Many seasoned business professionals and aspiring entrepreneurs have taken shots at the apprenticeship levy recently, insinuating that it’s ineffective and imposing an undue burden on business owners. Despite the criticisms leveled at it, however, the apprenticeship levy could very well prove to be invaluable for businesses across the nation, and should be given a chance before it’s dismissed out of hand.
So, what are the primary benefits of the apprenticeship levy, and how can it reshape how our businesses operate? Taking a deep dive into the subject shows just how revolutionary the levy could prove to how many businesses operate, and will demonstrate why it’s vital that more business owners voice their support for the levy.
Misconceptions about the levy
There are countless misconceptions about the levy that have unfairly tarnished its name in the public eye; already, some half of employers paying into the levy want to see it replaced by a training levy, for instance, a step backwards that could end up harming businesses for years to come. The truth of the matter is that the apprenticeship levy can supercharge the next generation of workers with the skills and experience they’ll need to thrive in the workspace, and provides an invaluable opportunity to many young workers who may have otherwise never found their place in the economy.
The basics of the apprenticeship levy are pretty easy to understand; any employer with a pay bill that exceeds 3 million pounds must pay into the levy, which pools funds for the purpose of broadening access to apprenticeships in general. Funds for the levy frequently go towards paying training providers already, and levy funds are frequently distributed to businesses that may have otherwise never offered apprenticeships to young, aspiring workers.
It goes without saying that Britain could do more when it comes to starting and LLC and helping its young workers find their place in the world; if we’re not actively improving the prospects of our youngest future employees, how can we expect to remain competitive in the future? The apprenticeship levy is thus an ideal program for bolstering Britain’s youth and helps pave the way for more programs in the future aimed at energizing young workers and equipping them with the skills they need to find financial success.
With young people everywhere struggling to make it into labor markets, it would be absurd to reduce the scope of the apprenticeship levy, and even more insane to propose it should be changed to a riskier alternative. As the UK prepares to enter a new chapter in its history, one defined by a new separation from the European Union, it will be particularly important that enough attention is paid to our fledgling workers who will end up running the nation’s businesses in a murky, uncertain future.
Learning the facts
Now that it’s been established that the apprenticeship levy will prove a boon to Britain’s young workers, it’s important that today’s leading business experts and owners know where to get the facts when it comes to the levy. Employers with large pay bills in particular should take a deep dive into existing guides on the levy, and should also be inspired to begin investing in youth-development programs of their own. While the apprenticeship levy goes a long way towards ensuring Britain’s future workers are sufficiently skilled, more investment on the part of private businesses will help guarantee that the workforce of the future is in tip top shape.
Above all else, employers should refuse to judge the levy too harshly until they’ve seen it in action. As many as 3 million more apprenticeships could be created by 2020 alone, for instance, meaning it would be foolish to shutter the levy before it had a proper chance to take hold and have a positive impact on the market.
Ultimately, the levy’s success and long-term survival prospects may be determined by how much it inspires Britain’s employers to revolutionize how they offer apprenticeships. While much of the talk surrounding the market today revolves around foreboding issues like automation and software programs that eliminate hundreds or thousands of jobs, the truth of the matter is that skilled, well-educated human labor will be more important than ever in the future, and we need to get started now when it comes to equipping our workforce.
Rather than allow Britain to get left behind by the competition, businesses everywhere should embrace the apprenticeship levy as an ideal way to ensure that domestic businesses remain well-stocked with competent workers. In the coming years, UK employers skeptical about the levy are likely to have their minds changed; the apprenticeship levy has far more potential than many of its critics will admit, and could very well prove indispensable when it comes to establishing a healthy economic future for the country.