Make sure that you take full advantage of the opportunities that Apprenticeships can offer
All UK companies with a pay bill of over £3 million must now pay the Apprenticeship Levy and, whilst many organisations are using the levy to great effect, it is a fact that others are not taking advantage of the opportunities that apprenticeships can offer - whether through lack of understanding or concerns about the effectivess of apprenticeship programmes, many companies fail to utilise their full levy drawdown.
Apprenticeship programmes actually provides an excellent opportunity for cost effective business growth, particularly as any overspend is limited to 5% contribution to cost (remembering that firms who are not required to pay the levy can also take advantage of this 95% government contribution), up to the funding band maximum.
They can be very effective in bringing into an organisation talented and committed individuals who learn and adapt quickly to become exceptional team members, providing opportunities to gain hands-on practical experience in ways which may not be possible in more traditional training models. Apprenticeships are an increasingly important part of many firms’ growth strategies.
Apprenticeships for the smaller business
You do not have to pay into the levy to take advantage of the great opportunities that apprenticeships can offer. Remember that any business can take on an Apprentice and funding is available for some apprenticeship schemes up to 95% of cost up to the funding band maximum.
We have first hand experience of applying the levy in practical situations and can help you understand what can be achieved with good foresight and effective planning. Whilst some organisations may historically have been concerned about the longevity of investment for, for example, a new to the business solicitor apprentice, it is important to remember that apprenticeships can also be awarded to existing trusted employees who are looking to develop and qualify after years of faithful long-service.
Also available in many other areas relevant to legal practice - management, business administration and accounting, for example - Apprenticeships truly are a win-win situation for both firm and individual alike. We can help you find the right balance for your business and explain the myriad of opportunities on offer.