Civic and business leaders have welcomed a newly launched report demonstrating The Sheffield College’s significant economic contribution to the region.
The key findings show that for every £1 invested in the College, there is a benefit to society of £4.60.
The overall impact of the College is worth £282.5 million in added income in the region, equivalent to 1% of Sheffield City Region’s Gross Regional Product.
The research investigates the benefits that the College generates in return for the investments made by its students, businesses, taxpayers and communities.
Demonstrating the Value of The Sheffield College has been commissioned by the College and produced by Economic Modelling Specialists International (EMSI), an independent research consultancy.
The report findings were unveiled during a launch event, on February 14th, at the College’s Silver Plate Restaurant, City Campus, Granville Road, attended by employers, Sheffield City Region LEP and College staff and governors.
Angela Foulkes, Chief Executive and Principal of The Sheffield College, said: “We know that we have a major impact on students, inspiring them to go further in their careers, as well as businesses in the city. This report illustrates the financial value of that.”
She added: “Many of our students originate from and stay on in Sheffield. Their enhanced skills and abilities bolster the output of local employers contributing to higher regional income and a more robust economy.”
Emily Moncuit, Associate Regional Director, Yorkshire and the Humber, Confederation of British Industry, added: “It’s great to see the impact of The Sheffield College on learners’ skills and career prospects. This is testament to the vital role of the further education sector in supporting employers and the regional economy.”
The College promotes economic growth in Sheffield City Region in a variety of ways, according to the EMSI report, which is based on annual data from 2017/18.
During the analysis year:
- The overall impact of the College during was worth £282.5 million, which is equivalent to 1% of Sheffield City Region’s Gross Regional Product (GRP).
- For every £1 that learners invested in their education at the College (in the form of out-of-pocket expenses and forgone time and money) they will receive £5.20 in higher future earnings.
- On average, students who achieved a Level 3 qualification will earn £6,888 a year more than someone with no formal qualifications in Sheffield City Region. This equates to approximately £261,000 in higher earnings over a working lifetime.
- For every £1 that society invested in the College, it generated £4.60 in benefit to society which is the equivalent of an average of 16.1% annual rate of return.
- Employers received £1.30 in return for every £1 invested in the College’s apprentices, as those apprentices became more competent, skilled and productive.
- For every £1 that learners forgo whilst undertaking an apprenticeship, they will receive £6.20 in higher future wages.
Visit http://www.sheffcol.ac.uk/employers to find out how the College can help your business get the skills that it needs for growth. Follow @ShefColEmployer.