The current economic climate means many businesses have no choice but to tighten their purse strings, and with this in mind, tasks such as staff training, and upskilling can fall under the radar. While training and development may not be top of the agenda for you at the moment, it could be the perfect time to upskill and improve your employees’ skillset, especially if they’re unable to work on premises and have to work from home.
Funding additional training may not be something you have factored into your budget, but there are a range of effective ways of making the most of government funding, dependent on your industry, which can help ensure you’re still able to provide employees with effective training.
It may seem like an unusual time to consider hiring an apprentice, but you can certainly put the plans in place. The government provides help for businesses who are training apprentices. The amount provided depends on whether you have to pay the apprenticeship levy, and this applies when you are an employer with a bill over £3 million every year. If you do not have to pay the levy then you only have to pay 5% towards the cost of training and assessing each apprentice and the government will pay the rest of the costs, directly to the chosen training organisation. There are also additional funding options for some apprentices and employers which you can explore in full on the government website.
Training your Existing Staff
If training up your existing staff is a better option, then there are schemes and options available. Providing a range of training opportunities can help keep staff motivated and loyal to your company. Organisations such as the National Careers Service and networks including Investors in People work to ensure your business can provide valuable training options for your business.
The Education and Skills Funding Agency exists to provide support, guidance and funding for education and skills for children and adults. ESFA is accountable for a fund for education and training of £58 billion and this needs to be utilised effectively for adult and workplace education as well as for young people and children.
Employees may feel unmotivated at the moment which is why it is a good time to update them on their training options, knowing you have the funding at hand to ensure they can get the training they want and need.
For more information about funding, apprentices and training ideas talk to our team.