ROI project promotes open and innovative practices in a digital era which will enable the SMEs managers to raise their awareness about the costs and benefits of WBL and Apprenticeship thanks to the calculation of their ROI, Return on Investment and a Good Practice Guide with the most successful case studies.
The digital tools developed in the framework of the project will remain available as open educational resources under Creative Common License.
ELEMENTS OF INNOVATION
The innovative force of the project is the development of a model of costs and benefits calibrated on the specific needs of small and medium enterprises (SMEs) in order to calculate in advance the return of investments.
Differently from traditional ROI analysis, the model presented by the project focuses on both SMEs-related benefits as also on society-related ones in order to clearly demonstrate the multilevel outcomes derived from work-based learning practices.
The innovative elements of the project’s main outputs are:
1. Model for Return on Investment of WBL and apprenticeships
The suggested model is targeted to SMEs in order to motivate and engage them in the provision of WBL and apprenticeships. The innovation of this model lies in the:
- focus on the SMEs needs;
- integration of both SMEs-related benefits as well as society-related ones in order to clearly demonstrate to SMEs the multilevel outcomes derived from work-based learning & apprenticeship practices and engage them in them.
2. Digital tool
A purely visual tool for efficiently depicting translation mechanisms, criteria and processes for transforming qualitative and quantitative financial, environmental and social impact indicators into financial values relevant to the return of investment in WBL for an SME. Through the usage of the Demonstrator, SMEs will be in position to understand better how presumably irrelevant data can convey important information in terms of sustainable investment in WBL and apprenticeships.
3. Good practice guide
The innovation of this output comes from two items:
- the focus of the Good Practices Guide on depicting the threefold profitable aspects of apprenticeship practices: for the SMEs, the apprentice and the society.
- the promotion of the SMEs engagement through the establishment of a badge that will be awarded to SMEs having to demonstrate good practices in their involvement with WBL and apprenticeships. The use of contests and badges is based on gamification techniques and has been proved to achieve high levels of impact.
- If you are an SME already involved in apprenticeships, you will gain a model and a practical digital tool to calculate the return on investment from your engagement in the provision of WBL and apprenticeships. You will also benefit from the opportunity to promote your related activities through the Good Practices Guide and the participation in the apprenticeships-friendly enterprises badge. This will allow you to gain visibility on your local and national markets, as a company that cares for their apprenticeships. This visibility will support your company’s’ image and social responsibility.
- If you are an SME with no previous experience in apprenticeships, you will get familiar and discuss the benefits of apprenticeships for the local development and the progress of your own company. By visualising the benefits for your company, through the provision of WBL and Apprenticeships, you are expected to engage in the provision of such positions thus enhancing the overall VET provision at local level and enhancing access to training and qualifications for all.
- If you are a VET provider, you will have at your disposal a model and a digital tool to promote to SMEs in order to engage them in the provision of apprenticeships. This way you will be able to find more easily apprenticeship positions for your learners.
- If you are a policy maker, you will be able to use the model and the digital tool results in your decision making processes in order to discuss the funding mechanisms for apprenticeships and engage in a dialogue with SMEs, VET providers and social partners for the identification of a sustainable funding formula.