The Chancellor’s statement: what does it mean for you? | News

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The Chancellor’s statement: what does it mean for you?

£1,000 to £10,000 of financial support now available to recruit new talent and provide opportunities for young people.

The Chancellor’s summer statement this week outlined a number of ways the Government intends to support employers and learners to access the training and development they need to rise to the challenge of economic recovery.  Our response to the Chancellor yesterday outlined our commitment to making talent shine for young people, upskilling staff, and retraining employees, but what do the new measures mean for you?

Now is the time to hire apprentices

Announcing Government initiatives to support employers in hiring apprentices this week, the Chancellor Rishi Sunak told the House of Commons, “We know apprenticeships work. Ninety one per cent stay in work or go on to further training. For the next six months we are going to pay employers to create new apprenticeships.”

The new financial incentives include:

  • £3,000 financial incentive if you hire a 16-18 year old apprentice
  • £2,000 financial incentive if you hire a 19-24 year old apprentice
  • £1,500 financial incentive if you hire an apprentice 25+ years old

It’s clear that now is the time to look at how you can reap the rewards of hiring an apprentice. It’s already reported that 96% of employers that take on an apprentice have seen benefits to their organisation, and with financial incentives to help out, you could enjoy increased productivity and the unique skills a young apprentice can bring.

At The Learning Foundry, we’re committed to making talent shine.  We have young people ready and waiting to be matched to apprenticeship vacancies – committed to developing their skills and making a positive contribution to your business.  Despite the good news about the Government’s support, time is limited –  the Chancellor has said that the financial incentives will run from August 2020 to January 2021. With our Workforce Development team on hand to quickly assess your needs and take the hassle out of the recruitment process, we’re here to help you take advantage of this great limited-time opportunity.

Supporting traineeships

Traineeships are a unique option for young people aged 16-18 to gain the skills and confidence they need to progress in their chosen career.  As part of a traineeship, learners get to experience the workplace with real life work experience.  The Chancellor has also announced Government support for employers to offer work placements.

If you take on a trainee for their work placement, you will receive a £1,000 bonus.  You can have up to 10 trainees, so a potential £10,000 incentive!  What’s more, there’s the added benefit of the diversity, passion, and energy that a trainee brings to your business -  and the knowledge that in taking on a trainee, you’re committing your business to supporting young people to kickstart their careers.

The Learning Foundry is a leading provider of traineeships in the North West, with cohorts in adult social care, business, childcare, dental nursing, housing, and our Picture Your Future programme – focusing on a range of different careers.  We believe the financial incentives for taking on a trainee are a catalyst for change, providing opportunities to young people and supporting employers  – what’s not to love?

Making talent shine

Making talent shine for young people, upskilling staff, and retraining employees are all key to future economic growth. At The Learning Foundry, we’re passionate about helping people and businesses achieve their full potential. To find out how we can help your business access the new range of financial incentives, commit to having a positive impact on the lives of young people, and develop the future skills of your workforce, contact us today.  Our Workforce Development team can provide 1:1 tailored support, free training needs assessments, a free recruitment service, a levy health check and more.  

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