The solution provides the perfect way of incentivising staff to take accredited training whilst removing the risk of having to pay for that training if the employee fails to performMost companies agree that having a robust accredited training program is a good way to both attract and retain recruiters and HR professionals. They old adage of ‘What if I pay for their training and they leave’ has now been replaced with ‘What if I don’t and they stay’.
But training is a real cost and risk to the employer, regardless of how crucial staff training is to productivity and sales. This new approach solves this problem.
The new solution provided by Government is to use their ‘Advanced Learning Loans’ scheme to pay for recruitment or HR training and qualifications.
The professional courses on offer via the loan scheme – Click course name to APPLY:
- Agency Recruitment (Online – earning the letters Cert PRP)
- In-House Recruitment (Online -earning the letters Cert PRP)
- HR (Online -earning the letters Cert HR)
To know more email: learn@studycourse.org or call the IOR on 0871 288 2108.
Using the loan scheme means the staff member is personally responsible for the loan amount, but the employer can offer to pay the monthly repayments while they still work at their company. This means that an agency can have a staff member fully trained and accredited and only pay if they start to earn over £21k per year, and even then the repayments can be as little as £7 per month.
Companies should encourage new and existing staff to take some responsibility for funding their own development which they can ‘win back’ (in the form of loan repayments from their employer) through loyalty and performance.
The Government’s Advanced Learning Loan Scheme is currently for those aged 24 years and upwards, but from 1st August it will apply to anyone aged from 19 years and upwards.
The Advanced Learning Loan Scheme is administered by the Student Loans Company for Student Finance England, the same body that university students go to in order to fund their degree courses. These types of loans bear a very low rate of interest, are not credit checked and do not require any bank details.
Companies of all sizes can now offer formal qualifications with training to new and existing staff at low cost by offering to pay their loan installments. The loans can be used to pay for professionally accredited Level 3 and Level 4 qualifications delivered by the Institute of Recruiters on their behalf via StudyCourse.org, the IOR’s Recruitment & HR online learning platform.
All 3 courses offered under this loan scheme are designed with the employer in mind. The learner can study via the IOR’s StudyCourse online learning platform, in their own time with no need to attend any centres. They can learn at any time of the day or night, to suit their personal schedule.
Employees (or their employers on their behalf) would pay back at a rate of 9% of their earnings over and above £21k per year. To illustrate, at a 22k salary the repayment would be £7.00 per month. At 25K, £30.00 per month, at £30k, £60.00 per month etc., and in each case the loan would be deducted from the employees pay through the PAYE system.
Smart employers are offering to pay the employee’s learning loan payments whilst they remain in the service of the employer. There is no risk to employers as they only pay back their employees loan in small monthly amounts (often as low as £7 per month) IF, and only if, their staff member is performing by virtue of earning over £21k per annum. If not, neither they, nor the employee pay a single penny.
The solution provides the perfect way for all sizes of employers to incentivise staff to take accredited training courses whilst removing the risk (from the employer) of having to pay for that training if the employee fails to perform.
If the employee leaves the agency for any reason, the agency can simply stop paying the monthly loan amount along with their salary, and the recruiter will pick up all future payments again once they start earning over £21k per year.
Places are limited
To find out how to get yourself or your recruiting & HR staff onto these courses email: learn@studycourse.org or call the IOR on 0871 288 2108.
