Apprentices are boosting revenue and cost-savings for firms across the UK, according to a new report from tech startup Multiverse exploring the impact of apprentices on businesses and individuals.

As the company enrols its 10,000th apprentice, the research finds that the work of apprentices has directly resulted in more than £550m in cost-saving or revenue-generating activities for businesses across the country working with the apprenticeship provider.

The data also reveals the impact of apprenticeship programmes on the retention and future employability of apprentices, with 96% of Multiverse’s early career apprentices having stayed in work or training after their apprenticeship, whilst 93% of apprentices remain at the same company after their scheme. Employability exceeds those of graduates, with graduate employment at just 87% last year.

This comes as the average apprentice now outearns university graduates with prestigious law degrees by more than £5,000. The analysis finds that the average Multiverse apprentice now earns between £26,000 and £30,000 a year. By comparison, 15 months after leaving university, law graduates earn an average of £21,500 according to the Higher Education Statistics Agency (HESA). The average Multiverse apprentice also outearns graduates with a host of other degrees, including architecture (£25,000), business and management (£24,000), and psychology (£21,500).

As well as the financial and economic benefits, the report finds that apprenticeships are providing opportunities to those from all backgrounds, with more than six in ten (65%) current early-career apprentices being from Black, Asian or multiple ethnicity backgrounds. The opposite is the case for universities, where more than seven in ten students are white.

Euan Blair, CEO of Multiverse, said:

“Our ambition is to create a diverse group of future leaders who can support businesses to succeed in an environment where tech, digital, and data skills are at a premium. Today, we’re publishing the data that shows how we’re performing against that goal. What’s clear is that apprenticeships are going from strength to strength as a truly outstanding alternative to university, with apprentices providing immense value to businesses. Our programmes are giving firms the opportunity to boost revenue, productivity, diversity, and fill essential skills gaps that will meet their needs today and in the future.

“In 2022, we received one application every 11 minutes, more applications than Oxford and Cambridge universities combined. It’s proof that apprenticeships are no longer ignored; they’re highly desirable and in-demand.

“We’ll keep expanding these high-quality opportunities to work, learn, and earn - and it’s our ambition to develop high-potential talent with the skills they need across every corner of the country.”