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Train current staff with an apprenticeship programme

11 April 2019

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You’ve probably heard of apprenticeships but did you know that you can place existing staff members on these innovative training schemes? Financial services apprenticeships are a fantastic, cost-effective way of upskilling your workforce while boosting staff retention.

What is an apprenticeship?

Here’s a quick look at apprenticeships:

• A mixture of paid employment and training
• Open to candidates aged 16+ with no upper limit
• Training is tailored to job title and skill level
• Generous government funding available

Who can train as an apprentice?

To be eligible for apprenticeship training the candidate must be in full time employment (30+ hours per week), be aged 16+, live in England with a right to work in England and hold level 2 English and maths.

Assuming the above criteria are met, there are then two options when offering an apprenticeship; you can either recruit a new candidate or you can train a current member of staff through a programme. Some employers may not realise they can train a current member of staff, but it is a great way of boosting the skills and morale of your workforce without having to recruit someone new.

The benefits of training current staff

There are huge benefits to placing current staff on a financial services apprenticeship. It not only enhances the skills of your workforce which is good for business, but shows a dedication to ongoing development. Your staff will know that you value them, boosting morale and staff retention.

When it comes to money, if your business has a pay bill of £3million plus, then you already pay into the apprenticeship levy. If you don’t want/need to take on new staff, this money will be wasted if not used. It makes perfect sense to re-invest your money in your current workforce. There are also amazing funding options available from the government to make apprenticeships even more cost effective.

The skills required for the financial services industry are not limited to book-learning. It’s important that people working in this sector have relevant knowledge backed by practical skills and experience. Apprenticeships cater to this need perfectly.

At Simply Academy we are experienced in supporting employers and their candidates through the following apprenticeship training schemes:

• Mortgage adviser
• Paraplanner
• Financial services administrator
• Financial adviser

All of these financial services apprenticeships teach relevant skills, knowledge and behaviours directly relevant to the candidate’s job role. They all have great rates of success too!

Government funding for financial services apprenticeships

The government are keen to support apprenticeships and have funds already set aside to help employers pay for training. You could claim almost the full cost of training, making apprenticeships extremely good value for money. Get in touch to see what government funding you could claim and how we can help you access this pot of money.

Find out more

If you would like to find out more about placing current staff on an apprenticeship, get in touch. We’ll be happy to talk through the options, benefits and how Simply Academy can help you at every step.

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