The levy, or apprenticeship levy, is a government initiative introduced in April 2017 to promote professional training in the United Kingdom. It aims to close the skills gap, boost workforce capabilities, and support economic growth.
Employers with an annual pay bill exceeding £3 million contribute 0.5% of their total pay bill, minus a £15,000 annual allowance, to the levy. These funds are allocated to a digital account, which employers use to finance approved training programmes.
Key aspects of the UK apprenticeship levy include the digital account, a convenient platform for employers to manage their levy funds and apprenticeship schemes. Employers should actively utilise their funds as they expire after 24 months. The government offers co-investment covering 95% of extra training expenses for employers who have depleted their levy funds. Additionally, employers can transfer up to 25% of their annual levy funds to other organisations to promote collaboration and growth.
By comprehending the benefits of the levy, organisations can effectively strategise and seize the opportunities it offers for workforce development and business growth. Beyond being a cost-effective option, the levy provides a range of additional benefits, including:
Work-based training programmes funded by the levy can provide businesses with a cost-effective way to improve the skills and knowledge of their workforce, resulting in increased productivity. Participants can learn new skills while applying them in real-world situations, which can lead to more efficient and effective work.
By investing in training, businesses can demonstrate their commitment to developing their workforce and supporting their employees’ career growth. This can enhance their reputation among customers, clients, and potential new hires, positioning the business as a leader in their industry.
Offering training can help businesses improve staff retention by providing employees with a clear path for career progression and professional development. Up-skilling can also help to create a positive work culture and increase employee engagement and job satisfaction.
Apprenticeships can provide businesses with access to new talent and diverse perspectives, which can help to drive innovation and creativity. By recruiting apprentices, businesses can bring in individuals who are eager to learn, motivated to succeed, and can contribute fresh ideas to the organisation.
Apprenticeships can help to drive innovation by introducing new skills, knowledge, and ideas into the business. Apprentices can bring a fresh perspective to existing problems, challenge existing practices, and provide solutions to complex issues.
Offering training can help to improve employee morale by demonstrating that the business is invested in its development and career growth. Apprenticeships can provide employees with a sense of purpose and achievement, leading to increased job satisfaction and motivation.
With Corndel’s support, businesses can identify the skills gaps in their workforce and invest in customised training programmes to address them. This can lead to improved productivity, employee retention, and overall competitiveness. By partnering with Corndel, businesses can maximise the value of the apprenticeship levy and unlock the full potential of their workforce.
Assess and Address Skill Gaps
Integrate Training with Business Objectives
Partner with Top-tier Training Providers
Implement Continuous Monitoring and Evaluation
Foster a Culture of Lifelong Learning
Collaborate and Share Knowledge
The levy is an influential resource for businesses aiming to invest in growth, and understanding the amount you can access is essential. To facilitate this, a levy calculator tailored for businesses like yours has been developed. This calculator enables you to promptly determine the levy funding available for upskilling your workforce. By utilising this tool, you can make informed decisions on how to harness the levy to expand your business and maintain a competitive edge in your industry.
Don’t miss this opportunity – use our Levy Calculator to calculate your funding potential now.
Our company specialises in providing customised apprenticeship programs funded by the Levy to help businesses improve productivity, enhance innovation, and boost employee retention. Our team works closely with your business to create tailored training solutions that fit your specific needs and objectives, providing your employees with valuable professional development opportunities. With our expertise and resources, you can maximise the benefits of the Levy and elevate your workforce.