While many of you might feel like you are still riding the rough waves of Covid, there are others who have made it to calmer shores.
Those might be looking for ways to anchor that stability and consider how to grow. One option on the table is taking on more staff – but that might seem risky when we are still facing a lot of ifs and buts about the immediate future.
However, there are ways to employ without the associated financial risk.
Funding for staff
From this month onwards employers of all sizes in England can apply for extra funding to help them take on new apprentices, in the latest drive to revolutionise the skills and training offer across the country.
The boost to the apprenticeship incentive scheme was confirmed by the Chancellor and allows businesses to claim £3,000 for each new apprentice hired as a new employee until 30 September.
The cash incentive is designed to help more employers invest in the skilled workforce they need for the future, as part of the government’s Plan for Jobs.
Employers can choose how to spend the cash, for example, covering uniform or travel costs for the apprentice.
Why take on an apprentice?
Apprenticeships are a fantastic way for employers large and small to grow their businesses and will continue to play a key role in our economic recovery.
Young people can earn while they learn, build confidence, skills and experience under mentorship and get to grips with the world of work sooner.
Meanwhile, businesses who employ apprentices quickly realise that they can be moulded and shaped in their area of expertise, to deliver the exact skills the business needs.
In short, apprenticeships are an affordable way to recruit and a great way to future-proof your business growth.
How to get involved
You can apply for new apprentices who joined your organisation from 1 April 2021 and any who join up until 30 September 2021. They must have an apprenticeship start date of 1 April 2021 to 30 November 2021.
You must set up an apprenticeship service account.
The incentive payment is in addition to the £1,000 employers already receive for hiring an apprentice aged 16 to 18 years old or under 25 with an education, health and care plan or who has been in the care of their local authority.
To receive the full payment, the apprenticeship must last for at least one year.
The payment is different to apprenticeship levy funds, so you can spend it on anything to support your organisation’s costs. For example, on uniforms, your apprentice’s travel or their salary. You do not have to pay it back.
You can apply for the incentive payment after you add new apprentices to your apprenticeship service account.
Payments will be made in two equal instalments for each apprentice. The first payment is due after an apprentice completes 90 days of their apprenticeship and the second is due after 365 days.
How we can help
As usual, we are here to help you with finances and accounts relating to new staff. Keep us informed as and when you grow and we will do everything we can to continue to support you.