The Benefits for Your Business
There are several internal and external benefits to hiring an apprentice in your business. Not only are you providing someone with the opportunity to learn and grow, the chances of them remaining loyal to your company and becoming a valuable, permanent member of staff are high.
Business owners only need to pay for 10% of their apprentices’ training, and the government will pay the remaining 90%. If your business takes on an apprentice who has previously been in care, or had “an education, health and care plan provided by the local authority”, you can claim for extra costs to help support and train them.
Recent Changes to the Service
The Apprenticeship Levy
Businesses with “an annual pay bill of more than £3 million”, or an Employment Allowance connection to a company with an annual pay bill of more than £3 million, have to pay the Apprenticeship Levy. Businesses that don’t meet the £3 million mark will have a Levy allowance of £15,000 every year, which can be allocated to PAYE schemes.
The apprenticeship service
Levy-paying employers can also sign up to the online apprenticeship service. This allows them to manage their payments and training providers easily from one place.
Choosing an Apprentice
- Be aged 16+ by the end of the school summer holidays.
- Be living in the country where their apprenticeship is based (e.g. England, Scotland, Wales or Northern Ireland).
- Not already in full time education.
- Be paid at least the minimum wage, currently £3.50 an hour.
Businesses must offer training to their apprentices, whether that’s on-site or at a school or college. They must also pay for the usual employee benefits, including holiday and sick pay.
Choosing a Training Framework
Employers taking on apprentices can use a search tool provided by the government to find relevant apprenticeship training providers. The results will break down the different training levels, how long the training lasts, and the equivalent qualifications in A-levels or GCSEs.
Both you, and the apprentice you take on, will need to sign an apprenticeship agreement. This outlines what you’re going to provide in terms of training, working conditions, and the length of the contract.
If you’re interested in hiring an apprentice or additional members of staff, Capify can provide your business with anywhere from £3,500 – £500,000. Our finance products are extremely flexible which makes paying them back easy and hassle – free. Get a quote today to discover how much you can raise.Get A Quote