Invest in Skills

Investing in Skills

Why is investing in skills important?

Investing in developing a highly skilled workforce is crucial for economic competitiveness and productivity. It helps businesses access the talent needed for innovation and growth. For individuals, gaining new skills increases employability and earning potential over a career lifetime.

How do apprenticeships invest in skills?

Apprenticeships are a direct investment from employers to develop the skilled workers they need. Key benefits include:

• Address skills gaps by training staff with specific occupational abilities
• Staff gain qualifications and certifications valued by the whole industry
• Apprentices gain practical hands-on training integrated with theory
• Employers can shape training content to align with their standards/ways of working
• More affordable than hiring already qualified staff

What funding supports apprenticeships?

The government provides significant funding and incentives to invest in apprenticeship training in priority skill areas:

• Apprenticeship levy requires large employers to fund apprenticeships
• SMEs have 95% of apprenticeship training costs covered
• Additional payments for employers hiring young apprentices
• Extra funding for apprenticeships in STEM occupations
• Subsidies for hiring apprentices from disadvantaged backgrounds

How have apprenticeships evolved?

Apprenticeships have transformed from traditional trades to higher-level technical and professional roles like:

• Digital & tech solutions
• Engineering & manufacturing
• Legal & accountancy services
• Healthcare & medical roles
• Leadership & management

This expansion, along with modern standards and qualifications, have made apprenticeships an investment for developing high-level skills.

What other ways are there to upskill?

Other initiatives investing in skills include:

• Traineeships to prepare for apprenticeships or employment
• T Level technical qualifications for occupations
• Short courses to upgrade skills for specific roles/software
• Professional certifications for specialized expertise
• Management/leadership development programs

Investing strategically in workforce skills through quality training is vital for organizational success and economic growth.