Many businesses are looking for ways to diversify the workplace and this is one of the biggest challenges throughout the United States. There have been embarrassing meltdowns throughout multiple sectors of the economy that are causing companies to re-evaluate how they find, recruit, hire, and maintain talented individuals. The reputation of the “good old boys clubs” throughout the country are starting to attract negative publicity. Therefore, businesses are trying to find ways to get creative. Instead of looking for individuals that have the traditional CFO and CEO backgrounds, companies are thinking about taking on something called an “apprenticeship model.”
This term brings visions of individuals training for extensive periods of time under current executives. While this might sound foreign, there are actually numerous benefits that come from this style. First, the extended training period allows companies to evaluate their trainees. They will get to know these junior executives better as not only employees but people as well. Hopefully, this will give companies the opportunity to avoid embarrassing meltdowns that wind up on the front page of the news, damaging a company’s reputation and its ability to deliver for its shareholders.
Next, the apprenticeship model is also going to imbue these junior executives with a greater sense of company loyalty. Statistics available have indicated that those who are hired and trained under an executive model are far more likely to stay with the company in the future, reducing turnover at that position. With reduced turnover comes increased productivity for the company and reduced costs. This means an improved bottom line and greater returns for the company’s shareholders.
Lastly, this model also allows companies to diversify more easily. It is not a secret that throughout the executive positions across the country there is a lack of both minority representation and female representation. Depending on the location, scope, and size of the business, it can be hard to attract qualified candidates that have these backgrounds. An apprenticeship model can allow a company to more deliberate regarding how they identify, recruit, and train top talent. This deliberate style allows companies to set more defined goals for who they want to identify and hire through an executive search. As a result, it is easier to generate diversity throughout the company.
Clearly, the apprenticeship model has its benefits for companies looking to diversify their executive searches. The apprenticeship model is becoming more popular across the country and can result in greater retention, less turnover, and improved diversity at these key positions. The end result is greater revenue and an improved bottom line overall. Therefore, any company that is looking to diversify at the executive level should consider adopting an apprenticeship model.