ROI: Beyond the Numbers
Return on investment isn’t only about numbers. Some benefits of WIL aren’t easily quantifiable, but that doesn’t make them any less important. Explore the benefits of WIL and the factors that inform ROI in more detail in this guide. Download it below.
The business case for WIL is clear: WIL programs allow employers to build a skilled talent pipeline, increase productivity, and create a more innovative, equitable, diverse, and inclusive company. BHER developed this guide to provide a deeper dive into the long and short-term benefits of WIL. How’d we do it? We spoke to over 600 business owners, CEOs, senior executives, supervisors, managers, etc. We heard from employers that WIL-based talent development is a long-term investment that can pay off with reduced hiring and training costs and an improved skill profile at their organizations.
Through our consultations, we identified the top benefits of WIL. They include:
Building a skilled talent pipeline. Offering WIL placements on a regular basis creates a pool of skilled talent that can be drawn from to fill entry-level positions. Employers report gaining access to talent with firm specific technical skills, knowledge of company culture, and stronger social and emotional skills.
Enhancing productivity. Students provide valuable output during a work placement at a reduced wage related to tenured employees. Students who have completed WIL programs are typically more productive than students who have not participated in WIL.
Accelerating innovation. WIL students contribute new ideas and approaches, along with motivation and enthusiasm. In shorter term WIL opportunities, like applied research projects, multi-disciplinary teams can offer your organization creative solutions to existing problems.
Attracting diverse post-secondary students. WIL can help build awareness of the diversity of skills and career paths available to your organization. Equity, diversity, and inclusion practices in your workplace can lead to a greater diversity of perspectives and ideas and create a team representative of the Canadian population.
To learn more, download the full guide.
This evidence-based guide provides employers with a detailed understanding of the benefits of WIL relating to ROI. We welcome any feedback, emerging research, success stories, and resources on ROI in WIL that you think should be on our radar. You can contact us at comms@bher.ca.