By Sam Hyams CEO of Springpod, a virtual career platform
Employers are playing an important role in shaping the way that young people find career opportunities. Virtual Work Experience is changing the game, giving students free career insight and delivering social and economic benefits. Our whitepaper The ROI of Opportunity – Measuring Impact of Virtual Work Experience explores the tangible benefits of VWEX to businesses, students and society as a whole.
Breaking down Barriers to Opportunity
The report highlights the impact VWEX has on social mobility. Many students have been unable to access traditional in-person experience due to social, financial and geographical barriers. Young people can develop workplace skills and become aware of their potential by collaborating on real-world projects with professionals. Only 36% of UK student gain work experience in person before they leave education (The Youth Voice Census 2024).
Universal access to work experiences is crucial to bridge skills gaps and ensure young people are prepared and equipped for the workplace. VWEX eliminates these barriers by offering high-quality career experiences for free to all students, regardless of their background. This helps employers find a more diverse pool of talent.
Work in Practice: Virtual Work Experience
VWEX offers a high-quality online experience that allows students to connect with employers and complete industry-specific tasks. They can also develop important employability skills without having to visit a physical workshop or office. This eliminates the need to dedicate time, personnel and resources to managing work experiences and removes logistical barriers, such as providing equipment and workspace, meeting health and safety requirements, or managing security clearance.
The programmes usually include live or prerecorded sessions, interactive assignments and career path information. They culminate in a certificate of completion that enhances the CV or application to university.
Springpod’s VWEX programs have generated a social return on investment of PS98million. This value is a result of increased employability, future earnings and a decrease in the number young people who are NEETs (Not in education, employment, or training). VWEX has been proven to be a solution for employers who want to improve social mobility.
The Business Case for VWEX
Virtual work experience has clear business benefits. VWEX offers companies a diverse talent pool that is better prepared. This reduces recruitment costs, while engaging diverse, skilled candidates. Young people who complete VWEX will be more likely to gain key employability skills, develop confidence, and understand industry expectations. VWEX graduates report an increase of 59% in their job readiness, and they feel “very confident” about finding a job.
Participating businesses also report increased employer branding benefits and benefits in attracting talent. VWEX has shown to reduce hiring costs by 40% for companies that invest in it. Our research also shows that 87% more students are likely to look at future employment opportunities with an employer after completing a VWEX program. This is especially valuable for industries that are facing a skills shortage, as early engagement helps secure the next generation.
A SROI of PS98 Million
We have quantified the economic benefits from VWEX participation using a SROI open-source framework. This has helped organisations to assign a value to their investment into early careers. The analysis takes into account factors like increased earnings over a lifetime, decreased NEET rates and improved career readiness. All of these contribute to the PS98 million total impact figure.
Leader organisations have seen significant individual contributions to impact. As an example:
- Social Impact of PS 6,184,319
- Fujitsu: Social Impact of PS5,299 445
- Impact on society of PS 3,684,582
These numbers highlight the importance of investing in VWEX by employers as a way to drive positive social change and improve business outcomes. Early Careers Engagement: The Future
VWEX will play a more important role as businesses adapt to the changing workforce landscape. This shift to digital-first career-learning is not just a reaction to recent disruptions. It’s also a long-term approach that aligns itself with the way young people interact with education and employment.
This is an appeal to businesses, educators and policymakers that VWEX can be a powerful tool to address skills gaps, improve diversity and ensure every young person access to meaningful career options.
Final Thoughts
Virtual Work Experience (VWEX) should be at forefront of early career strategies. Businesses can have a positive impact on the future of talent by embracing VWEX. This will also lead to wider economic and social benefits. VWEX can help organisations create inclusive and future-ready workplaces.
For more insights and to explore the full findings, download the whitepaper (https://partners.springpod.com/insight/sroi-report?utm_source=pr&utm_medium=publications&utm_campaign=impact-amplified)
The first time HR news published the article The ROI for Opportunity: How virtual work experience is transforming access to careers.
