Making the most out of the funding available to your business is something we should all strive to do. While apprentices are often considered entry-level and new to the company, often school leavers, apprenticeships are much more versatile than this. Apprenticeship qualifications range from level 1 to level 8, with the higher-level courses reaching very advanced level and even degree level study.
More and more businesses are investing in apprenticeships to upskill and develop their current staff and management. Developing your current staff through apprenticeships helps both the business and their career development. Employees of all ages, and experiences, can be considered for an apprenticeship, opening up many more opportunities for your business.
The current climate makes training budgets a lot tighter than usual and some businesses may not have any training budget available after the difficulty of the last year. However, all businesses who pay the apprenticeship levy have access to funding for apprenticeship training, including for existing staff. If you don’t utilise your levy funds, then they are returned to the HMRC, so it makes sense to make the most of the funding you have access to and upskill your existing employees.
Making the Most of your Apprenticeship Levy Funds
When looking to utilise your apprenticeship levy it is important to look at your business as a whole and find areas for improvement You may find there are gaps in particular business skills areas where you could provide your employees with a boost in their professional knowledge and benefit your business. Apprenticeships are available in a wide range of different business areas from business administration to recruitment and customer service to marketing.
Apprenticeships bring essential and valuable skills to your business. They are perfect for giving experienced employees the knowledge they need to move onto the next stage of their career and potentially open up new business areas or potential for growth within your company. Another benefit of upskilling and offering apprenticeships to your existing employees is how it motivates them and improves their commitment to your business. If you’re willing to invest in your staff, they are much more likely to stick with you and remain loyal to the company. Creating a clear path of progress and development within a company is something all employees want.
Use it or Lose it
Businesses that qualify for the apprenticeship levy should try and benefit from the fund and take advantage of the chance to improve the skillset of their existing employees. Not all businesses are in the position to take on a school leaver or new apprentices, but they can still benefit from the funding through the right training for existing employees.