Posted on Oct 05, 2021
Many businesses are now beginning their recovery plan from the COVID-19 pandemic. With many employers struggling with staff and recruitment, the importance of building a highly skilled workforce is becoming more important to employers. Being able to recognise changes and new trends as they happen and then learning the new knowledge, skills and attitudes that are needed to cope with the demands of the transforming landscape can only end positively.
Apprenticeships are a valuable option for employers to bring talented recruits into their business. It is a cost-effective way to help build and grow a strong workforce as they help develop an individual’s skills, knowledge and understanding required to fit key roles within an organisation. High quality training helps employers to build and sustain a long-term edge in their industry whilst also allowing individuals to take the first steps in their career, up-skill or change the direction of their career completely.
Employers with a wage bill of over £3 million pay 0.5% of their annual pay bill into the apprenticeship levy. This money can only be used to help fund the development and delivery of apprenticeships within the business and must be used within 24 months before it is clawed back. If an employer does not use their levy, these funds are lost. However, employers do have the option of transferring their unused levy to employers who would like to use the funds. Levy-paying employers can transfer a maximum amount of 25% of their annual funds which can pay for the training and assessment cost of the apprenticeships agreed with the receiving employer.
Transferring levy funds to organisations who want to use it, not only benefits an individual's training and development but it can also cement strategic partnerships between businesses. This promotes good relationships amongst organisations which may open up business opportunities. It will also demonstrate corporate social responsibility as third sector organisations typically have little or no budget for training and education. By transferring businesses like these extra levy funds, it will help them develop their workforce.
Here at LCG we work with over 4,500 levy paying and SME employers a year to help them deliver success. We are able to match levy paying organisations with businesses who are wanting to receive funds to pay for the development of their own staff or to take on an apprentice. By transferring your unused levy funds you are supporting a business to develop their workforce and help tackle local and national skills shortages.
At Learning Curve Group, we always strive to keep our “learners at the centre of everything we do” and our goal is to provide high quality education for all who want to learn. This can be through giving school leavers the skills and experience they need for a successful career or helping someone upskill in their existing career.
To find out more information about how your organisation can benefit from levy transfers please contact: Steve.Morris@LearningCurveGroup.co.uk