Interested in funding for employers? We take a detailed look at the funding options available to employers who are looking to take on career change candidates.

The Cost of Recruitment

People are an organisation’s biggest asset and therefore, they come at a cost. First of all, there is a cost of the recruitment process itself. This comes in the form of advertising, the resources needed to shortlist candidates, interview them and set up the necessary human resource processes to employ them. Subsequently, of course, you need to train them. This can mean external training costs or a loss in productivity as the new employees are trained internally.

For the applicant, they know that changing careers has a cost attached. This is particularly the case for a more mature applicant. There will be a need to retrain and pick up new skills and qualifications. However, employers can gain an advantage in the recruitment market by researching funding opportunities. These can help cover costs and offer a comprehensive recruitment and induction package to a new employee. There are various schemes which now encourage people of any age – from a 20-year-old college leaver to a 50-year-old seeking a new challenge – to re-train and prepare themselves for a new career.

Here we will take a look at some of the recent and more established funding for employers options that are currently available.

  • Adult Learners

    Adult learners can apply for grants and bursaries to help pay for training courses in order to achieve City & Guilds qualifications in various skills. The onus is traditionally on the applicant in this case. Nonetheless, employers can research and promote this funding option as part of their recruitment package to help entice people to their organisation. Various industry sectors are covered by the scheme including an NHS bursary, a social work bursary and a teacher training bursary.

  • Legal Entitlement

    The Government runs a legal entitlement programme for younger people aged 19-23 years old wishing to gain new skills to aid a career change. This is a fully funded scheme and enables the applicant to gain a first Level 2 or Level 3 qualification. Again, employers can look into this and build this process into their recruitment and induction procedures. By doing this, the applicant doesn’t need to re-train prior to applying for a position. This enables the employer to fill positions faster and also offers more security to the applicant.

  • Skills Bootcamps

    Skills Bootcamps are training courses designed for existing or potential employees. Basically, these courses fast-track skills development, helping your business find talent with the specialised skills you need. Skills Bootcamps offer a flexible learning option for employees or job seekers and are available for those over the age of 19.

    In terms of funding for employers, the cost of the training courses depends on the size of your business. However, if the trainee is not currently employed by your business, the employer doesn’t pay anything.

    Skills Bootcamps are significantly beneficial to employers and job seekers alike. As an employer, you can plug specific skills gaps in your business. On the other hand, job seekers will learn a specialised skillset. What’s more, they are guaranteed an interview at the end of their training.

  • Ex-Services Personnel

    Every year around 14,000 skilled and experienced personnel leave the Armed Forces and enter the jobs market. The Ministry of Defence’s Career Transition Programme (CTP) exists to connect this pool of applicants to suitable employers. From SMEs to national and multi-national organisations, employers can join the scheme and gain access to high-quality, motivated and committed personnel. This saves on the costs of recruitment and training.

    Check out our dedicated page on the benefits of employing ex-military personnel for more information.

Funding for Employers: Final Thoughts

When preparing a recruitment strategy aimed at career changers, it makes sense for employers to have their funding plans in place. By doing this in advance, employers have easier access to the kind of talent they are hoping to attract. Additionally, businesses that offer training programmes generally attract better quality applicants.

Want to know more about funding for employers? Refreshing a Career has a wealth of help and advice for employers seeking funding. You’ll find lots of other resources including the benefits of hiring career changers and the ultimate guide on hiring career changers.

Be sure to also check out our services page for information on advertising on our specialist jobs board, creating a company profile, and more.

Finally, don’t forget to subscribe to our newsletter to stay updated with all of the latest news and information from Refreshing a Career or contact us with any queries.

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