Recruiting and retaining quality staff into accounting roles has never been more challenging. For accountancy firms or industry finance departments, investing in accounting apprenticeships is a forward-thinking strategy which provides many benefits.
Not only does this create a pipeline of skilled professionals tailored to your organisation’s needs, but it also drives the organisation towards sustainable development.
This blog explores the many advantages of integrating accounting apprenticeships into your business model, from injecting fresh perspectives to enhancing long-term staff retention.
The benefits of investing in accounting apprenticeships
Fresh perspectives and innovation
One of the immediate benefits of hiring accounting apprentices is the injection of fresh perspectives into your organisation. Apprentices are often tech-savvy, eager to learn, and bring innovative ideas that can challenge the status quo. Apprentices who are older and are reskilling in accountancy can also bring the wealth of experience they have amassed to date in previous roles. This fresh energy can stimulate creative problem-solving and introduce new techniques or technologies that streamline accounting processes. By adopting a culture that values continuous learning and adaptability, organisations can stay ahead of industry trends and maintain a competitive edge.
Tailored skills development
Accounting apprenticeships can offer a unique opportunity to develop employees with skills perfectly aligned with your operational needs. Unlike hiring fully trained professionals, apprentices can be moulded to fit your organisation’s requirements, from mastering bespoke software to understanding unique financial reporting standards. This tailored approach not only ensures a perfect fit for your organisation but also increases the efficiency and productivity of your workforce.
The government’s Apprenticeship website offers more information on the benefits of recruiting apprentices, including skills development and improved productivity. You can access the article here.
Funding and financial incentives
The UK government provides incentives for organisations that invest in apprenticeships, making it a financially viable option for many organisations. At the time of writing (March 2024), employers can access funding to cover 95% of the apprenticeship training costs. Furthermore, when an apprentice is between 16 and 18 years old and the employer has less than 50 employees, this funding increases to 100%. With effect from 1st April 2024, the government has increased this age range to those aged up to and including 21 and the employer size criteria to non-Levy paying SMEs. Any employer recruiting an apprenticeship aged 16-18 at the start of their apprenticeship will also be entitled to a £1,000 incentive payment, 50% receivable after 3 months employment, 50% after 12 months.
Further details about accounting apprenticeships and the funding available can be found here on the Accountancy Learning website.
These incentives are designed to cover a significant portion of the training and assessment costs, reducing the financial burden on employers.
Savings on recruitment
Apprenticeships can also lead to savings in recruitment and training costs over time, as developing in-house talent is often more cost-effective than hiring externally. Further cost savings can be made if employers use Accountancy Learning’s Talent Programme facility, which helps them to recruit and select quality accounting apprentices for free (provided that Accountancy Learning undertakes the apprentice’s training programme). Click the link for more details about our Talent Programme.
Enhancing office culture
Investing in accounting apprenticeships can have a significant impact on your office culture. It demonstrates a commitment to employee development, corporate social responsibility, and community engagement. This can boost morale and foster a sense of loyalty among employees, creating a more positive and cohesive work environment. Additionally, offering apprenticeships can enhance your organisation’s reputation as a great employer, attracting top talent and customers who value ethical business practices.
Long-term staff retention
Accounting apprenticeships can significantly improve long-term staff retention. Apprentices who receive training and career development opportunities are more likely to feel valued and engaged, reducing turnover rates. Moreover, as these individuals grow within the organisation, they develop a fundamental understanding of your operations, culture, and values, making them highly effective employees. This long-term retention saves on recruitment costs and builds a stable and experienced workforce that can drive sustained growth.
Meeting the skills gap challenge
The UK faces a notable skills gap in various sectors, including accounting and finance. Organisations can directly address this challenge by investing in accounting apprenticeships, creating a pipeline of skilled professionals ready to tackle future demands.
Conclusion
Investing in accounting apprenticeships offers many benefits for organisations, from nurturing talent perfectly aligned with your organisational needs to improving staff retention and office culture. The financial incentives provided by the government, coupled with the strategic advantages of developing a skilled and loyal workforce, make apprenticeships an attractive proposition. By embracing this opportunity, organisations can enhance their operational efficiency and innovation and contribute positively to the wider economy and society. In a world where adaptability and talent development are key drivers of success, accounting apprenticeships stand out as a smart investment for any forward-thinking organisation.
Start your apprenticeship journey with Accountancy Learning
This blog has provided insight into the benefits of investing in accounting apprentices. However, we know that you may still have questions about your specific circumstances.
Don’t worry – we’re here to help! If you have any questions or are unsure what to do next, please get in touch. As part of our free, no-obligation discussions, we can walk you through hiring an accounting apprentice, detailing what you need to provide, what your apprenticeship training provider needs to provide, and what to do next.
Please get in touch with us at 01392 244071 or email [email protected].
