Not only has the coronavirus pandemic impacted the working lives of millions in the UK, but it has also blocked some from ever getting going in the first place.
The nation’s younger generations may have left college, university or placements with grand hopes for a career kickstarted by their youthful enthusiasm.
Yet even the most enthusiastic and talented of young people have been left with few opportunities to stake their claim in what has become a fiercely competitive jobs market.
With firms making losses, then job cuts and then, in some cases, shutting up shop for good, routes into a dream career from a young age have proven difficult to come by in the last 12 months.
That’s why these young people will be breathing a collective sigh of relief at the latest government funding boost designed to get them into the workplace.
Here’s what your firm needs to know about the new funding and how it can help you bolster your workforce while kickstarting careers.
The cash funding available
Employers can now apply for a £1,000 cash boost for every trainee they take on, up to a maximum of 10 trainees.
Firms can also claim this new cash incentive for all work placements that have been completed since 1 September 2020.
This new funding follows Chancellor Rishi Sunak’s announcement in July 2020 that an additional £111 million was being invested in traineeships as part of his Plan for Jobs.
The cash boost can be claimed in addition to the funding for apprentices announced last year that offers employers £2,000 for each new apprentice they hire aged under 25 and £1,500 for apprentices aged 25 and over.
The £1,000 bonus is available to employers until 31 July 2021.
How this could help you
Young workers are the lifeblood of many industries, providing a fresh approach to jobs they are passionate about with the promise of huge potential.
But unlocking this potential requires a long-term investment which isn’t always cheap.
The new £1,000 cash boost will help businesses cover the costs of providing a high-quality work placement for a trainee.
Traineeships require firms to provide facilities, uniforms, training courses and sometimes pay travel costs to give trainees the most productive learning experience possible.
Taking advantage of the government funding available may help depleted firms strengthen their workforce while helping young people find a foothold in their dream careers.
How can we help you?
If you are now considering hiring any number of trainees to your workforce, KBL can help you handle the administrative and financial aspects involved with making these new additions.