While investing in your workforce is more than worthwhile, naturally there is a cost.
But did you know that there are several regional and national funding initiatives available that can help support with some of the cost of your training.
So what’s the trick? There isn’t one. A skilled workforce is a more productive workforce, which means that the economy benefits through increased taxation.
Research shows that every £1 invested in skills by the government in the form of Apprenticeship training – the economy benefits by £24 in increased productivity. It’s a win-win, which is why the government provide incentives and wants to support the cost of training and skill development.
So what funding is available at the moment?
The largest funding contribution made by the government is via Apprenticeships which are now being completely redesigned by employers to ensure they are highly relevant to the needs of the future workforce. There are also additional cash incentives available to businesses who recruit a 16-24 year old apprentice (£1500) and/or start an existing employee (16-24) on a Level 4 or higher apprenticeship (£1000 per employee).
If you’re in Greater Manchester and you want to develop the skills of your leadership team, you may also be able to take advantage of EDP Funding (£1500).