Apprenticeships will be fully funded by the government for small and medium sized businesses who do not pay the levy, by paying the full cost of training for anyone up to the age of 21.
Under the new measures, larger employers who pay the apprenticeship levy will be able to transfer up to 50% of their funds to support other businesses (an increase from 25%) including smaller firms, to take on apprentices. This will help SMEs hire more apprentices by ensuring that 100% of the apprenticeship training costs are covered through the levy paying organisation.
What does this mean for your Business?
‚úî 100% of the apprenticeship training costs are covered
‚úî Large businesses who pay the levy can now transfer 50% of their funds
‚úî Support for your business growth
Apprenticeships are a tried-and-tested method to build a skilled, loyal workforce. They allow businesses to train employees to their specific standards and needs, ensuring a perfect fit. With the government covering the full cost of training, the return on investment for smaller businesses has never been higher.
How BTC will support you
At BTC, we understand the significance of this initiative for smaller businesses and are fully prepared to support your transition into apprenticeships. Our team are here to ensure you make the most out of this opportunity:
We guide you through every step, from understanding the funding to selecting the right apprentices for your business. We work in collaboration with a large number of local and national employers to identify industry skills gaps and to train the next generation of professionals, combining leading edge practice with a wealth of opportunity and development, ensuring your apprentices are productive and valuable members of your team from day one.
So, what are you waiting for?
This government-funded initiative is a rare opportunity for small businesses to enhance their workforce without the financial strain typically associated with training programs.
BTC is here to ensure that your journey into apprenticeships is smooth, beneficial, and transformative. To learn more about how we can support you, contact our team of Business Relationship Managers, who offer a single point of contact for all aspects of your workforce development needs on 01278 655111, email business@btc.ac.uk or submit an enquiry here.
