BT sets up new fund to boost apprenticeships across England
By Benjamin Chiou
Date: Monday 23 Sep 2024
(Sharecast News) - BT is investing £4m of its apprenticeship levy reserves to launch a new Apprenticeship Fund, designed to support SMEs, charities and public-sector organisations across England.
The new fund, in partnership with apprenticeship training provider Babington, has the ability to scale up depending on take up, BT said, with the investment covering an initial four-year period.
The fund has the potential to support up to 550 apprentices aged 22 or older, resulting in a £21m positive economic impact.
Since 2017, those with an annual wage bill of more than £3m are required to pay the apprenticeship levy, using the funds to recruit and train apprentices, but uptake is low.
According to business advisory firm BDO, more than a third of mid-sized businesses are currently struggling to recruit apprentices.
BT said the new fund will have a key focus of digital skills development, reflecting the company's own emphasis on technology and innovation in its apprenticeship programmes.
"By sharing up to £4 million from our apprenticeship levy funds, we're giving these businesses the financial support they need to invest in talent. This not only helps create a more skilled, diverse, and competitive workforce, it also provides SMEs with additional resources to grow and scale their business," said Chris Sims, managing director for small and medium business at BT.
"The apprenticeship programme at BT has not only shaped our workforce, it has also helped set industry standards."
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