On 6th April 2017, the UK Government introduced the Apprenticeship Levy, a 0.5% tax on all organisations with a PAYE bill over £3m per annum. Organisations affected by the tax make monthly payments into a digital account where their money sits as credits. These credits expire after 24 months but are earmarked to pay for training courses for new and existing members of staff. For smaller employers who do not attract the Apprenticeship Levy, the cost of course fees is shared between government (90%) and employers (10%).
Eligible training courses are labelled “Apprenticeship Standards.” These documents outline occupational specific knowledge, skills and behaviours akin to a job description. 540 Apprenticeship Standards have been published ranging from level 2 (GCSE equivalent) right the way up to Level 7 (Masters).
As a Russell Group Higher Education Provider, Queen Mary University of London only delivers Degree Apprenticeships at Levels 6 & 7 (Undergraduate and Postgraduate Level). 117 Degree Apprenticeships have been approved/ are currently in-development.
Apprenticeship schemes are an asset to organisations when they add value beyond the mere bottom line. By positively affecting cultural change, a successful apprenticeship scheme can improve both productivity and competitiveness whilst at the same time improving staff morale and retention, the ability to attract good staff and the reputation of that organisation in its respective sector.
Best practice in apprenticeships can be summarised as the following:
If you are interested in discussing Degree Apprenticeship opportunities within your organisation, please make contact with us via email@example.com.