Two years ago, when President Obama gave his State of the Union address, he challenged employers and educators to double the number of apprenticeships offered by 2019. They listened. The U.S. Department of Labor (DOL) reports that, since the 2014 State of the Union address, the United States has experienced “the largest growth in apprenticeships in nearly a decade” and that there currently are more than 445,000 active apprenticeships nationwide.
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This trend benefits both employees and employers. For employees, apprenticeships offer an education—in many cases at no or low cost to participants—as well as a clear career path forward through new skills, higher wages, and opportunities to advance, according to the DOL.
For employers, “apprenticeship is a proven strategy for recruiting, training, and retaining a highly skilled and diverse workforce. The apprenticeship model helps businesses increase productivity and profitability by tackling talent shortages to develop a pipeline of employees trained to succeed.” In addition, the DOL reports that employers get back $1.47 in benefits for every $1 they invest in apprenticeship.
CVS Health has recognized the value of apprenticeships for years and, as part of the inaugural nationwide National Apprenticeship Week, recently announced a major expansion of its DOL Registered Apprenticeship program to include new markets and new fields.