With apprenticeships providing a vital role in the future of the UK economy the Government has committed to an additional three million apprenticeships by the end of the decade, almost quadrupling the number currently delivered in the UK.
The Apprenticeship Levy, introduced earlier this month, forms part of this programme and will see employers with wage bills of more than £3million a year pay 0.5 per cent of their total bill to fund apprenticeships.
With the need to build their future workforce and to continue to attract business investment, many industries welcome these changes and the benefit they will provide. In a wide-ranging industry, such as manufacturing for example, the development and up-skilling of the workforce is crucial to meet the demands of producing and processing goods, from food and textiles to printing and metals, on an industrial scale.
Many early business adopters of apprenticeship schemes are already seeing the benefits with some going on to build their own apprenticeship programmes. School leavers too are reaping the benefits with the opportunity of a vocational learning route that can result in the start of a path to a degree or formal qualification without the worry of large student debt. With this in mind, the Government is also seeking to raise the profile of apprenticeships to a similar level to that in Germany, where being an apprentice is viewed in the same academic light as to going to university. As the landscape changes over the next few years, many businesses will find themselves sitting in the driving seat of further education.
As an employer many business owners will need to understand not only the level of their financial contribution but also how to go about maximising the return on their apprenticeship levy.
At Haines Watts we can help you understand how the introduction of the levy will impact your business and take you through the matrix of funding on offer and how to access it. More importantly, by working with you to understanding the workforce your business will require in the future and the opportunities you will need to support your business strategy, we can help you maximise your entitlement to apprenticeship. For more information contact us.