How can apprenticeships help your business?
As you may know it is currently National Apprenticeship Week 2022 (NAW). From 7 February to 13 February 2022, the Government is running this campaign to highlight benefits of apprenticeships for both employers and employees.
The theme for this year’s NAW is ‘build the future’ which relates to how apprenticeships can help to develop skills for an individual’s career.
What is an apprenticeship?
An apprenticeship scheme is when an employer takes on people to gain paid work experience and learn skills that will be valuable for their career.
To qualify for an apprenticeship, individuals must be over the age of 16 in England and Wales as well not being in full-time education.
Apprenticeships are available to people at a range of education levels, from school leavers to graduates, or people wishing to strengthen their skills in a new career.
When compared with 2020/21, the first quarter of 2021/22 saw a 40 per cent increase in people starting apprenticeships.
What are the benefits for businesses?
Choosing to hire an apprentice and upskilling them can be beneficial in the long run as it can assist in creating a highly skilled workforce.
By training someone yourself, you are able to tailor their skills to your business’ needs. According to research by the UK Government, 86 per cent of employers reported that apprenticeships helped them to ensure employees were skilled in areas relevant to their organisation.
Furthermore, the UK Government offers funding to employers to help cover the costs of apprenticeship training, which your business could be eligible for. Funding is also available in for businesses in Wales.
In fact, Government funding for apprenticeship schemes has a planned rise of £170 million in 2024-25, which would bring the available funding to £2.7 billion.
If you require advice with related matters, contact our expert team today.