The Apprenticeship levy
In addition to recouping your obligatory contribution, the co-funding principle means employers can pay 10% towards training and the government will pay the rest (90%). This means investing £10m could bring in £90m of additional funding.
Furthermore, apprenticeships offer a cost-effective alternative to increase retention and keep wage bills down. If you’re already investing in management training for graduates, Pearson TQ can help you switch to Levy funded apprenticeships.
Making a business case for the Levy
The Apprenticeship Levy may be a complex and confusing government legislation, but it certainly comes with significant benefits to your business. The following key points can be used to put together a business case for stakeholders.
Significant funding opportunity
The co-funding principle means employers can pay 10% towards training and the government will pay the rest (90%). E.g. £10m could bring in £90m of additional funding.
Reducing recruitment costs
Apprenticeships can reduce dependence on expensive graduates who are harder to retain.
Employers can also train their existing staff—combining on the job experience with sought after skills.
Apprenticeships give employees the career development opportunities they desire, helping to create a more highly skilled, loyal workforce.
Earning while learning
Apprenticeships enable learners to pursue professional development and gain valuable practical experience while earning money—and avoiding student debt.
Enhancing the brand
Training and development set businesses apart in a competitive market place—enabling them to attract the best talent and give them the edge in close bids.
Long-term revenue opportunity
Enhanced skills means higher productivity and better service. Combined with the wider benefits to brand, training puts businesses ahead of the competition.