If you're eager to help get young people and graduates into your workplace, then these schemes should help you save some pennies. These three funds help support employers who hire apprentices, students and graduates.
Knowledge Transfer Partnerships
The Knowledge Transfer Partnership scheme is a graduate recruitment program, whereby a university employs a graduate to work five days a week for your business and lead a project. The project should aim to further innovation and growth within your company. Lots of universities around the country and the North East are involved, including Durham, Northumbria and Newcastle.
This collaboration can last between 12 and 36 months, and is part funded through a grant from the University. Academics from the University will also visit your business once a week to see how the project is progressing and offer assistance. Businesses generally achieve a substantial increase in annual profit after the partnership.
Santander University Internship
The Santander University Internship is for SMEs hiring graduates from a whole host of universities across the country. The scheme provides up to £1,500 in salary support to businesses who hire graduates for at least three months. Half of this is paid by the partner University, with the other half donated by Santander.
If you're hiring, the Santander University Internship is a great way to get your vacancy matched against suitable candidates. Even if you've already filled a position with a graduate, you may still be eligible for some salary support.
The Apprentice Grant for Employers, or AGE, is designed to help small businesses who are not in the financial position to hire an apprentice. You could be eligible if you haven't employed an apprenticeship in the past twelve months, and you employ 50 people or less.
Your business could receive up to five grants from the AGE 16-24, with each grant worth up to £1,500 - as long as the apprentice you hire is between the ages of 16 and 24.