Inject new skills, creativity and enterprise into your organisation
Degree apprenticeships focus on work-based learning to develop professional knowledge and skills valued by employers. This combination of academic and real-world, practical learning is highly effective.
Degree apprentices draw on their experiences and activities at work as a key part of their professional learning. They develop professional expertise and contribute to new ideas, ways of working, systems and procedures to make your organisation more productive.
What are the benefits to your organisation?
- Attract enthusiastic and talented new employees through degree apprenticeships, often in areas with strategic skills shortages
- Develop skills and knowledge in your apprentices that are directly relevant to your business
- Drive the career development of your highest performing employees, increasing retention and rewarding achievement
- Benefit from creativity and the new ideas of degree apprentices who bring enthusiasm, fresh insight and make an impact
- Improve productivity - 75 per cent of employers with apprentices report positive results*
- Establish your company as an “employer of choice” - an organisation that invests in the skills, qualifications and long term careers of its workforce
- Make the most of government funding and money from Apprenticeship Levy contributions made by businesses with a wage bill that exceeds £3 million.
*Statistic from GOV.UK
Funding and the Apprenticeship Levy
The Apprenticeship Levy is designed to make apprenticeship funding more sustainable and improve the technical and professional skills of the workforce. It was introduced by the UK Government in April 2017. Now there is a target for three million apprenticeships to be underway by 2020.
What you need to know about the Apprenticeship Levy as an employer:
- All employers with an annual wage bill of more than £3 million are required to pay the Levy as a tax. It provides businesses with an opportunity to invest in apprenticeships
- The levy is charged at a rate of 0.5% of a company’s payroll bill and is collected through PAYE
- All employers have an allowance of £15,000 to invest in apprenticeships
- Businesses in England can directly access their funds through a new Digital Apprenticeships Service. This service also allows employers to select training providers and assessors, pay for training, and post vacancies
- For every £1 an employer in England pays into their digital account, the government will add a 10% top up. Funds in the digital accounts will be available to spend on apprenticeships up to two years after they have been deposited
- Employers who do not have to pay the levy can receive 90% of the cost of training an apprentice.
How to get the most out of degree apprenticeships
We recommend you consider the following to maximise the potential benefits of degree apprenticeships to your organisation.
What is most relevant to your business strategy?
Evaluate where your organisation will be in three to five years’ time and consequently which skills you should be reinforcing or putting in place.
Carry out a skills audit
Look at the range and extent of skills presently available within your company, then consider which roles present the greatest challenge to recruitment and retention.
Identify future leaders
Think about the employees who are demonstrating the traits and behaviours to become future leaders or major contributors to business growth. What investment could you make in their development to improve the likelihood of retaining them?
Calculate the value of funds available
What funding should you expect to receive from the Apprenticeship Levy for investment in degree apprenticeships? Consider the most effective way of using these funds to meet your business objectives.
Talk to our specialist team
Our Corporate Engagement and Apprenticeship and Skills teams provide expert advice on how to make the most of the Apprenticeship Levy and how to use degree apprenticeships effectively.
To find out how we can support you as you set up and implement your degree apprenticeship programme, get in touch with our team.