While some employers are still dubious about the introduction of the apprenticeship levy, one sector is looking upon it as an opportunity to attract the next generation of employees.
The Chartered Insurance Institute (CII) believe that even though it will only be larger employers who are required to pay the apprenticeship levy (only employers with a wage bill of over £3million per year will pay 0.5% of their total wage bill towards the levy), the principle will encourage more employers to consider hiring apprentices in their workforce.
The insurance and financial services sectors have recently seen the introduction of new apprenticeships into their industry under the trailblazer programme; a scheme to design apprenticeships by the employer and for the employer. The government has recently supported plans for a Level 3 financial services administrator and mortgage adviser’s apprenticeship, and a Level 4 apprenticeship for paraplanners. There are further plans for an additional financial adviser apprenticeship, which is due to be confirmed by mid-to-late summer if approval is given by the Department for Business Innovation and Skills.
Following this introduction a survey carried out by Personal Finance Society showed that 75% of employers in the financial services sector would be interested in hiring an apprentice. The survey interviewed 417 financial adviser firms at the end of April and start of May this year, and also discovered that 68% would use the apprenticeship schemes to develop a new member of staff with 32% saying they would develop an existing member of their team.
Apprentices offer many benefits to employers, especially with the launch of the new trailblazer apprenticeships. Aspire Training Team is an apprenticeship and training provider working with businesses across the South to place childcare, business administration and health & social care apprentices. If you’re considering hiring an apprentice you can contact the team on 01202 551553 or email info@aspiretrainingteam.co.uk.
