Abstract: The paper studies the effects on companies from taking on apprentices for work-based learning. What are the benefits and costs that can be identified? In a series of semi-structured in-depth interviews with companies and school representatives, we study the effects of work-based learning at five Swedish companies that run their own VET schools. Our overall conclusion is that there are significant net benefits to the companies themselves, primarily through lower recruitment costs but also through positive effects on the skills of supervisors and other staff, as well as of the companies’ brand and community commitment. These long-term benefits clearly outweigh the short-turn cost of time-loss and strenuous for staff to supervise the trainees.