With Adult Learning Week stealing the spotlight this week, employers are now under more pressure than ever to ensure that their employees are learning on the job. In industries where Continuing Professional Development (CPD) is not strictly enforced, additional training is often side-lined, resulting in low staff morale and a demotivated workforce.
Accounting, medicine, education are just some of the sectors where CPD has traditionally been relied on, but what about those who don’t work in these industries? Employers can help their staff save on work-related training by using the new Earn and Learn scheme. All costs relating to tuition, travel, accommodation and substance can all be paid for under the scheme**. To qualify, both internal and external training must be linked to the employee’s work role or a role they may have in the future.
Through exchanging part of their salary for training, employees will not pay tax or National Insurance on the sacrificed amount. Basic rate tax payers can save up to 32% during a 12-month period and higher rate can save up to 42%. The perks for employers are just as great as they save on National Insurance bills and retain key talent.
“The Earn and Learn scheme meets the needs of both parties,” explained John Woodward, CEO of Busy Bees Benefits. “Both employees and employers benefit from the training – especially if there’s a saving involved. According to a survey by the Chartered Institute of Personnel and Development, 31% of UK organisations have no formal learning programme in place. We believe this is due to the fact that employers just don’t know these employee benefit schemes exist. “Having a strong employee benefits offering is now even more important as the economy begins to recover from the recession. As a result of this growth, employees now have wider career options and may start to explore the expanding job market if they feel they could increase their value elsewhere. “With Adult Learning Week taking off, now is a great time to spread the word and encourage employers to facilitate their employees’ learning opportunities,” he concluded.