Article summary: Thanks to a new online Government service, larger businesses are now able to more easily pledge funds to smaller businesses in a bid to create more apprenticeship opportunities.
The service, which was launched on 13 September, allows larger businesses who pay into the Apprenticeship Levy fund, to “pledge” up to 25% of their funding to other businesses if they believe they won’t use it themselves.
This is doubly advantageous as not only does it ensure that as much funding as possible is used for the intended purpose - apprenticeship training - but it also gives smaller businesses the opportunity to secure additional funding that they would not otherwise be able to access.
Many smaller businesses may have aspirations to recruit multiple apprentices in order to grow their business, but are unable to as they cannot afford the additional training and other associated costs.
All businesses can now browse these funding opportunities on a new gov.uk webpage. Employers can apply for funding to pay for 100% of their apprenticeship training and assessment costs (up to the funding band maximum).
This service will provide support to businesses seeking additional apprenticeship funding and over £1 million has already been pledged for the 2021 to 2022 financial year, with many more expected to pledge in the coming weeks.
These businesses can select how much funding they want to transfer and set optional criteria for the types of businesses and apprenticeships they would like to support. They can also use their apprenticeship service accounts to review, approve or reject any pledge applications.
This new service should help to address skills gaps in sectors such as construction, health, digital and the creative industries. If utilised, it will greatly benefit the UK economy, which is still trying to recover from the effects of the pandemic.
Apprenticeships and Skills Minister Gillian Keegan said: “Apprenticeships are a fantastic way for employers to ensure they have a highly motivated and diverse pool of talent in their workforce, while also enabling people to get the skills and experience they need to get ahead. I’m pleased we’re making it easier for smaller and medium-sized businesses to offer apprenticeships, which will unleash exciting new opportunities for apprentices and ensure that every business can benefit from the productivity and skills of apprentices.”
Any interested Levy-paying businesses - find out more about transferring your apprenticeship levy to another business today. It’s a great thing to do for your fellow business owners and the economy and it’s great CSR for your company too.
Smaller, non Levy-paying businesses interested in securing additional apprenticeship funding can browse the service page to apply for the available pledges on offer. To do this you will simply need to know the type of apprenticeship training you need.
Partner with PETA
We have a great reputation for delivering successful apprenticeship programmes, which is why the best employers choose to partner with us to recruit and train new staff in the roles they require. We offer apprenticeship programmes in the areas of IT and Digital, Business, Engineering and Management.
Apprenticeship training is flexible and can be adapted to the needs of your business. Using a framework of standards set with a training provider, you can train a new apprentice in your business practices, safe in the knowledge they are building the right skill set from day one.
At PETA, we have a highly experienced team on hand to help you with anything from developing your recruitment strategy to managing your apprenticeship funding, ensuring you maximise your investment in apprenticeships.
If you’d like more information on this new Government service, we’d be happy to advise, so please get in touch. If you’re a business hoping to secure additional funding, think of us for your apprenticeship training. Find out more about apprenticeships with us and drop us a line if you have any questions.
Sources: gov.co.uk, fenews.co.uk
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