocked from UK STEM WSP’s approach, our report
apprenticeships. found that the social value
WSP worked with the created could exceed £6
New Economics Foundation billion,” said Jane Grant,
to apply the Social Return Head of Learning and
on Investment (SRoI) Development at WSP.
methodology to its own “This research clearly
apprenticeship scheme, demonstrates the value
measuring the initiative’s apprenticeships bring to a
outputs compared to its cost. business and to the wider
It was found that for society. We launched our
every £1 invested in its apprenticeship programme
apprenticeship programme, back in 2010 with only
£2.26 was created in one apprentice and are
return for stakeholders. now proud to employ
By extrapolating from that more than 180 apprentices WSP to offer a wider variety apprenticeships,” she said.
figure, it was estimated with a further 80 joining of apprenticeship options. “Only 27 per cent of 11
that a total social value us in September.” “The levy has allowed to 14-year olds admit to
in excess of £6 billion Although WSP’s figures us to continue tackling the knowing what engineers
would be reached, based for SRoI were collated skills gap in engineering by do, much less transport
on the 114,400-young before the apprenticeship diversifying our offering of planners and environmental
people that started STEM levy came into effect, Grant apprenticeship programmes consultants, yet engineering
apprenticeships in England in believes the levy will have to have both school and related fields represent a
2017, reports The Engineer. a positive impact, allowing leaver and degree level quarter of the UK’s GDP.” ■

Better standard of living month’s salary, compared
with the majority of non-
associated with STEM careers STEM workers (75 per cent)
being able to save between
0-10 per cent of theirs.
Those from a STEM
THOSE WHO PURSUE revealed the differences workers with a STEM pathway were over two
STEM in their education or between those in STEM background (51.5 per cent) and a half times more
career earn more, get on (science, technology, also started their careers likely than non-STEM
the property ladder quicker engineering and maths) with a salary of over respondents to be working
and save more than those pathways versus those £21,000, compared to only in their dream career.
who haven’t studied STEM who have chosen other, 11.3 per cent of those in Nigel Fine, Chief Executive
subjects, according to new non-STEM pathways – with non-technical careers. of the Institution of
research. some surprising results. And this financial security Engineering and Technology,
In-depth analysis of The research, conducted by translates into bricks and said: “Studying STEM
pivotal life moments has the Institution of Engineering mortar. Nearly three quarters subjects has many benefits
and Technology and reported (73 per cent) of the STEM – from higher earnings to
Nigel Fine by FE News, found that a respondents own a property, greater job satisfaction.
third (34 per cent) of those compared with 52 per cent Along with the nationwide
who studied or work in of the non-STEM contingent. skills shortage and the
STEM earn between £41,000 STEM workers were also government’s focus on the
to £100,000 per annum, more likely to save money Year of Engineering, there’s
compared with just seven per with the majority (62 per never been a better reason
cent of non-STEM workers. cent) being able to save to get excited about a career
Over four times as many 10-20 per cent of each in STEM.” ■

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News.indd 10 14/08/2018 20:01