That's the message that Steve Nash, CEO of the IMI (Institute for the Motor Industry), will deliver to the audience at this week's IMI annual dinner (12 March, London).
A government-funded study, he will reveal, finds that most companies could raise apprentice pay from the statutory minimum of £2.73 an hour to £4.73, and still receive a return on investment of 130%. The IMI has published an online calculator to prove its claim (see link below).
Nash will tell senior business figures that to attract the right talent, industry must compete with more popular academic routes by offering premium apprenticeships.
"The industry is telling us they struggle to attract the highest quality school leavers into training that they need to help them overcome the technological challenges they face over the next decade. This demand cannot be met while the industry continues to pay apprentices the legal minimum of £2.73 per hour across the board.
"The pool of available young people to go into apprenticeships is set to shrink dramatically, despite the election promises we've heard from all the parties. Industry must take action independently."