In the Autumn Statement 2023, Chancellor Jeremy Hunt announced £50 million of funding for apprenticeship training in engineering and other growth sectors. Woodward Group shares our thoughts on the announcement, as well as why we think apprenticeships are so beneficial to both the individual and the broader economy.
To boost apprenticeship training in high-growth sectors, like engineering and manufacturing, the government is investing £50 million in a two-year pilot as of next 2024. Full details of the pilot are yet to be announced, but the Chancellor stated in the Autumn Statement 2023 that this extra funding is intended to be used to create more opportunities for training and break down some of the barriers that might prevent some employers from offering high quality apprenticeships.
The Chancellor also revealed that the apprenticeship minimum wage will rise by 21.2% from 1 April 2024 to £6.40 an hour, with a cash increase of £1.12 per hour.
Aden Woodward, managing director at Woodward Group, said:
“We welcome the announcements made in the Autumn Statement regarding apprenticeships. Over Woodward Group’s 35 year history, we have remained passionate about training the next generation of mechanical and electrical engineering professionals through our active apprenticeship programme, and are proud of the many success stories that we have been a part of. Indeed, some of our senior management team members originally joined us as apprentices many moons ago.
“We firmly believe that apprenticeships play a crucial role in workforce development, and that they offer countless benefits for both individuals and the broader economy. Additional funding targeted at meeting the needs of budding apprentices, employers and training providers can only be a positive thing.”
Apprenticeships: what are the benefits?
-
Hands-on learning
Apprenticeships provide people with practical, on-the-job experience. Often more effective than theoretical learning alone, this hands-on style of training allows individuals to develop real-world skills and knowledge in a specific trade.
-
Skill development
Apprenticeships focus on developing specific skills required for a particular job or industry. This targeted training ensures that individuals gain the practical skills and knowledge needed to truly excel in their chosen field, which might not necessarily be able t.
-
Workplace integration
Apprenticeships allow individuals to integrate into the workforce gradually. They work alongside experienced professionals, gaining insights into the industry, company culture, and workplace expectations.
-
Earning while learning
Unlike traditional education pathways, apprenticeships offer individuals the opportunity to earn a wage while they learn. This financial support can help reduce the financial burden often associated with education and training.
-
Industry-relevant training
Apprenticeships are designed in collaboration with employers, ensuring that the training provided is directly relevant to the needs of the industry. This helps bridge the gap between academic knowledge and practical workplace requirements.
-
Reducing skills gaps
By focusing on specific skills needed in the workforce, apprenticeships contribute to reducing skills gaps in various industries. This is particularly important as technological advancements and changing business landscapes require workers to possess up-to-date and relevant skills.
Looking for an apprenticeship opportunity?
If you’re considering undertaking a mechanical or electrical engineering apprenticeship, we’d love to hear from you. Woodward Group is always open to new talent joining our team and adding value to our clients. If you’d like to be part of our growth, please send us your CV or give us a call on 01283 819379.