In April 2017 the way that apprenticeships are funded changed, with the introduction of Levy Funding; those businesses which qualified invested these sums to an apprenticeship service account with the intention of using those funds to develop the skills and qualifications of team members – but, with little idea about what to do next, many have gone no further, unsure of how to progress, leaving the funds sitting and building as they ponder what to do next.
One thing many people haven’t factored in is that there is a cut off point for this money – that 24 months after the initial investment, the invested sum will expire. This means that your money – money which you have already spent through this investment programme, could go to waste, and you will no longer be able to access it for the education of your organisation’s apprentices.
As April 2017 is the earliest these investments could be backdated to, that means that April of this year is the point when many invested sums will begin to expire – and this could be what happens to your money.
To prevent missing out on the chance to benefit from the investment you have – as we said – already made, consider spending the funds which are building up in your apprenticeship investing account on our management apprenticeship courses, which will develop the skills and experience of your workforce; work with us to build the managers and leaders of tomorrow within your existing team.
For more information on the programmes, on how we handle the stress of the finances, and how our courses can enhance the skills, knowledge and professional expertise of your future leaders and managers, give us a call or download our guide, and let’s make the most of the investment you’ve already made, before it’s too late.