£3 billion apprenticeship levy funding remains unused
From April 2019, unused funding will start to be absorbed by the UK Government at a rate of nearly £120 million a month. While the Department for Education will use the absorbed funding to invest in skills and training, this is the last opportunity for employers to use it to fill their own skills gaps and future-proof their businesses.
Market research undertaken by The Open University shows that £3 billion apprenticeship levy funding in England remains untouched - below is a list of data they obtained.
So far, only one in five (19%) levy-paying employers have made apprenticeship commitments.
94% of employers are supportive of the apprenticeship levy in principle, but two in 5 (42%) would like to see changes to make the apprenticeship levy work more effectively for their organisation.
22% of employers say that they simply haven’t had time to develop an apprenticeship strategy, many have been put off by the process for accessing funding.
Two-thirds of employers (66%) report finding the system confusing and as a result, over a third (36%) would like more guidance.
35% of employers would like the system to be simplified.
While two in five (38%) of employers have written off their contributions to the apprenticeship levy, those who have embraced the scheme are reaping the rewards.
Of those currently working with apprentices, more than a quarter (27%) say it has been good for their organisations, while one in five (20%) report that it has already delivered significant benefits.
A quarter (25%) of those not currently using levy funding admit that they are missing out on an opportunity to develop the skills they need.
Be sure to use all of your available funding by contacting us today! View our levy blog for more information on the levy journey and to find out more about the benefits it can bring to your business.