08 Feb WHY LEVY-FUNDED TRAINING WORKS: THE BENEFITS OF EMPLOYER-DRIVEN EDUCATION
Levy Funded Training, also known as the Apprenticeship Levy, is a tax system introduced by the government in 2017 to encourage employers to invest in their workforce. The Levy provides a significant funding stream for apprenticeships and other vocational training programs, allowing employers to upskill and reskill their employees. Available to all organisations in England, employers do not have to be paying into the Levy to access Levy Funded training, but can opt into a co-funding situation where 95% of their costs are covered by the government.
Here’s a few examples of how Levy Funded Training can benefit your organisation:
Boosts Employee Skills and Productivity:
Levy Funded Training provides employers with the opportunity to invest in their employees’ professional development, which can lead to an increase in employee skills and productivity. This, in turn, can improve the overall performance of the business.
Helps to Fill Skills Gaps:
As the job market evolves, it is important for employers to ensure their employees have the necessary skills to meet the changing needs of the business. Levy Funded Training can help fill these skills gaps, allowing employers to maintain a competitive edge.
Improves Retention and Attraction of Talent:
Investing in employee training and development can increase employee satisfaction, leading to a higher employee retention rate and making it easier for organisations to attract top talent.
Supports Organisational Growth:
Fieri specialises in providing Levy Funded leadership and development training. By providing funding for apprenticeships and other vocational training programs around leadership, the Levy equips current and future leaders in your organisation with the skills to make your organisation grow.
Offers Flexibility and Control:
Employers have the flexibility to design and implement their own training programmes. This allows our team at Fieri to discover, design and deliver a fully immersive, tailored programme that will support the team in your organisation.
In conclusion, Levy Funded Training provides a range of benefits for employers, including boosting employee skills and productivity, filling skills gaps, improving retention and attraction of talent, supporting the UK’s economic growth, and offering flexibility and control. By taking advantage of this funding opportunity, employers can invest in the future of their business and their employees.