Training and skills will play a huge role in the UK’s ability to recover post-Covid. The government’s Plan for Jobs includes a number of incentives designed to provide short-term support to businesses and individuals.
These initiatives are aimed at protecting and creating jobs, whilst building business capacity and capability through skills development. Following the government announcement of incentives available to employers, to recruit and develop new staff, our teams are here to help explain how your business can use these opportunities as a kickstart to recovery and growth.
1. Attracting the right people is crucial for the success of your business
The Plan for Jobs includes new funding to support the creation of high quality jobs and give young people the chance to develop their confidence and skills in the workplace. Employers will benefit from financial support to recruit someone at the beginning of their journey into employment.
Will fund thousands of 6-month work placements for 16-24 year olds who are on Universal Credit and struggling to compete in a particularly difficult jobs market.Funding available will cover 100% of the relevant national minimum wage for 25 hours per week, plus the associated employer National Insurance contributions and employer minimum automatic enrolment contributions.
The government is expanding traineeship provision, with funding for employers who can provide trainees with a work experience placement. You will receive £1,000 per trainee, up to a maximum of 10 trainees per business.Traineeships combine classroom learning with a period of work experience, giving 16-24 year olds a chance to develop their knowledge and skills in your industry.
Traineeshis will introduce employers to work-ready candidates and provide the chance to recruit motivated young employees, eager to grow with your business.
2. Upskill capacity and capability through accredited staff training
Accredited staff training are a great way to grow and develop your workforce talent. Our programmes are designed with employers in mind, to meet the needs of industry. Focus on developing the knowledge, skills and behaviours needed for a specific occupations.
Until the end of January 2021, employers will receive £2,000 for each new 16-24 year old apprentice you recruit, or £1,500 for apprentices aged 25 and over. This is in addition to payments of £1,000 that already available to help cover the costs of training a 16-18 year old apprentice (or 19-24 year old who has previously been in care or has a Local Authority Education, Health and Care Plan).
This means employers could be eligible to receive up to £3,000 for each new apprentice you recruit (or up to £4,000 if they choose to combine with the traineeship incentive, and recruit a young person who has already completed a period of work experience).
3. Reskill existing staff through skills development
Apprenticeships at all levels can be funded through your apprenticeship levy, or through government co-investment if you are an SME (whereby 95% of the cost of apprenticeship training and assessment is covered and you only contribute the remaining 5%).
Funding can be used for existing employees as well as new recruits, enabling you to build a culture of continuous professional development.
Job Retention Bonus
You will receive a government bonus of £1,000 for every furloughed employee who remains continuously employed through to the end of January 2021, as long as they earn above the Lower Earnings Limit (£520 per month).
Staff who return from furlough will benefit from the training and development opportunities you can provide. In addition to supporting business objectives, apprenticeships are a long-term investment in your employees’ development and can help them to recognise their value to your business, enhancing loyalty and commitment.
4. Grow, move your business forward, with your skilled workforce.
Government incentives are designed to provide a springboard to recovery, but used alongside funding already available for apprenticeships and skills development they can support business growth in the longer term too.
Businesses that invest in skills and workforce development benefit from:
Increased levels of productivity
Improved product or service quality
Improved ability to attract the brightest new talent
Improved staff morale
Improved staff retention
Return on investment (ROI)
Job satisfaction, motivation and morale
Efficiencies in processes