With a wide array of benefits for both businesses and employees, the apprenticeship route into employment is a cost-effective method of growing your team.
Organisations across England have access to a wealth of resources and incentives designed to help mould teams that will best serve their needs, whilst offering opportunities to younger or lesser-experienced candidates in their chosen career.
When it comes to apprenticeships, employers are provided with a unique opportunity to pick candidates that demonstrate some of the knowledge and skills the business currently needs, alongside the potential to grow in the direction desired. This allows employers to curate individualised training schemes to develop the skills and specialties required for the business, with the added advantage of providing an extra layer of support for the wider team.
In short, investing in apprenticeships could be the key difference that helps elevate and transform a business into a successful powerhouse, full of carefully honed skill and talent.
How to take advantage of the funding available
Recognising the value that apprentices can bring with them, the government already provides apprenticeship levy funds to employers to incentivise their employment and training of apprentices. However, the government has gone a step further and is now offering a £3,000 incentive payment that is available for all apprentices with:
- an employment start date between 1 October 2021 – 31 January 2022
- an apprenticeship start date between 1 October 2021 – 31 March 2022
Employers have until 15 May 2022 to apply for and claim this payment via their apprenticeship service account. The funding will then be sent in 2 equal instalments: the first following the completion of 90 days of the apprenticeship, and the second after 365 days of the apprenticeship have been completed.
These payments are in addition to incentives already in place, including the existing £1,000 on offer to employers for taking on an apprentice who meets workplace requirements and the National Insurance savings of 13.8% for apprentices aged 25 years’ old and under.
What are the benefits for your business?
In addition to the financial advantages apprenticeships can offer, there are benefits that extend above and beyond this:
- chance to attract, invest, and grow talent
- opportunities for apprentices to receive specialist professional qualifications
- increase in overall productivity
- development of career-specific knowledge and skills
- the creation of a loyal team that functions cohesively as a whole
- guarantee of quality training and experience
With all of the above available to employers who choose to take on apprentices, it could be the best business development decision you’ve ever made.
A wealth of financial and business advantages can be gained from investing in the development of apprentices, so if you want to know more about how this route could transform your business or access guidance in applying for this support, please do not hesitate to contact our team today.
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