Majority of small businesses say apprentices are 'good value'
Majority of small businesses say apprentices are 'good value'
Posted on 8 Mar 2018
As the UK celebrates National Apprenticeship Week, research has found that 97% of small businesses say apprentices are ‘good value for money'.
Smaller businesses throughout England are embracing apprenticeships, with 9 out of 10 saying they have boosted productivity within their business, according to a new study by AAT (Association of Accounting Technicians).
The study, commissioned to tie in with National Apprenticeship Week this week shows that businesses appreciate the value apprenticeships can bring to them, with 97 per cent saying that taking on apprentices has been good value for money, nine out of ten saying they have boosted their business' productivity, and 63% saying that they get staff who are more suited to their businesses and the skills they need, by taking them on as apprentices.
In a signal of satisfaction with their apprentices, 96% of those questioned say that they are very likely or quite likely to take on more apprentices in the next two years.
Four-fifths of SME owners and senior workers (83%) say that apprentices have added value to their business within six months of taking them on.
Of businesses spoken to who have never taken on an apprentice, 39% say that they feel there are still barriers holding them back from taking one on. Of those, 29% say the cost of starting an apprenticeship scheme is the biggest barrier, 27% say trying to find out how to get funding is too complicated, and 15% say they don't know how to start a scheme.
Take on an apprentice for less
Whether
you already have a member of staff in your business who wants to
enhance their technical knowledge, or you're looking to take on a new
member of staff and give them the skills they need to thrive, an
Apprenticeship could be the right solution.
There have been significant changes to the way apprenticeship funding works, including the introduction of the Apprenticeship Levy and more support for smaller employers.
Larger employers (with an annual wage bill of over £3 million) are now required to pay 0.5% of their wage bill into a levy to be used towards funding apprenticeships.
Smaller employees, (with an annual wage bill under £3 million), do not have to pay a levy. They also benefit from additional funding, paying just 10% of apprenticeship costs, while the Government pays 90%.
This means that putting an employee through the Intermediate Cycle Maintenance apprenticeship now costs just £500 in employer contributions, with a 20% discount for ACT members, making it just £400.
The Advanced Cycle Maintenance apprenticeship now costs just £995,or just £900 for ACT members.
Better still, companies with fewer than 50 employees that take on apprentices aged between 16 and 18 will have 100% of their training costs paid for, plus the government will provide an additional financial incentive payment of £1,000 paid in two parts. The first after six weeks training has been delivered and the second at the end of the Apprenticeship.
Better still, companies with fewer than 50 employees that take on apprentices aged between 16 and 18 will have 100% of their training costs paid for.
To find out more click here, contact ATG Training on info@atg-training.co.uk or call 01296 737 800.