By Tom J Pearce, Manager, People Advisory – Business Consulting, Grant Thornton
National Apprenticeship Week took place 8-12 February 2021, and what a week to celebrate apprenticeships with examples of new job creation, upskilling and retraining programmes across the country.
Employers are leading a skills revolution by incorporating apprenticeships into talent management strategies at every level.
Apprenticeships are increasingly being recognised as valuable development for new, junior hires straight through to existing employees at a senior level. Over 600 types of apprenticeships are approved for delivery with programmes designed around sector specific and functional skill areas with training organisations continuing to deliver fantastic programmes online.
Starting with business needs first, we recommend a review of existing development offers and consider whether these are sufficient for meeting resourcing and skill requirements going forward. Greater planning and targeting of programmes helps achieve organisational goals, particular for recruitment and talent retention in the short-term.
Apprenticeships are funded over a minimum of 12-months, including for:
- New hires: apprenticeships in less traditional areas of HR, finance, operations, marketing and digital skills are often appropriate to help hire at a more junior level. Specialist input from training organisations can help rocket boost development and take the pressure of existing teams by delegating work and building new competencies
- Upskilling existing employees: with development up to master’s degree level, and including professional qualifications, apprenticeships can further develop talent by offering opportunities to upskill within a given role or specialism. Management development is a particularly popular area for junior managers through to senior leaders, helping organisation provide fresh challenge and development opportunities while retaining talent
- Retraining in new areas: all organisations have gone through significant change with teams impacted through furlough, restructuring or continuing to adapt ‘business as usual’. Apprenticeship can offer retraining opportunities for those at risk of redundancy and supporting the transition between teams
Funding is available for apprenticeship training at full or 95% with employers responsible for salary costs. When hiring 16-24 year olds, employers receive additional financial incentives of £4,000-5,000, including an extended 0% Employer NIC rate until the age of 25 and Covid Relief extended until the end of March 2021 for new hire apprentices.
Apprenticeship enquires can be directed to email@example.com.
For more information, visit: https://www.grantthornton.co.uk/en/services/consulting/people-advisory/apprenticeship-levy/