April sees an increase in daylight hours; however, it also sees an increase in employer bills, higher NI contributions, increases in the minimum wage and energy costs rising particularly for SME’s who don’t have wriggle room when it comes to increasing their staffing numbers.
It’s not all bad news however. Upskilling existing employees or recruiting a new team member on an apprenticeship can be an affordable option for many SME’s who may not have considered this as an option.
The benefits are huge. Employers get new talent, fresh ideas and an opportunity to bolster their team with additional resource. Existing employees gain new experience, an opportunity to grow and develop and feel more valued by the organisation, with a positive effect on retention.
There’s also the knock-on effect of bolstering the local economy with new skills, future-proofing business growth and development – all good reasons to stop and think about an apprenticeship as an affordable option.
How’s it funded?
This is the easy part. Total People have all the information to hand, and can speed up the process for you:
- 100% funded for 16–18-year-olds: The government covers the full cost of apprenticeship training for apprentices aged 16–18
- SME's with an annual wage bill under £3m: 95% of the training cost is already covered for apprentices aged 19 plus. You just need to contribute 5%
- Large employers with an annual wage bill over £3m: You already pay the ‘apprenticeship levy’, so you have a pot of funds to spend on apprenticeships.
If you’re still to be convinced, just look at the statistics that demonstrate the added value:
- 80% of employers who hire apprentices report higher staff retention (UK Government research)
- 78% of employers say apprenticeships help improve productivity (UK Government research).
If you’re interested in an apprenticeship and want more details, visit our Employer HUB where you can find everything you need to start the process.
With our expertise, we can support the development of the right skills, behaviours and knowledge to support your organisational efficiencies, with an apprenticeship that gives your learners a nationally recognised qualification and gives you peace of mind.
To find out more, visit our Employer Hub or call us on 03333 222 666 to speak to one of our friendly advisors.
