Funding
Apprenticeships are ideal for individuals aged 16 years and above, enabling you to hire new talent or upskill current employees.
This approach helps you cultivate a motivated, skilled, and qualified workforce. Benefits include:
- Providing on-the-job training in a safe work environment
- Fostering a culture of learning and development
- Increasing staff retention and morale
- Promoting diversity and inclusion in the workplace.
If you are a smaller employer, you are eligible for government funding that covers between 95% and 100% of the apprentice training costs. Larger employers can use their levy to pay for apprenticeship training.
By providing an apprenticeship, you can tailor the skills development to meet both your company’s present and future requirements. This approach helps bridge any skill gaps and enables you to cultivate future managers and leaders from within your organisation, alleviating the need for external recruitment.
AN EXAMPLE OF HOW THE FUNDING WORKS
Other costs involved with hiring an apprentice, include how much you’ll pay them. You must pay them at least the National Minimum Wage, which varies based on their age and the year of their apprenticeship training.
Example 1
If your company:
- Has a pay bill of under £3 million
- Employees between 1 to 49 staff
- Hires 1 apprentice for Leisure team member (Level 2) over 18 months.
Your company could benefit from £4,750 of funding towards your apprentice’s training costs. This funding would go directly to your training provider.
Example 2
If your company:
- Has a pay bill of over £3 million
- Employees 50 or more staff
- Hires 1 apprentice for Leisure team member (Level 2) over 18 months.
Your company could benefit from £5,000 of funding towards your apprentice’s training costs. This funding would go directly to your training provider.
What you pay
Other costs involved with hiring an apprentice, include how much you’ll pay them. You must pay them at least the National Minimum Wage, which varies based on their age and the year of their apprenticeship training.