As a large enterprise you are able to continually look out for individuals for development and integration over the long term. Providing apprenticeships to young people is the perfect opportunity to employ individuals with limited working experience and shape and mould them into the best fit for your company.
Research has shown that employees who started out as apprentices within a company tend to be more loyal and stay with their employer for a long period of time. This means recruiting an apprentice can be seen as a long-term investment for your company.
By offering apprenticeships your company has the opportunity to attract fresh, young talent alongside contributing to raising youth employment levels in the UK. This is especially important in the current climate due to the economic impact of COVID-19. Youth unemployment could rise by 640,000 this year making it crucial to do all we can to support the next generation.
Understandably, if your company has never employed an apprentice before it may seem like a complicated and risky process. However, this is simply not the case. As a large enterprise you will no doubt have experience in recruiting a whole variety of different employees, so why look at apprentices any different?
Furthermore, there is a wide range of support available making hiring an apprentice even easier:
The Apprenticeship Levy
For those companies who pay an annual pay bill in excess of £3million, they will be charged 0.5% to fund new apprenticeships. Each employer that contributes to the levy will receive £15,000 to offset their payment to be used to fund apprenticeship training. Read our dedicated guid to find out more about the apprenticeship levy.
Grants
Recently the government have introduced new grants for every employer that recruits an apprentice between 1st August 2020 and 31st January 2021. Employers will receive £2,000 for recruiting an apprentice under the age of 25, and £1,500 for those aged 25 and over. This is on top of the existing grant given to employers for employing an apprentice aged between 16-18 or 19-25 with an Education, Health and Care plan.
National Insurance Savings
Companies who employ apprentices under the age of 25 are exempt from paying class 1 National Insurance contributions. To be eligible for this exemption your apprentice must be on an approved apprenticeship framework or standard.
Using Apprenticeships to Upskill Your Existing Workforce
If employing an apprentice isn’t suitable for your business right now, have you considered using apprenticeships to upskill your workforce? If there are many employees who have been with your company over several years, they may benefit from refreshing their knowledge and learning new, and up to date skills.
With industries constantly evolving at a fast pace, an apprenticeship will aid with narrowing the skills gaps within your company, helping you stay ahead of the competition. Other benefits of upskilling your workforce with apprenticeships include increased employee retention and motivation. By providing the opportunity to complete an apprenticeship, employees will feel valued and compelled to work hard to prove you were right to take a chance on them.
