Government Budget: 3 reasons to hire an apprentice and how this benefits your business

Chancellor Rishi Sunak has delivered his spring budget and announced a number of new investments for the Further Education and skills sector and a £126 million boost to existing apprenticeships and traineeship programmes for employers. The financial incentives for employers include the doubling of incentive payments for employers. With the unemployment level being at the highest level in almost 5 years, this is an opportunity for employers to help get people of all ages back into work, with government funded support.

We have described what these government incentives are and how your business could benefit from hiring a new apprentice.

Cost effective funding backed by the government

  • £126 million has been set aside by the government for ‘high quality’ work placements and training for 16–24-year-olds in the 2021-2022 academic year.
  • Any employers who hire a new apprentice of any age, between 1st April and 30th September will receive £3000 per new hire.
  • The government already provide a £1000 payment to apprentices aged 16-18 and those aged under 25 with an education, Health and Care plan, where that applies. This means some employers could receive £4000 in total per apprentice.
  • Rushi Sunak has announced a ‘flexi job’ apprenticeship, enabling apprentices to work with a number of different employers in one sector.

If an employer compares this to the onboarding and salary costs of a full-time employee, hiring an apprentice is a great way for an employer to invest in new staff members at minimal expense.

Adapt to your business needs

We understand that no two businesses are the same so hiring an apprentice will allow you an opportunity to develop them in a way that fits in with your business objectives. We are seeing an increasing number of employers invest in staff development by hiring apprentices as well as recruiting new staff to complement their existing workforce. This has proved successful, which the government has also recognised, and they want to help employers further incentivise that approach.  Given the lockdown and situation of Covid-19, we have noticed an apprentice can adapt to changes exceptionally well, especially during the current climate and we believe apprentices will be fundamental to supporting a new way of how your company works and how you evolve. 

Time saving

An apprentice will fit into your business by becoming self-sufficient members of your team. This is an opportunity for you to allow some to deliver your day-to-day tasks and free up your time to focus on higher-level responsibilities and growing your business.

Why choose Geason and our guide for apprenticeships

At Geason we have over 15 years’ experience in facilitating the most up-to-date apprenticeship training for employers. For more information on how the training courses and apprenticeships offered, please download our e-book or contact us.

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