The IMI is to launch a new online calculator later this year which will allow businesses to evaluate the potential return of an apprentice.

The institute has conducted an extensive study into the value of apprentices in the automotive sector, drawing on two years of research and extensive historical data, showing that apprentices can offer a return of investment around three times as much as their cost. This data will feed into the new calculator, which businesses can use to see just how much return they can expect.

Head of ROI Paul Spear comments: "In our interviews with businesses we found that many technicians are eager to have an apprentice working alongside them because they know their own efficiency and productivity will increase. The companies we worked with knew their apprentices were cost effective or were even providing a good return but they had not fully quantified the benefits.   The IMI's detailed study has enabled us not only to prove it but develop a calculator. We are continuing our marketing campaign to raise awareness of the positive return on investment and, equally importantly, the intangible benefits an apprentice can bring to a business."