Advice

Using your apprentice levy funds before they expire

12 Feb 2019 By Advertising feature

Did you know that your apprenticeship levy funds are invalid after two years? From April, the government will start to reclaim unused funds at a rate of around £120m per month – here’s how to use them before they’re gone

It’s been almost two years since the apprenticeship levy was implemented and April 2019 represents a very important anniversary: as this scheme reaches its second birthday, organisations’ unused funds will begin to expire.
 
The government will reclaim unused levy funds at a rate of around £120m per month – so it’s a real case of ‘use it or lose it’.
 
A fantastic talent development opportunity 
 
Some employers view the apprenticeship levy as more of a tax than an opportunity, but this doesn’t have to be the case.  
 
Your levy fund is a ringfenced L&D budget that can be invested in valuable in-house talent development.
Investing in your staff is vital, as lack of further training within an organisation ranks highly as a reason for seeking employment elsewhere. 
 
According to a study conducted by LinkedIn: 
  • 94 per cent of employees would stay with a company longer if offered training
  • 68 per cent of employees want to learn at work
  • 56 per cent of employees would take a course suggested by their manager
How to invest your levy

There are a huge number of apprenticeship standards available, including in project management, human resources, learning and development, accountancy and more.
 
Contrary to popular belief, your apprentices can be any age and don’t need to be new starters. Investing in current staff through apprenticeship training can greatly improve employee retention and plug skills gaps that may be hurting your bottom line.
 
Plus, many apprentices don’t have to spend significant time out-of-office, as the mandatory 20 per cent training can often be completed online.
 
Don’t lose valuable members of staff – use the apprenticeship levy to further their development and secure their future with your company. 
 
ICS Learn’s flexible digital apprenticeships in HR, L&D, finance, leadership and project management allow you to shape online apprenticeship training around even the busiest work schedule.

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