Combat the Cost of Living Apprenticeships

Combat the Cost of Living Apprenticeships

Woman studying

In this economic climate, the last thing businesses want to think about is spending more money on recruitment and training. Building an apprenticeship programme could provide the solution you need on a budget – but perhaps not in the way you think.

Apprentices Are NOT Cheap Labour

You might think that hiring an apprentice could save you money due to their role being historically viewed as ‘cheap labour’. While this may have been true many years ago, it is certainly no longer the case, and we strongly discourage employers from offering the bare minimum to their apprentices.

Investing in an apprenticeship programme is an investment into the future of your business and of your industry. If you want to attract the best talent, you need to demonstrate that you value your apprentices by offering a suitable wage.

You may now be thinking, “so I’m trying to save money and you’re telling me to spend more?” Yes and no. Done the right way, with the right support, you can get the best of both worlds.

Government Grants

The government provides various grants to cover apprenticeship costs, including the following.

  • If your business employs fewer than 50 people and your apprentice is 16-18 years old, the government will cover all apprenticeship training costs.
  • For all employers, of any size, that recruit an apprentice that is 16-18 years old the government will provide a grant of £1,000 to support with the costs of taking on an apprentice.

There are also various other local incentive schemes that can be accessed to support with the costs of hiring an apprentice. 

Apprenticeship Levy Transfer

The apprenticeship levy is a pot of money set aside by large businesses to cover the costs of apprenticeship programmes. These large businesses can opt to transfer a portion of their pot to smaller businesses to support with the financial barriers to offering apprenticeships.

Receiving an apprenticeship levy transfer can cover the entire cost of training an apprentice.