Unlocking Funding for Apprenticeship Programmes
David Moss
Team Teach Trainer | NLP Coach & Trainer | Business Dev & Client Retention Manager
Today we’re shedding light on a crucial aspect of apprenticeship programmes: FUNDING. Specifically, how employers can secure funding for these valuable learning initiatives.
So, let's dive in!
Apprenticeships are recognised as a powerful tool to bridge skill gaps and
nurture a talented workforce. The UK government has made significant efforts to
promote and support apprenticeships through various funding schemes. By
understanding and utilising these opportunities, employers can unlock the
potential of apprenticeship programmes and invest in the future of their people.
The Apprenticeship Levy: Introduced in April 2017, the Apprenticeship Levy is a cornerstone of apprenticeship funding in the UK. Employers with an annual pay bill over ￡3 million automatically contribute to the levy. These funds are then placed into a digital account, known as the Apprenticeship Service. Employers can use this account to finance apprenticeship training and assessment costs.
Co-Investment: For employers with an annual pay bill under ￡3 million, the government provides co-investment support to fund apprenticeship training. Under this scheme, employers pay just 5% of the training costs directly to the training provider, while the government covers the remaining 95%.
This funding model encourages businesses of all sizes to engage in apprenticeship programmes and develop a skilled workforce.
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Incentive Payments: The government offers incentive payments to employers who recruit new apprentices. An incentive is available depending on the apprentice you hire, criteria applies. These payments aim to encourage employers to create new apprenticeship opportunities.
It's important to note that while the government provides ample funding options for apprenticeships, it's equally crucial for employers to choose reputable training providers. Apprenticeship Training Providers providers play a pivotal role in designing and delivering high-quality apprenticeship programmes that meet the needs of both employers and apprentices.
In conclusion, apprenticeship funding in the UK offers a range of
opportunities for employers to invest in the skills development of their
workforce. From the Apprenticeship Levy and co-investment to incentive payments and additional grants, employers have multiple avenues to access the financial support required to implement successful apprenticeship programmes.
At The Apprenticeship Centre, we deliver programmes to suit a variety of business functions, along with advising on funding and incentive options, helping to arrange this and support employers, mentors and apprentices every step of the way!
Curious to find out more about how Apprenticeships can benefit new and existing staff members in your business?
Contact me:
T: ?07375508654