As you may have seen from K&H’s last newsletter, we are looking for a new member of the team to train with us to be an accountant.
Taking on a new employee can be a huge commitment these days, with all the uncertainty that seems to be inherent in most businesses. At the same time you can’t risk missing out on opportunities for growth because of a lack of people to deliver your services.
Any financial cushion that reduces the risk may make the difference between choosing to hire someone now or holding back. There are currently two incentives available (note that you can’t claim both):
1. The Department of Work and Pensions (DWP) scheme offers payments to employers taking on new employees aged 18 – 24 for jobs lasting more than 26 weeks. There are two rates:
- for part-time work between 16 and 29 hours a week: £1,137.50
- for full-time work of 30 hours or more a week: £2,275
For more information, see http://www.dwp.gov.uk/youth-contract/key-initiatives/wage-incentives/
2. There are also grants for employers taking on employees aged 16 – 24 with an apprenticeship:
- Grants up to £1,500, plus
- Training costs of the Apprenticeship framework: 100% for people aged 16 – 18 and 50% for those aged 19 – 24.
From reading these websites, there don’t seem to be many other conditions attached, although no doubt there is plenty of form filling involved. We will certainly be looking into this for our new team member, and I recommend you do the same if you are planning to take on a full-time young employee.
Let’s hope these schemes have the desired effect and help lots of able and willing young people to kick-start their careers.