With the introduction of The Apprenticeship Levy in April 2017, employers with an annual wage bill of more than £3 million are now required to pay 0.5% of that bill into a ‘Levy Pot’.
This pot of money is to be used on recruiting apprentices into the business.
So, the next question is why should you recruit an apprentice?
We’ve put together the main benefits of apprenticeships and how they can help your business.
1. Apprenticeships can free up existing staff time
As businesses grow, existing members of staff can find themselves doing small, time consuming tasks, when they should be concentrating on their key areas of work.
By delegating these tasks to an apprentice, it allows them to take responsibility whilst learning at the same time. In turn, it will free up the time of more experienced staff, making your business more productive overall.
2. Build skills and keep your staff
By recruiting apprentices, you have the ability to train people to have the skills you need for your business.
In addition to this, providing quality training for apprentices will more than likely bring benefits like staff retention. Staff tend to feel more loyal to employers who are invested in their training, meaning they feel more engaged in their role and motivated to stay.
3. A fresh perspective
Although apprentices may have no workplace experience under their belt, they can still offer new ideas and a fresh perspective.
These days, young people often have strong technology skills, as well as a better understanding of social media which can bring a competitive advantage to your business.
Apprenticeships are a cost-effective form of training because they are making a contribution to the workplace, whilst learning the skills they need for their future, and the future of your business.
Whilst the employer is expected to pay their apprentices’ wages, some funding to cover other training costs may be available to your business.
5. Increase your bottom line
The National Apprenticeship Service data has shown that 81% of consumers prefer using a company that employs apprentices.
By investing in training staff through apprenticeships it can have a positive effect on your company’s finances, in turn making it more competitive.
If you’re interested in recruiting an apprentice for your business, get in touch with our experienced team to find out how we can help you.