BT, which is already in the process of recruiting another 500 UK apprentices and graduates for 2024, has committed £4 million to support a new Apprenticeship Fund that is designed to support SMEs, charities and public sector organisations across England by providing access to funding over an initial 4-year period.
Since 2017, companies with an annual wage bill of more than £3 million have been required to pay the ‘apprenticeship levy’ using the funds to recruit and train apprentices. Ss part of this, they can also choose to transfer up to 50% of their levy to help support other companies.
BT has partnered with Babington, one of the UK’s largest apprenticeship training providers, to transfer up to £4 million from its apprenticeship levy. The new Fund is said to have the ability to scale up depending on take up and could support up to 550 apprentices (focusing on apprentices aged 22 and older). Babington’s role will then be to match businesses with appropriate training providers and guide them through the application process. Successful applicants will be provided with access to funded apprenticeship training within 20 days, subject to meeting funding criteria.
“SMEs make a significant contribution to our economy, but their uptake of apprenticeships is low. By sharing up to £4 million from our apprenticeship levy funds, we’re giving these businesses the financial support they need to invest in talent. This not only helps create a more skilled, diverse, and competitive workforce, it also provides SMEs with additional resources to grow and scale their business. The apprenticeship programme at BT has not only shaped our workforce, it has also helped set industry standards,” said Chris Sims, BT’s MD for Small and Medium Business.
