ACCA tells businesses large and small - ‘apprenticeships make clear business sense’

Date

08 Mar 2017

Sections

Euro & Finance
Innovation & Enterprise

Press release

·         Small and Medium Sized Enterprises (SMEs) will be vital to the take-up and success of apprenticeships

·         ACCA’s apprenticeship offering will attract and develop the talent business needs, while also giving candidates what they need for successful careers

ACCA (the Association of Chartered Certified Accountants) today launches its first apprenticeship - the ACCA Accounting Technician Apprenticeship - advising businesses large and small of six key reasons why apprenticeships make clear and credible business sense.

The ACCA Accounting Technician Apprenticeship (Level 4 Trailblazer) leads to a Diploma in Accounting and Business, offering an alternative to university-based education for apprentices. It offers employers the chance to build their workforce and attract highly motivated new staff so their business can thrive.

John Williams, head of ACCA UK, says: ‘ACCA’s Accounting Technician Apprenticeship will help all employers find the talent they need to drive productivity in their business and for the economy – an important aspect of the UK’s industrial strategy announced by the Prime Minister in January 2017.

‘ACCA believes SMEs will be vital to the success of apprenticeships and we’re encouraging the SME community to get behind these programmes – they could be the real driving force behind the take-up of apprenticeships.

‘And for those considering an apprenticeship, our Trailblazer programme allows apprentices to gain professional training and qualifications, building their experience and earning while they learn.’

ACCA’s six reasons for business to invest in apprenticeships are:

1.    Apprenticeships make good business sense

Taking on an apprentice requires minimal financial investment but delivers a committed, highly motivated individual whose skills are advancing rapidly and who can make a positive impact on a business. 76% * of employers who take on apprentices agree that they make the workplace more productive and 77% say they make them more competitive.

2.    Apprenticeships make hiring simpler and cheaper

59% of employers report that training apprentices is more cost-effective than hiring skilled staff, and that apprenticeships lead to lower overall training costs. More than half say that hiring apprentices reduces overall recruitment costs. Training providers and ACCA will work with employers to recruit apprentices, customise training programmes and access funding.

3.    Apprenticeships can drive motivation and retention

Providing an apprenticeship programme demonstrates commitment to long-term development that staff will recognise and value, leading to higher retention. 92% of employers who employ apprentices say that apprenticeships lead to a more motivated and satisfied workforce, with staff members contributing to their apprentices’ training and valuing the experience and opportunity to contribute.

4.    Apprenticeships can develop existing staff

Apprenticeships are not just for new hires – business can now use them to structure and accelerate the training and development of current staff. With ACCA’s pathways this can further enhance retention and drive the acquisition of advanced skills, right up to chartered certified status.

5.    They can introduce fresh perspectives and new ideas

Apprenticeships are a powerful way to attract new talent into an organisation – bringing millienials into the workplace who tend to be more digitally savvy, so supporting the existing workforce. By providing ACCA apprenticeships, businesses can engage diverse local and national talent, and offer a genuine alternative to university that allows people to launch and build their careers.

6.    Apprenticeships build a talent pipeline

Apprenticeships more than repay the investment. Through apprentices, employers will create long-term assets and advocates for their business - 57% of employers report a high proportion of their apprentices going onto management positions within their organisations.

John Williams concludes: ‘ACCA recognises apprenticeships as being very much as a win-win for all involved, and we’ll be working with employers to make this a success, delivering the best experience – both for apprentices and business.’

Details of the ACCA Accounting Technician Apprenticeship are here:

www.accaglobal.com/eng/apprentice

- ends -

For media enquiries, contact:

Helen Thompson, ACCA Newsroom

E: helen.thompson@accaglobal.com

T: +44 (0)20 7059 5759

M: +44 (0)7725 498 654

Twitter @ACCANews

 

Notes to Editors

About ACCA

* Statistics cited in this release are from The Benefits of Apprenticeships to Businesses; A report for the Skills Funding Agency by www.cebr.com

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 188,000 members and 480,000 students in 178 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 100 offices and centres and more than 7,110 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers.

More information is here: www.accaglobal.com

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