Considering Hiring an Apprentice for Your Family Business? Here’s What You Need to Know
So, you’re pondering the idea of hiring an apprentice in your family business here in the UK? Brilliant choice! Apprenticeships offer young individuals a fantastic start in their careers, while your business reaps the benefits of fresh talent and a boost in productivity. But let’s not rush into things! There are a few key points to consider to ensure this is a rewarding venture for both parties. In this article, we’ll delve into everything you need to consider before welcoming an apprentice into your family business and why it’s a savvy move indeed.
First things first, let’s demystify what an apprenticeship actually entails. In the UK, an apprenticeship is a work-based training programme blending hands-on learning with formal study. Apprentices work towards a nationally recognised qualification whilst acquiring practical experience in their chosen industry.
Apprenticeships range from one to five years, contingent upon the level and complexity of the qualifications. They’re available across a vast array of industries and roles, making it highly likely that you’ll find an apprenticeship scheme perfectly suited to your family business.
One of the significant advantages of hiring an apprentice is the financial support available from the UK government. Your business may be eligible for the Apprenticeship Levy, which aids in covering the cost of training your apprentice. Smaller family businesses not qualifying for the levy can still obtain funding through the government’s co-investment scheme, which covers up to 95% of training costs.
This support makes apprenticeships a cost-effective way to invest in your workforce, allowing you to develop the skills your family business needs for the future whilst maintaining control of training budgets.
Partnering with a top-notch training provider is essential for the success of your apprenticeship programme. They’ll be in charge of delivering the formal training and assessments, so it’s crucial to choose a provider that aligns with your family business’s ethos and objectives.
Do your homework to find a provider with a strong track record in your industry and a flexible approach to training. Also, ensure they’re registered with the Education and Skills Funding Agency (ESFA), which oversees apprenticeship funding in the UK.
To maximise the benefits of your apprenticeship programme, you’ll want to attract first-rate candidates who are eager to learn and contribute to your family business. Ensure your job advert is clear, engaging, and emphasises the unique perks of being part of your family business.
Consider promoting your apprenticeship opportunities through local schools, colleges, job centres, as well as on social media and your company website. Don’t hesitate to get creative in reaching your target audience!
Last but not least, it’s vital to prepare your existing team to welcome and support your new apprentice. Ensure your staff comprehends the purpose and advantages of the apprenticeship programme, and assign a mentor or supervisor to guide your apprentice through their training.
Need Assistance with Hiring? The decision to hire an apprentice can be transformative for your family business, but it’s essential to approach the process thoughtfully. If you need guidance when it comes to recruiting the right individuals for your family business, do reach out! As accountants, we’re here to help you make the best decision for your business and your family.