Here at Working Options we’re convinced of the benefits of Apprenticeships for both students and employers.
Recent analysis of data from the Education and Skills Funding Agency commissioned by the Open University (OU) – The Apprenticeship Levy: One Year On – shows that more than £1.28 billion of the funding that has been paid into the Apprenticeship levy by companies is sitting in National Apprenticeship Service accounts with only £108 million withdrawn to date. Worryingly, the funds sitting in these accounts expire after 24 months. Companies are clearly failing to maximise the opportunities of the levy and the OU urges employers to pick up the pace before everyone loses out.
Now, a year is not a long time, and there have undoubtedly been barriers to companies getting their schemes up and running. The OU is calling for a more agile approach and the introduction of ‘modular apprenticeships’. These would allow employers to tailor training by adding additional learning modules to ‘core’ apprenticeships; an approach supported by one in four employers (24%), and that still works towards the UK government’s target of developing three million new apprentices by 2020.