As part of the recent Budget and Spending Review funding for apprenticeships is being increased. The £3,000 employer apprentice hiring incentive payment has been extended until 31 January 2022.
By May 2022 an enhanced recruitment service will be made available to small and medium-sized enterprises (SMEs) which will help them take on new apprentices.
Apprenticeships are becoming more flexible so that apprenticeship training meets employers’ needs. Changes are being considered over the next few months which would give employers more choice about how apprenticeship training is delivered, and also exploring the streamlining of existing additional employer support payments so that they go directly to employers.
By October 2022 a return-on-investment tool will be made available so employers will able to see the financial benefits apprentices can bring to their business.
Under the 'Plan for Jobs' it has been confirmed that 95% of the apprenticeship training costs will be funded for those employers who do not pay the Apprenticeship Levy.
Advantages of taking on apprentices and training existing staff include:
Filling positions which are otherwise difficult to fill
Training can be adapted to meet the needs of your business
Expanding and upskilling your existing workforce can save on recruitment costs and help retain your workforce
Apprentices help diversify your team and are often loyal to their employer once the apprenticeship ends
Please speak to us if you require any further assistance or advice.