A detailed look at funding options available for employers 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. There is a cost to the recruitment process itself, in terms of advertising and the resources needed to shortlist candidates, interview them and set up the necessary human resource processes to employ them. Then of course you need to train them, which can mean external training costs or a loss in productivity as the new employees are trained internally.
For the applicant, they know that refreshing their career has a cost attached, particularly for a more mature applicant. There will be a need to re-train and pick up new skills and qualifications, but an employer can gain an advantage in the recruitment market by researching funding opportunities and covering the costs to 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 options that are currently available to employers.