What is Transfer to Transform?
Transfer to Transform is an innovative scheme that lets large employers share up to 50% of their unused apprenticeship levy funds. These funds help SMEs in Southampton and Portsmouth cover apprenticeship training costs, enabling them to hire and upskill staff. This initiative boosts local apprenticeship opportunities, showcases corporate social responsibility, and reduces unspent levy waste.
What is the apprenticeship levy?
Introduced in April 2017, the Apprenticeship Levy requires employers with a payroll over £3 million to pay 0.5% of their wage bill monthly. The funds can be used for apprenticeship training, but unspent levy amounts are reclaimed by the government after two years. Levy transfers offer a way to make better use of these funds.
What are the benefits?
- Reduced Training Costs: They can access apprenticeship training without bearing the full financial burden, enabling them to upskill their workforce affordably.
- Workforce Development: Businesses can train new staff or enhance the skills of existing employees, improving productivity.
- Improved Talent Pipeline: Access to apprenticeships helps attract motivated individuals eager to learn and grow within the company.
- Business Growth: By reducing training expenses, SMEs can allocate resources to other areas, supporting overall business development.
- Local Support Network: Participating in the scheme connects SMEs with larger businesses in the area, fostering collaboration and community growth.
- Access to High-Quality Training: The funding enables SMEs to provide their teams with accredited and structured training programmes, enhancing employee satisfaction and retention.
How do I apply?
Any business can apply for a levy transfer. If you are a small business looking to fund an apprenticeship through a levy transfer, please get in contact with us and we can point you in the right direction. The Solent Business and Skills Solutions has an online form that you are able to fill in allowing you to make an enquiry: https://solentbusinessandskills.com/transfer-to-transform