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Why insurance firms should hire apprentices

Why insurance firms should hire apprentices

Taking on apprentices is seen as a low-risk way of expanding your business while offering a range of  benefits at the same time. Insurance firms should take commercial advantage of the support and funding available for apprentices

In 2018 the Chartered Institute of Insurance (CII) threw its weight behind training apprentices with the launch of their Aspire Apprenticeships programme

Benefits for an employer

The latest PIMFA’s CEO Sentiment survey  showed that ‘staffing and recruitment concerns were a major issue for 57% of companies. Retention of good staff was deemed essential as was effective recruitment, both necessary to deliver organic growth. Others also mentioned the importance of maintaining the firm’s culture as it grew bigger so as to deliver a consistent quality of service.’ So, what can apprenticeships offer companies struggling to attract and retain good quality staff:

  • Cost-effective learning and development with up to 100%  government funding
  • An effective way for any organisation to grow talent and develop a motivated, skilled workforce
  • Development of the specific skills and behaviours your organisation require
  • Increased employee satisfaction and loyalty – currently 90% of apprentices stay on in their place of work after completing an apprenticeship
  • Structured training delivered by reputable training providers

The Government’s Education and Skills Funding Agency  states that 86% of employers said apprenticeships developed skills relevant to their organisation and 78% reported improved productivity.

Funding:

Employers with less than 50 staff taking on a 16-18 year old apprentice will pay their salary, while the government pays training costs, leaving the money that would otherwise have gone to training available for other staff who may require a skills refresh.  Employers with over 50 staff will need to contribute 5% towards the cost of the apprenticeship.

Larger employers with a pay bill of over £3m will pay an apprenticeship levy. For more details of government funding go to:

https://www.apprenticeships.gov.uk/employer/how-much-is-it-going-to-cost

Information in this article is correct as at May 2020