Principal Consultant - Consulting & TechnologyLinkedIn
Since 2017, the Apprenticeship Levy fund has been available for organisations in England to fund training and qualifications for employees of any age via approved providers.
Unfortunately, myths and sometimes even stigma abound relating to the word ‘apprenticeship’ which means organisations are often not aware of what is available to them.
Did you know Apprenticeships are not just for new hires, young people or low level qualifications?
In fact, the funding is available to all sizes of organisation (whether you pay into the levy or not), for staff of all ages, new and existing staff and across a range of topics from level 2 to Level 7 (Level 6 and above is akin to a degree!). Most organisations struggle to even spend their entire levy pot.
Often, when people think of apprenticeships, they think of them as only for new starters, young people, trades or for those who didn’t make it to university – these are all myths!
Since 2017 any employer in England with a pay bill of over £3m a year, must be paying 0.5% of the value of their payroll bill into the Apprenticeship levy to HMRC through the PAYE process. This creates a ‘levy pot’ to spend on training and qualifications with a registered training provider. However, funding can still be accessed by smaller firms who do not pay into the levy. They can access 95%-100% of funding for up to 10 staff on programmes – a great way to fund training and qualifications. It is also possible to transfer or receive surplus levy funds between organisations.
Apprenticeship levy funding can be used to develop staff (new and existing) from Level 2 to Level 7, in more than 829 different standards. Many graduates complete a Level 6 or 7 apprenticeship after their degree to further specialise and gain credit for professional industry experience. These often include qualifications with professional bodies such as the Chartered Insurance Institute, Chartered Banker Institute, International Compliance Association and many more.
More organisations than ever are using funded apprenticeships as their preferred talent attraction, recruitment and upskilling strategy because it enables a contribution to the workplace whilst learning, but also without being a drain on budgets.
If you are new to apprenticeship funding (whether you are a levy payer or not) we are happy to guide you through the process without obligation. Alternatively, if you are experienced with funding regulations, we can also provide a complimentary review to ensure you are maximising your return on investment and achieving your business outcomes. To request this complete the contact form here