Transforming Career Pathways: Multiverse Releases First-Ever Impact Report

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Apr 03, 2023, 09:01 ET

Professional apprenticeship company reaches milestones of 10,000 global apprentices and $669M in cost-saving or revenue-generating activities

NEW YORK, April 3, 2023 /PRNewswire/ -- With over 10,000 apprentices, 1,000+ business partnerships worldwide, and a growing presence in the United States, today Multiverse shared its 2023 Impact Report. As the global workforce continues to reimagine who gets access to great careers, the report highlights the tangible influence apprenticeships have on young adults and organizations, and their growth as an alternative career pathway.

Professional apprenticeships provide a tuition-free route to a career, helping combat issues such as college affordability, accessibility and racial inequity. Multiverse apprenticeships match talented individuals at any stage in their career with roles in the tech industry, where they earn a salary and learn the in-demand skills that will shape businesses in the years to come.

Those who graduate from Multiverse programs not only enjoy better career prospects, salaries and chances of promotion, but also contribute more to their businesses – by staying longer and bringing strategic innovations and insights to their organizations. Additional key benefits for Multiverse apprentices include:

On average, apprentices earn $60,000 while they learn
One-third of all apprentices saw a salary increase between starting and finishing their apprenticeship
69% of apprentices gain new job responsibilities after they finish their apprenticeship
93% of apprentices remain at their company post apprenticeship

Filling the digital skills gap

As digital transformation continues to upend most industries, Multiverse works directly with business leaders to tailor apprenticeship programs to unique business needs – closing the digital and data skills gap and ultimately impacting bottom lines. In a previous report, the company found that on average, 8.5% of businesses' annual revenue is lost as a result of poor data literacy.

Multiverse develops metrics for success that vary based on client priorities leading to significant cost-saving and revenue-generating impact across all programs. In the last six months, data has shown:

Apprentices report a 50% decrease in time spent unproductively, saving participants the equivalent of nearly six working weeks of time over the course of a year
Globally, all Multiverse programs have created $669m in cost-saving or revenue-generating activities this year, resulting from the work of Multiverse apprentices while they are in-program

Apprentices are also supported by a network of over 300 trained coaches who aid in personal and professional development. The majority (96%) of apprentices know how their apprenticeship will contribute to their future career and personal goals, and 94% know how their apprenticeship will contribute to their company's goals.

Building a societally reflective workforce

Multiverse's mission is to create a diverse group of future leaders. By widening access to apprenticeships, and to the incredible opportunities they bring, Multiverse is transforming the diversity of the corporate workforce by connecting businesses with high-potential talent from across the country.

Fifty-six percent of Multiverse's US early-career starters have at least one indicator of socio-economic disadvantage and 86% of this group identifies as BIPOC – two demographic indicators that have historically had a harder time breaking into tech careers. At universities and colleges, 49% identify as BIPOC, and in the US tech sector this percentage is even less, at 39%.

Multiverse has taken this one step further by creating an inclusive learning environment, tailoring its community activities to its apprentices' needs to support their long-term success. The majority of apprentices (97%) engage with the community, which includes dedicated networks, such as the Multicultural Network or Prism Network for LGBTQ+ apprentices. These groups are essential to ensuring apprentices have the opportunity to make connections, build their networks, and be a part of a community that supports them throughout their Multiverse journey.

"When it comes to learning the most in-demand skills, the combination of learning and working can be transformational and debt-free; paid apprenticeships are the most innovative way to deliver just that," said Sophie Ruddock, COO of Multiverse. "Our 2023 Impact Report demonstrates that professional apprenticeships work by driving incredible results for businesses and developing strong future leaders that reflect our society at large. We're proud that Multiverse is leading the conversation about what it takes to be successful in today's workforce and galvanizing today's leaders to reassess their talent strategies."

Multiverse apprenticeships help businesses build the right capabilities to drive innovation forward, from recruiting high-potential talent to reskilling existing employees. Learn more about the power of professional apprenticeships here.

About Multiverse

Multiverse is a tech startup on a mission to create a diverse group of future leaders by building an outstanding alternative to university and corporate training. They offer apprenticeships to a diverse pool of young adults and those looking to reskill. Multiverse works with over 1,000 businesses, helping them embrace digital transformation, close skills gaps and develop a diverse talent pipeline. Apprentices benefit from individualized coaching, applied learning, and a community of social, networking and leadership opportunities.

Founded in the UK in 2016, Multiverse launched in the US in January 2021.

SOURCE Multiverse