Attracting and retaining talent is crucial to growing a business, but there are several ways in which you can achieve the staffing levels and proficiency required. One tried and tested route is to develop and unlock skills from within: by hiring an apprentice.
Anyone who is over the age of 16 and not in full-time education is eligible to apply. And with National Apprenticeship Week underway, there’s no better time to explore how it could benefit your business.
An apprenticeship combines practical training in a job with study. The apprentice gets straight into a paid role – with all the advantages of joining a workforce – but also receives specialised, high-quality training too. The employer invests in their local community by immersing an apprentice in their company and potentially developing a future leader. Indeed, 74% of employers said the quality of their product or service improved as a result (source: UK Gov).
From business administration to catering and hair and beauty, there are hundreds of examples of sectors and roles in which apprentices can thrive. And it needn’t be a luxury for the employer as there’s a range of funding support available from the government.
Furthermore, embedding and upskilling an apprentice could well work out to be more cost efficient in the long run than recruiting through more conventional channels. However, earmarking the funds for the additional wage bill may be competing with all the other economic challenges UK SMEs are currently facing such as high input costs and subdued consumer spending.
At Capify, we’ve been helping businesses for over 15 years balance the competing priorities that they face. We’re not a bank. Our lending criteria is different, and we look at more than just your credit profile.
With loans between £5,000 and £500,000 our flexible finance solutions can help businesses invest in the talent and expertise to grow their business.
Don’t let a lack of funding hold your business back. Check your eligibility online in just two minutes and help turn your plans into reality.
