Why you need apprenticeships in your business
Apprenticeships give you control and greater opportunities to address skills shortages in your sector. Employers have reported skills deficiencies in the areas of construction, engineering, health care and management. Coventry University can support you in providing tailored Higher and Degree Apprenticeships in these areas. We can help to reduce your recruitment costs as well as gain an advantage over your competitors. Now is the perfect time to develop your talent and give them higher level skills.
Businesses can benefit in a number of ways from employing an apprentice or encouraging existing staff to become apprentices. Introducing apprenticeships into your workforce can help you to attract and retain good quality employees. An apprentice will do the majority of their learning in your workplace, so can fill specific skills gaps to meet your unique business needs.
Department for Education (DfE) data confirms apprenticeships help organisations with better employee retention, boosted productivity, and can improve the quality of products and services.*
Not only that, but you could see a reduction in your payroll bill. Employers of apprentices under the age of 25 are not required to pay secondary Class 1 Employer National insurance contributions on earnings up to the upper Earnings Limit.
If you have a pay bill of over £3m, you're required to pay the Apprenticeship Levy (0.5% of pay bill) to HMRC. You can invest this levy in the training and assessment of apprentices by government-approved providers (like us).Apprenticeship Levy
If you have a payroll of under £3m, you're not required to pay the Apprenticeship Levy. You can however receive substantial funding towards the cost of training and assessment of apprentices. You need only pay 5% - the government will co-fund the other 95% - up to the funding band maximum.Non Levy Payers
* Data taken from the DfE Apprenticeship Core Brief - November 2016
Let us guide you
Our Apprenticeship Team can talk through the different options available to your business. Just give us a few details and we'll be back in touch as soon as we can.