How to Increase Revenue Using Your Levy Pot
Are you part of the 50% of businesses who don’t intend to spend their levy? You may be missing out on opportunities to cut costs and boost revenue.
The Apprenticeship Levy is more than just a recruitment and up-skilling tool. It’s an opportunity for you to increase job satisfaction, speed up digital transformation and improve data literacy across your organisation – all resulting in increased revenue.
Your solution to all three: training. But with 62% believing that their organisation needs to significantly increase its training budget, the Apprenticeship Levy is your cost-effective method of providing high-quality training that builds a high-performing workforce that drives revenue.
Improve job satisfaction
When 85% of people being unhappy in their job equalling to almost $7 trillion lost in productivity; replacing an employee can cost you twice the base salary or when Hilton’s stock was up 274% after they made significant employee-first changes – it’s clear job satisfaction has a huge impact on revenue and customer happiness.
56.3% of UK workers are unhappy in their role, with a lack of development opportunities ranking as one of the highest reasons. Providing your staff with opportunities to up-skill themselves with industry qualifications from bodies like the CIPD and ACCA at no extra cost to you is a no brainer. The majority of apprenticeships include professional qualifications, so you can use your levy funds to train existing staff and incur no additional cost.
Create a progression route for employees
Opportunities to progress are an important factor in employee satisfaction, and promoting from within is essential for reducing turnover costs. It’s not only recruitment fees that make external hires expensive, but the time it takes for these new hires to adjust to your business costs too.
While internal promotions take longer, they’ve been proven to have much higher success rates. Staff receiving their first promotion benefit from going through a structured development programme before starting their new role.
Your levy funds can be spent on training the employee into their new role, reducing the adjustment period. Apprenticeships are available from GCSE to Masters level, so employees at all stages of their career can use them to get their next promotion.
Grow your digital capability
In a report by Capgemini and LinkedIn, 54% stated that the digital skills gap has affected their transformation programmes, with the shortage of talent resulting in them losing their competitive edge. A separate Capgemini report, also revealed that ‘digitally intense’ companies (those that make “investments in technology-enabled initiatives to change how the company operates”) were 9-12% more profitable and are better at driving revenue through their existing assets.
By using your levy funds as a part of your digital transformation strategy you can provide digital skills training at scale to your business.
The digital apprenticeships available now
There are currently 19 digital apprenticeships available in the UK, in the following industries:
- Data Science
- Business Analysis
- Network Engineering
- Software Development and Testing
- Unified Communications
- Digital and Technology Solutions
At least one vendor qualification from the likes of BCS, Dell EMC, CompTIA, ISTQB, Microsoft and more can be found in digital apprenticeships. Improving your digital capabilities, whether that’s through hiring talent or up-skilling existing staff, will directly lead to greater revenue.
Build a data culture
A data culture = quicker, more accurate decision-making. Faster decision-making leads to positive changes occurring sooner, resulting in more revenue.
A data culture is where business decisions across the board are made based on evidence and not just instinct. But how do you encourage your workforce to make everyday data-driven decisions?
It’s all about confidence
The biggest barrier is the lack of confidence. Non-technical employees often believe they’re ‘not a numbers person’ and therefore won’t understand data. This mind-set can lead employees to avoid data in their day to day roles.
Increase your employees’ confidence in three steps:
- Train them. Invest in external training programmes that are tailored to improving the data literacy of non-technical employees. Improve the chances of success by ensuring the training is delivered in an engaging, bite-sized format that works around their schedules.
- Provide them with the right tools. Data visualisation products, like Tableau, make understanding data easy. User-friendly software that’s effortless to use will encourage employees to spend more time understanding how it works. Show them that you don’t have to stare at spreadsheets all day to be data-driven.
- Allow mistakes to happen. Encourage staff to experiment and give them the freedom to make mistakes. Being data-driven becomes interesting when employees can hypothesise, test and learn and see the real business impacts for themselves.
Invest in training at a fraction of the cost, and reap the benefits
When training budgets are minimal, the Apprenticeship Levy is your answer to retaining staff, digitally innovating them to transform your organisation and setting out a data culture which turns customer insights into strategy. Get these crucial elements right and you can’t fail to increase revenue too.
Arch Apprentices have been providing levy consultation services to employers since the levy was announced in the 2015 budget. Get in touch today to see how we can help and email email@example.com