To conclude National Apprenticeship Week 2018, we hear from Sue Husband, Director for National Apprenticeship Service, who sums up how apprenticeships can work effectively for banking and professional services.
Apprenticeships are at the heart of the Government's drive to equip people of all ages with the skills that employers need. They provide the opportunity, and the means, to help address the skills shortages reported by many industries. This is especially true across banking and professional services, where apprenticeships play a vital role in helping employers to grow and prosper. As one of the UK’s largest industries, contributing billions to the economy each year, it’s important that employers take steps to ensure a pipeline of talent with the right skills for the future. Apprenticeships can help businesses across banking and professional services to become future fit by upskilling existing workers and attracting new, diverse talent.
Opportunities for employers
There has never been a better time to take on an apprentice. Businesses can grow their own talent and develop motivated, skilled and qualified staff in a cost-effective way in line with their workforce needs. Now, employer-led apprenticeship reforms are making apprenticeships even more valuable to employers by putting those employers in control of the development of apprenticeships. Employers can choose the skills, training organisation, apprenticeships – and how those apprenticeships are delivered – to ensure they meet their needs.
Apprentices bring enthusiasm, energy and fresh ideas to any organisation, contributing to its development and success. As well as encouraging greater diversity across banking and professional services, apprenticeships also encourage skilled workers to progress their careers in the industry too. Degree and Higher Apprenticeships in particular mean businesses can train more of their employees in the high-level skills that are critical for business growth, while offering ambitious school leavers or experienced professionals looking to upskill the opportunity to learn at university, to degree level.
Meeting business needs
Many companies have already made apprenticeships a vital part of their strategic plans to recruit the skills they need in the future. KPMG has increased its apprenticeship intake by 40% and while launching a new digital degree apprenticeship to train the next generation of tech experts. Barclays has also launched a new degree-level apprenticeship in banking to encourage greater diversity in the profession. Meanwhile the Great Annual Savings Group is an example of a regional employer that has increased its apprentice intake and has seen an impressive retention rate among those it has taken on.
But there is of course lots more work to do to ensure that apprenticeships work for the sector as a whole. We are in constant conversation with employers across the industry to ensure that their needs are met, while helping them attract the right talent and boost the quality of candidates applying for apprenticeships. We’ve already launched a programme, “Amazing Apprenticeships” to help inform teachers and schools about the benefits of young people becoming apprentices and we will be working with key employers in banking and professional services to drive further awareness of the great vacancies on offer through waves of marketing under the “Get In Go Far” campaign.
Since the Apprenticeship Levy and other reforms were introduced last year there has been a period of significant change for employers and there will understandably be challenges for them as they adjust and respond. Throughout this time we must not lose sight of why we introduced our reforms in the first place – to put quality at the heart of this programme for apprentices, and putting control in the hands of employers. Feedback we have had shows employers are positive about the reforms and taking their time to plan high quality, well thought through apprenticeship provision that meets their specific needs.
Since May 2015 there have been more than 1.2 million individuals starting an apprenticeship, which will provide each of them with the opportunity to gain the skills they need to get on in life. This is a fantastic achievement but only the start as we want to make sure all employers across banking and professional services have the skilled workforce they need.
Employers looking to find out more about taking on an apprentice should visit: hireanapprentice.campaign.gov.uk. People looking for more information and support on applying for an apprenticeship can visit: getingofar.gov.uk.