It’s about time you had more options!
For years, the market research sector has predominantly recruited graduates. This means that a significant pool of untapped talent remains overlooked by these organisations. Common issues that employers encounter when using this exclusive approach comprise:
- Competing for the same candidate pool becomes a challenge;
- Dealing with higher salary demands;
- Necessitating training and development for new hires;
- Facing a potential shortfall in real-world skills among graduates;
- Experiencing a high volume of job applications from unsuitable graduates;
- Incurring recruitment costs from agencies.
Apprenticeships address these issues and offer numerous benefits to employers, including:
- Cutting recruitment costs;
- Tapping into talent from prestigious colleges and schools;
- Flexible contractual hiring of apprentices;
- Cost savings through lower apprentice salaries;
- Harnessing the high motivation of apprentices in the right roles and under the right employers;
- Expanding your candidate pool with reduced competition;
- Collaborating with your Apprenticeship Training Provider for teaching, support, and coaching.
A bit about Market Research Executive
For years, businesses across many industries have reaped the rewards of apprenticeships. Nevertheless, the research sector has, until recently, lacked a dedicated apprenticeship standard. However, a recent development has changed the landscape. An industry-specific standard, known as the Market Research Executive, has been created in collaboration with the MRS (Market Research Society). This standard is tailor-made for organisations operating in this field.
What does the programme cover?
The apprenticeship is a 15-month-long programme that combines on-the-job experience with training toward a wide variety of topics that are designed to give your apprentice a grounding in all the things they will need to know as a junior market researcher. This includes:
- The principles of market research and its uses;
- Qualitative research methodologies;
- Quantitative research methodologies;
- Questionnaire design;
- Data collection methods and analysis;
- Insights and storytelling;
- Presentation skills and project management.
How does it work?
Apprenticeships operate much like the process of hiring any other employee. You conduct interviews, select the preferred candidate, and they commence their employment with your organisation. In the intermediary role, an Apprenticeship Training Provider establishes a contractual relationship with both parties. Over the course of the programme, you will collaborate with your apprentice and the Training Provider until completion. Along this journey, you’ll benefit from a dedicated Coach, with whom you’ll have monthly meetings to ensure your learner remains on track and meets your expectations.
How much does it cost?
The Market Research Executive apprenticeship has a total cost of £8,000. However, before you make any hasty decisions, here’s the exciting part; there are various ways of funding apprenticeships depending on your organisation. You can explore two primary routes for funding: Co-Investment and Levy Contributions.
If your organisation has an annual wage bill of less than £3mil you’ll be entitled to an eye-watering 95% discount on the total price of the apprenticeship. That is correct, 95%! This is because the UK government will actually pay 95% of the total cost of the programme if you’re classed as a smaller organisation. This scheme is called Co-Investment. Ultimately, this means that you’re only required to pay the small price of £400. That’s less than the cost of a recruiter alone!
If your organisation boasts an annual wage bill exceeding £3 million, legal obligations come into play, meaning you have to pay Levy Contributions. This entails setting aside 0.5% of this sum into a designated fund, which is utilised for financing training and development initiatives within your business, including the hiring and training of apprentices.
Crucially, it’s worth noting that failing to utilise these funds within 24 months results in their forfeiture. Astonishingly, thousands of businesses forfeit these funds every year.
If this sounds like something you’d be interested in, let’s talk.
Let’s have a consultation and discuss how the Market Research Executive apprenticeship may be great for you and your team.
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