Nearly 450,000 work experience and sector-based work academy pre-employment training placements have started since 2012, according to the latest Department for Work & Pensions (DWP) figures.
Government figures reveal that young people have started an average of 2,000 work-related placements as part of the ‘Youth Offer’ work experience scheme, which consists of a placement of 18 to 24-year-olds with a host employer lasting up to eight weeks.
Research published by the DWP earlier in the year revealed that each work experience placement saves the taxpayer around £150, and sector-based work academy training, £100, with participants spending less time on benefits and more time in employment.
Damian Hinds, minister for employment said: “The Youth Offer benefits everybody, with businesses tapping into fresh new talent, individuals reaping the reward of a regular wage, and concrete evidence for taxpayers that our plan to help young people into work is paying off.”
Mr Hinds added that youth unemployment had decreased by more than 300,000 since 2010, “but there’s more to do, which is why we’re introducing the new Youth Obligation for 18 to 21-year-olds to help ensure that more young people are earning or learning, and have the opportunity to progress in the labour market.”
Richard Ross, director of Norfolk-based Chadwicks, said: “We think offering work experience to youngsters is a good idea and every adviser firm should do it. We have had one work experience student who is in year 12 come in over the summer. We have another who is at university joining us soon. We often take graduates on and train them for three to four years until they reach level seven. This is not to say they do not earn money for us during the training process – they do. You can make use of the younger students by giving them something that is not terribly complicated to do.”