New funding for employers who hire trainees and apprentices
A lot has been announced in the recent summer statement, but few changes will have as large an impact on HR professionals as the support being given to apprenticeships and trainees.
The policies are part of the Government’s wider plan to encourage hiring and job retention across the UK.
Below we’ve outlined what has been announced so you can prepare and adapt.
£2,000 for apprenticeships
For the next six months, the Government will pay employers to create new apprenticeships, paying businesses £2,000 for each young apprentice hired.
Also, the support will introduce a brand-new bonus for businesses that hire apprentices aged 25 and over, providing a payment of £1,500.
These payments will be in addition to the existing £1,000 payment the Government already provides new 16-18-year-old apprentices, and those aged under 25 within an Education, Health and Care Plan.
£1,000 to take on trainees
Another area the Government is supporting is trainees, as it looks to help people build the skills needed to get into work by tripling the number of traineeships.
Reportedly, for the first time ever, the Government will pay employers who provide trainees with work experience £1,000 per trainee.
Additionally, to ensure that more young people have access to high-quality training, the Government will expand the eligibility for traineeships to those with Level 3 qualifications and below.
What does this mean for HR professionals?
Moving forward, as a HR professional it could be worth considering capitalising on the schemes, taking on apprenticeships and trainees where possible.
Also, following this initial announcement, we’ll be sure to update you when further guidance is released.
If you’re looking for a solution to help you manage these changes, take a look at our IRIS HR Professional platform, providing a flexible solution to help your employees thrive.