Are you looking to train staff in your company but worried about the cost? Read on to find out why upskilling your workforce can cost significantly less than you might think.
Make use of the Apprenticeship Levy
The Apprenticeship Levy, set up in 2017, means it’s now easier and more affordable for all UK businesses to invest in apprenticeships.
If your business has an annual payroll of less than £3m then the government will cover 95% of your apprenticeship costs via the levy, meaning you only need to pay 5% of the cost of the training. If your annual payroll exceeds £3m then all apprenticeship costs are covered by the levy.
Apprenticeship training is open to staff of all ages, so consider all your staff who might benefit from further training and take advantage of the Levy or government funding today.
It’s cheaper to train than recruit
With apprenticeships you can access industry-relevant training for your current staff, rather than recruiting new personnel. And thanks to the reduced cost of apprenticeship training, it can work out cheaper to train than to recruit.
That means you could equip your staff with quality, accredited training, avoid recruitment fees, and remove the headaches of recruiting and onboarding new employees.
More productive staff
As well as retaining your existing staff, who are already committed to the company and their roles, relevant training also means that they will work smarter. The skills and knowledge gained through their training will help improve productivity in the workplace as they apply what they’re learning.
Offering training opportunities, such as apprenticeships, to staff can also boost loyalty and motivation — all advantages for your business.
Tailored training works for your business
Apprenticeship training is not just an off-the-shelf solution, it can be tailored to your organisation. Employees will have to dedicate 20% of their time to off-the-job training. The teaching elements of their apprenticeship can usually be done online, so there’s no need for your team to take days away from the office.
There are various courses available — from digital marketing to team leader — using a blend of webinars, tutor support and one-to-one meetings in your workplace. Our team will work with you to put together a training plan that works for your business.
Reduced employee turnover
In recent workplace statistics, more than 90% of employees said they’d stay at a company which invested in their training and professional growth, and the majority of millennials said that professional development was a top priority.
Developing and investing in staff through training can reduce employee turnover, saving your business thousands in the process.
Thinking about upskilling your workforce? Want to find out more about apprenticeship training options for your employees? Speak to our expert team to find out how a bespoke training plan can help you upskill staff.