As many as 92% of UK mid-market businesses will need skills that don’t currently exist in their workforce in the next five years, while 94% know identifying and recruiting new talent is vital for future growth. As a result, attracting and retaining the right talent has never been more important.
Is your workforce future-proof? Talent and skills investment is an effective way to secure the loyalty of your people and attract in-demand talent. The Apprenticeship Levy represents an untapped opportunity in the battle for talent. Supporting over 2,000 organisations to optimise their levy funding, we share commercial insight and technical expertise to help you understand your position, the financial implications and possible opportunities of the levy.
Our skills development programmes cover leadership and management, finance training and project management for all levels within your organisation. We have partnered with high-quality business schools and specialist providers to design and deliver development programmes that are grounded in world-class theory, market leading insights and practical application to deliver immediate impact in the workplace. Where applicable, funding is available through the Apprenticeship Levy, so your organisation can benefit at little or no additional cost.
Tel: +44 (0)20 7728 2826
Email: talentsolutions@uk.gt.com
Introduced in April 2017, the Apprenticeship Levy is a payroll tax on employers and an additional cost to your organisation - you pay a 0.5% levy if your annual pay bill is over £3 million per annum. The payable amount and additional funding are available to you via a digital account to invest in apprenticeship training and assessment costs. The levy funds are intended to grow and upskill existing employees as well as new recruits.
As an incentive to invest in apprenticeship training, the government provides a 10% top-up on your payment each month, meaning you can get more out than you put in. Plus, if you spend more than your available levy funds, the government will cover 95% of the additional cost in return for a 5% employer contribution, within the approved funding band for each apprenticeship.
Notable aspects of the wider apprenticeship reforms include:
Apprenticeships go all the way up to Level 7 qualifications (equivalent to a master’s degree), including recognised degree, master’s degree and professional qualifications.
