Senior leaders in UK businesses are missing out on £1.84 bn of annual government funding meant for developing their people.
Are you one of those leaders?
The latest figures from the government have just been published and they show that 78% of funding is being lost by business leaders as they fail to utilise the available funding to develop their teams.
In March, Keith Smith the Education and Skills Funding Agency’s (ESFA) director of apprenticeships, told the Public Accounts Committee that employers are expected to lose around £12 million in the month of May alone simply by not using it to fund accredited structured learning for their employees.
Why is this problem occurring?
The monies are collected via a levy on all companies with a wage bill of over £3m per annum (that's only circa 120 employees).
The levy is often paid centrally by the finance function and hence isn’t then allocated back out at a departmental level into their L&D budgets.
The lack of allocated accountability results in limited focus and funds not being used effectively.
This is further compounded by a misunderstanding that this funding can only be used for basic skills and or 16-19 yr olds, neither of which are true.
What marketing leadership need to know..
At Andragogy.co working with our partners The Digital Marketing Institute, we have created fully funded, accredited digital marketing learning programmes that identify and address the gaps in your teams skills and competence.
Teams taking advantage of these programmes:
Quickly become more competent and perform at a higher level.
Are more efficient and effective in the delivery of their goals.
Feel invested in and tend to remain in role longer.
Better utilise marketing budgets reducing error and wastage.
Deliver better all round results.
If you need to develop your teams and would like to do so using government levy funding then talk to us now to find out how…