“Modern Apprenticeship” Model Positively Impacts Talent Acquisition, Retention
We implemented our “modern apprenticeship” model for a client in dire need of candidates experienced in data science and data analytics. Two challenges faced by talent management leadership—acquisition and retention—were met head on.
- By accepting company-invested financing for their education, students maximized upfront value while they were in school and throughout the course of their otherwise unattainable career and compensation trajectory. This created a branded loyalty unseen in traditional educational/employment models.
- As more candidates came through the program, a “cohort model” culture developed between the students and the candidates who shared similar training and experiences—even if they came from different and non-traditional backgrounds.
- If guided correctly, the modern apprenticeship model allows employers to switch the costs from recruitment and relocation to expanded employee incentives, benefits, and educational expense reimbursement, which translates to increased long-term retention.
- Since the acquisition pipeline is established years in advance, companies can confidently predict and control future expansion based on the robustness of their partnerships with local universities and the pre-qualification of the candidates enrolled.
While not unexpected, these positive impacts are certainly just the beginning for a talent strategy model that opens doors for non-traditional, military, and entry-level candidates to fill the gaps in a labor market that has much to offer in terms of career growth and stability.