We recently held an industry roundtable to discuss the Apprenticeship Levy and Skills shortages across the financial services industry and particularly, Asset Management. Among our group were some industry associations and professional bodies along with FSTP and investment management professionals. The conversation was very interesting and we concluded there are some very good arguments for Apprenticeships in the industry
1 You’ve already paid the Levy
There is no denying the Apprenticeship Levy is a great way to upskill your team at no extra cost other than what your organisation has already paid into the levy pot and the time needed to undertake the learning. This means the workforce remains in situ without secondment to an outside learning institution for a long period of time. Instead it will just require Off the Job Training which is a perfect opportunity for apprentices to learn more about the business they work for and learn about other roles and departments.
2 Developing Diversity
Diversity is encouraged as more experienced people in organisations and returners are now looking at Apprenticeships as a way to improve skills and advance their job prospects within their organisation. It is also a fantastic way to develop new starters entering your business.
3 Bespoking Apprenticeships makes them more attractive
It was noted that some organisations have renamed their Apprenticeships and created an exciting proposition for their teams, such as Leadership development programmes. Their programmes are popular and in demand and have created cohesion within their organisations. Inhouse cohorts created strong team bonds even long after training and education is completed.
4 A showcase of your commitment to your people
Offering Apprenticeships means you are investing in your people and as a result means you are likely to have far more loyal staff as a result. They also become a more valuable asset once they have achieved a higher level of qualification.
5 Use HR to support the process
Finding the right programme is important and management and HR teams need to help. If people are looking to change careers they need to learn new skills, Apprenticeships fill that space very well and there is a lot of choice out there.
6 Keeping pace with innovation and skills
There is of course the innovation argument – we are all constantly having to improve and upskill and need to constantly educate ourselves. Apprenticeships afford a level of flexibility and institutionalised learning which gives minimal disruption while offering formal qualifications at the end.
7 Improving your workforce
The investment and assets management sectors with which we focused on appear still very reluctant to hire outside of the industry and the talent pool is therefore reduced. Apprenticeships can create a significantly positive impact by offering routes to new qualifications and skills. Employees are able to choose from a wide variety of programmes and the end result is mutually beneficial – better employees do better work for you.
If you have any questions about apprenticeships and how you could be using them, please contact us today.