26 Jan 2010

Financial services companies urged to target school leavers

The National Skills Academy for Financial Services (NSAFS) is urging financial services employers that are looking to recruit in the current economic climate to target school leavers who are finishing their A’ level or equivalent courses, due to increased funding for younger apprenticeships.

NSAFS can help identify and target young people through its learning provider network. It is seeking to encourage financial services employers to contact the charity for support with funding options and recruitment guidance to tap into youth talent and ensure they are not missing out from Government opportunities.

Sylvia Perrins, CEO, National Skills Academy for Financial Services says: “It is a difficult time for many employers and while many companies are still not in a position to hire, those that are recruiting would be advantaged by understanding the funding options open to them for young people as this knowledge could pay dividends, whether they are a large or small business”.

The Government has recently shifted funding to deliver more apprenticeships to younger people, enabling employers to recruit 18 year old who may already have left or will finish school in the summer after completing their studies. Increased funding is designed to tackle what the Government sees as a shortage of skills in the UK and support young people into work.

The “Investing in Young People” initiative will give £8.5bn in 2010-11 in funding to 16-19 year olds. An additional 21,000 apprenticeship places are being made available, giving financial services employers the possibility of benefiting from the funding shift.

Sylvia Perrins adds: “Owing to the way the funding system works, it is important for companies to stake their claim, by actively seeking these opportunities. NSAFS can help employers who are planning to recruit in the coming months, providing support to tap into apprenticeship opportunities and other skills solutions.”

Apprenticeships are new to the financial services sector and employers are beginning to discover how good they can be for their staff and their companies. Therefore, NSAFS thinks it is important that companies get involved so that they can receive appropriate funding that matches the importance of this industry to the UK economy.

NSAFS is an independent employer-led charitable organisation, which is already working with more than 150 financial services companies around the country to help support their skills and training requirements and support career development.
Apprenticeship figures

NSAFS currently has almost 1,000 apprentices undergoing apprenticeship and advanced apprenticeships through its network of thirty training providers. Among these numbers, 200 apprentices are studying for specialist insurance apprenticeships and advanced apprenticeships. Approximately 450 apprentices are studying in retail finance and about another 300 are studying to become financial advisers.

Some of the benefits it that the apprenticeship scheme allows the non-graduate and graduate workforce a real opportunity to take part in a cost-effective structured training programme that provides companies with flexible and relevant training that meet business needs. The flexible work-study programme combines needs for soft skills with technical and professional qualifications, meeting regulatory requirements and professional development goals.

NSAFS has case studies available upon request.