Training Costs: How to Get Funding For Apprenticeships
Apprenticeships are a helpful tool to fill job vacancies and close your company’s skills gap. While, taking on a new apprentice might appear to be a costly financial investment, it’s actually a cost-effective method of hiring young talent.
If your company has a pay bill in excess of £3 million, there is a requirement for you to pay the apprenticeship levy. By paying the levy, you will receive funds to help with the training of your apprentices. Essentially, this tax is in place to encourage employers to create and invest in apprenticeship positions.
For companies that don’t have to pay the apprenticeship levy, the cost of training will be shared with the government. The government will cover 95% of the training and assessment costs, leaving you with just 5% of the fee.
With the knowledge that you can get help from the government to pay for the training of apprentices, you might be left wondering how you can utilise apprenticeships to improve your business.
Upskilling your team with apprenticeships
An effective way to improve your business is to upskill your existing workforce. Investing in the development of your current employees can prove to be beneficial because you already have a mutual understanding. They know your company, your policies and values, while you are aware of their skills, experience and attitude.
By identifying areas of improvement, you can help your team to learn new skills. With your team becoming increasingly equipped to fulfil their job role, their rate of productivity and performance will grow to a higher standard. As your staff continually develop their skills, they will be exposed to more opportunities within your company.
When you invest in their professional development, your staff will have something to work towards. With clear paths of progression in place, your staff’s morale will get better. As a direct result of this, your employees will be determined to stick around for longer and make the most of the opportunities on offer. This is a huge plus for your company, as retaining employees is a much cheaper alternative to hiring new staff members.
Future proof your business with apprenticeships
By providing apprenticeships for young people, you are helping to develop the next generation of workers. You can either upskill existing members of your workforce, or take on new apprentices. An advantage of hiring an inexperienced apprentice is that you are gaining access to a new member of staff that doesn’t have any bad industry habits. Also, with the assumption that they are keen to continue learning, apprentices will be able to provide your company with more value in the future.
With an array of opportunities to continue their
growth, your staff are more likely to remain loyal. Therefore, not only will
you close your skills gap, but you will also be future proofing your
business. With Pareto being the UK’s
largest sales training and assessment provider, we can help your staff to
acquire new skills and complete apprenticeship programmes.