Smaller employers have even more reasons to boost business this month after the cost of taking on an apprentice was halved.
The Government has cut the co-investment rate for smaller businesses (those with an annual wage bill under £3 million) to just five per cent for all new apprenticeships starting from Monday 1 April.
The changes mean that up to 95 per cent of apprenticeship training costs are covered for non-levy payers. So it is more cost effective than ever to recruit or retrain existing colleagues onto an apprenticeship.
And the good news does not end there. Larger levy paying employers (those with an annual wage bill over £3 million) can now share up to 25 per cent of their levy money across their supply chains, an increase from the previous 10 per cent.
This means that funding can be shared with apprenticeship providers such as Total People, who can help to support new opportunities and widen participation in apprenticeships.
Total People Managing Director Linda Dean welcomed the changes. She said: "The co-investment reduction is fantastic news for non-levy paying employers wanting to upskill their workforce or take on a brand new apprentice."
"Thanks to the Government changes, there has never been an easier or more cost effective time for employers of all sizes to take their business to the next level with the help of Total People."
A total of 96 per cent of employers who have apprentices in their workforce say they have experienced the benefits, including:
• Improved productivity
• Improved product and service quality
• Increased motivation and morale
• Better, more relevant skills for their organisation
Apprentices can be anyone aged 16+ (new recruits or existing staff), and taking on an apprentice through Total People makes life easy. Whether employers are recruiting or retraining, we take care of all the details, allowing businesses to reap the rewards.
Total People lead the way in work-based learning and have a proven track record in providing full business support solutions. Graded as good by Ofsted, and with an FE Choices Employer Satisfaction survey score of an incredible 94%, we provide training in over thirty occupational areas; from administration to construction to management and beyond. It is our job to make businesses work better.
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