Due to rising University costs, many students are looking for alternative avenues into their desired careers. As we are in a time of post-COVID uncertainty, we feel that businesses should take greater responsibility for aiding our younger population into the daunting world of work. Apprenticeship training schemes are offered for a wide range of fields such as legal, finance, marketing, transport, construction or health – we are sure you will be able to find a course suited to your business.
Not only can hiring an apprentice help a young person start their career, but it can also bring enormous benefits to your company. We’ve listed some of the major benefits it can provide below, we guarantee you will be convinced that this will be the best move for your business in 2022.
Bringing new skills
Hiring an apprentice offers the opportunity to ensure your new employee possesses exactly the skills, knowledge and attitude your workplace requires. The skills they acquire when studying will be able to fill any gaps within your workforce, therefore you can mold the perfect employee to drive your businesses future success.
The ever-changing world of technology can be difficult to grasp, which is why it could be useful to have young people aboard your team. Having grown up surrounded by technology, younger people have picked up useful tech skills through their education. Furthermore, as your employee will be a part of Gen Z, it also offers the opportunity to better communicate your business to younger generations (if you are planning to target this demographic), as they will have a better understanding of their wants and needs.
You can also receive help from the Government to pay for apprenticeship training, with the possibility of an incentive payment for other costs. The amount of funding you will receive is dependent on your pay bill each year and circumstances. If your paybill is under £3 million each year, the Government should cover 95% of the cost of training and assessing your apprentice (with the possibility of extra funding), as well as the opportunity to apply for an incentive of £3,000. The deadline to apply is 15th May 2022, so it is best to get in touch with your accountant as soon as possible to see what funding is accessible to you.
Productivity and loyalty
Many businesses find that hiring an apprentice is the most cost-effective way to increase productivity within their workplace, so you could potentially benefit from improved profits by the time your apprentice finishes their training. Do you want to save on recruitment and training costs? Apprentices are often loyal employees which could have a positive impact on your team, with studies finding that often apprentices stay with a company longer than other recruits due to the opportunity to learn and grow. Therefore, there is the potential to reduce staff turnover and consequently reduce costs, improving your businesses bottom line.
If these benefits have inspired you to hire an apprentice this year, get in touch with your accountant or visit the Gov.uk website for more information. You can thank us later 🙂