How can apprenticeships benefit your business?

How can apprenticeships benefit your business?

Now the Apprenticeship Levy is here, how can it be used to benefit your organisation?

Levy payers (organisations with a paybill of over £3m) can get their Levy back in the form of a voucher to pay for training and assessment of apprentices. Where the cost is greater than the amount of Levy paid, the government will co-fund the difference to the tune of 90%.

Non-Levy payers (SMEs with fewer than 50 employees and a paybill of less than £3m) can get government funding of 90% towards the cost of training and assessment of apprentices.

This funding can be used for new OR existing employees, so you can bring in and train staff to match your individual business needs and culture, or upskill existing staff. To do this, you will need to find a training provider and assessor to work with who is on the Register of Apprenticeship Training Providers (ROATP) 

Why go down the Apprenticeship route?

If you are a Levy payer, you could choose to regard the Levy as simply a tax – but that would mean you get no benefit from the money you are required to pay.

If you are a non- Levy payer, you can have all the benefits of apprenticeships at minimal cost, with the government funding the lion’s share.

If you choose to offer apprenticeships to new or existing staff, they will acquire job-specific skills and competencies to meet the unique requirements of your business, with fresh perspective and up-to-date knowledge, increasing productivity. You can use apprenticeships to fill specific skills gaps, with learning tailored to your workplace. Existing staff who mentor apprentices will also develop new skills. The offer of higher level qualifications will attract and help retain good quality candidates.

You can also reduce your payroll bill; employers of apprentices under 25 years of age are not required to pay secondary Class 1 Employer National Insurance contributions on earnings up to the Upper Earnings Limit

These advantages apply to organisations of all sizes, large, medium or small.

How is the quality of apprenticeships guaranteed?

Each apprenticeship is governed by a standard developed by an employer group from that industry or service, known as a ‘Trailblazer’. The standards show what an apprentice will be doing and the skills required of them, by job role.  More standards will be published as they are developed and approved.

So what apprenticeships are available?

The list is continually expanding; currently there are 179 apprenticeship standards approved for delivery, with many more in development. The standards range from Level 2 to Level 7 (Master’s) in a wide range of subjects.

Of the 179 approved standards, 60 are Higher or Degree Apprenticeships from Level 4 (Foundation) to Level 7 (Master’s). 

These are the full range of subjects and levels currently available.

Coventry University: The Nationwide Apprenticeship University is on the ROATP and offers Higher and Degree Apprenticeships at Level 4 and above in Management & Leadership, Digital & Technology Solutions, Cyber Security, Engineering & Manufacturing, Project Management and Law.

With campuses in London, the Midlands and the North of England, we are able to work in partnership with organisations throughout the country to design Higher and Degree level apprenticeships to meet their individual business needs.

We are hosting a breakfast event in the William Morris building at our Coventry campus on Wednesday 21 June from 8.30 am for employers who would like to find out more about our Higher and Degree Apprenticeships and the Levy.

Visit our event page to find out more and register.