The positive effect apprenticeships have on businesses
Apprenticeships have grown in popularity across the UK in the last couple of years. But are apprenticeships exclusively for big businesses?
The number of employers offering apprenticeship programmes is growing as they recognise the benefits of hiring new members of staff as apprentices to nurture their talent or encourage current employees to take an apprenticeship to advance their careers.
An apprenticeship allows an individual to study for an accredited, work based qualification that can significantly improve their income potential and career enjoyment.
Apprenticeships also provide many advantages for the employer too.
Did you know…
If you are an employer that doesn’t pay the apprenticeship levy, you can still cover the costs of training and assessing apprentices with funding from the government – you only need to pay 5% of the costs and the government pays the rest (up to the funding band maximum)
But, did you know that you can apply for funding to be transferred from a levy paying employer and the levy paying employer pays 100% of the costs for you (up to the funding band maximum)
Some key benefits of apprenticeships for employers:
· Apprenticeships provide skilled workers for the future The skills gained through an apprenticeship are aligned with the needs of the company and match the company’s future needs. This approach will help fill any skills gaps and allow the company to source future managers and leaders from within the business.
· Apprenticeships increase staff loyalty and retention An apprenticeship encourages employees to consider their job as a career and stay with the company for longer, which reduces recruiting costs.
Apprenticeships show existing employees that you value them as part of the workforce, their contribution to the company and that you are willing to invest in their future.
· Apprenticeships increase a company’s bottom line Companies receive funding for each new apprentice they hire, reducing the amount of money they have to spend recruiting new employees into the company which has a positive effect on companies' finances.
· Apprenticeships free up existing staff time Apprentices will learn more by taking on responsibility for tasks from existing, more experienced members of staff which will free up their time for bigger projects or tasks which will make your business more productive.
· Apprentices can revitalise a company Apprentices who commit to an apprenticeship demonstrate that they are willing to learn and will often bring new ideas, energy, and a positive attitude to the workplace, which can positively impact existing employees as well.