Via new funding, SMEs will no longer have to commit to the 5% co-investment in apprenticeships
Earlier this week, the Department for Work and Pensions announced new investment into apprenticeships with the hope of getting 50,000 more young people into work.
Importantly, under new measures, apprenticeships for under-25s in small and medium enterprises will be fully funded by the government. This removes the 5% co-investment currently paid for by businesses, unlocking opportunities for young people.
What’s more, local Mayors will receive direct funding to connect young people with apprenticeships in their local areas. By utilising regional leaders, the Government hopes that young people will be matched with businesses that suit them, thus increasing retention on courses.
It is well known that apprenticeship rates within the beauty sector have been in decline over recent years. In 2021, the number of apprenticeship starts was just 7,000; less than half the number of starts recorded in 2016.
Apprenticeships provide a vital pipeline of talent to the beauty industry, a sector that often nurtures those who are not traditionally academic and don’t fit into the further education pipeline.
With this in mind, this government support will undoubtedly be welcomed by businesses at a time when they are facing increased economic pressures.
On the announcement, Prime Minister Keir Starmer said: ‘It’s time to change the way apprenticeships are viewed and to put them on an equal footing with university. This is a defining cause for this government and a key step towards our ambition to get two-thirds of young people in higher-level learning or apprenticeships.’
‘Given the increased economic pressure businesses are feeling currently, we welcome the support to fund apprenticeships and support the next generation of talent. That said, there is still much to be done to sustain this pipeline – we will continue to work with government to ensure apprenticeships are viable and incentivised for businesses,’ said Victoria Brownlie MBE, Chief of Policy and Sustainability at the British Beauty Council.
You can read the full statement here.
