Lincoln Financial, a U.S. financial services company recognized for helping millions of Americans plan, protect and retire, was seeking an innovative way to bolster and diversify its talent pipeline.
Expanding on traditional recruitment channels, Lincoln wanted IT candidates with established technical abilities to fill opportunities across the IT space.
“For us, it was challenging to find a solution that would grow employees to encompass the technical skills needed and possess business acumen while instilling the Lincoln culture.” Christian Ingram, Manager of Lincoln Financial Group’s IT Apprenticeship Program, mentioned.
Lincoln Financial has previously turned to summer internships and its longer-term Lincoln Preparation Program to create that ideal pipeline, specifically to find qualified IT candidates. To ensure a continuous strong, skilled workforce in an industry experiencing high turnover rates, Lincoln Financial needed a new way to bring on talent with greater technical acumen through a dedicated program that mentors and trains talent in a variety of IT disciplines in order to set the company apart from others with a similar track and drawing talent specifically to Lincoln’s program.
Discovering the Advantages of Apprenticeship
Lincoln Financial Group has long recognized the importance of investing in local North Carolina communities and has worked with the Community Foundation of Greater Greensboro for some time. It was through this connection that the company was introduced to Guilford Apprenticeship Partners (GAP).
In 2019, the financial services company saw the potential of apprenticeships to solve its industry-wide talent shortage, deepen community ties, and invest in local potential. This apprenticeship case study explores how its partnership with GAP transformed its IT workforce, creating a win-win for both Lincoln Financial and the community.
Maximizing Return on Investment
Since Lincoln Financial’s first apprenticeship invitational in 2020, the company has seen a return on investment of at least 15%. That’s considering the total cost of investment over the four years of an apprenticeship program, compared to the hire of a regular full-time employee.
For one Lincoln Financial apprentice who was hired to fill a permanent higher-level position and who had additional certifications apart from those offered as part of the apprenticeship, ROI climbed to 29%. And benefits extend beyond return on investment as you’ll find throughout other apprenticeship case studies.
“By the time they graduate they know the culture and the technology, as well as have years of experience under their belt. This is proving to be more efficient, at least for our organization, as we are on track to achieve 100% retention for our first group of graduates,” Christian noted.
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Reaping the Benefits of a GAP Partnership
It’s important to note that apprenticeships are very competitive — students aren’t automatically accepted into a program simply by applying. Every year, Lincoln Financial Group competes with other local companies to recruit top GAP applicants into its apprenticeship program, which offers the following benefits and more.
From service desk support to application development and more, Lincoln Financial apprentices gain well-rounded IT experience. Upon graduation, they’re able to be placed in different areas within the information technology department, in some cases filling brand-new positions, none of which are entry-level roles. As an example, three apprentices were accepted into the first apprenticeship class ever offered, and all graduated from the 4-year program, one even receiving a permanent job offer six months before graduation. Most recently, five pre-apprentices have started Lincoln Financial’s program, and the goal is to keep growing.
When you bring in young talent through apprenticeships, their energy, views, and perspective on the challenges presented to them are impressive. They’re innovative and are open to best practices from the start. They often inspire others, including well-established employees, to think differently. This can lead to positive change in the way the existing group thinks, lead to new ideas, and impact the organization for the better. Providing young adults with valuable skill development and education has also helped support Lincoln Financial Group’s focus on diversity, equity, and inclusion.
Not only have IT apprenticeship programs provided Lincoln Financial with more opportunities to actively engage the Guilford County community, but they have also allowed for additional engagement within the Lincoln Financial organization as a whole. Program coordinators and company leaders are able to come together to determine their workforce needs and begin molding apprentices for the areas and career paths that the company could benefit from the most.
“Our partnership with GAP, though only in its fourth year, is already bearing fruit. We are on track to achieve a 100 percent retention rate, which is a testament to the program’s success. I firmly believe this apprenticeship holds great potential to become a key component of our long-term talent pipeline as we continue to develop and mature the program.”
Christian Ingram, Manager, Lincoln Financial Group’s IT Apprenticeship Program
Why Lincoln Financial Chose to Partner With GAP
Lincoln Financial Group was drawn to GAP’s established presence in the community as a valuable apprenticeship partner. GAP’s existing engagements with area high schools, their program onboarding support, and the ability to connect companies with talented apprentices made the decision a simple one.
Lincoln Financial soon found a supportive apprenticeship society within the GAP ecosystem as well — one of true camaraderie and transparency, with members sharing their milestones, successes, and challenges. These partnerships and relationships create a better opportunity for outreach and the chance for each company to attract the best candidates for their organization.
“Without GAP’s support, it would be challenging to attend the numerous events that enable us to connect with and recruit prospective apprentices. It’s a true partnership, where we openly share our successes and struggles with other businesses, fostering a collaborative environment that ultimately benefits everyone involved,” Christian concluded.
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