Today, our blog looks at how we have reformed apprenticeships to make sure they work for all employers, as well new statistics on graduate employment.
Today, Friday 26 April, the Federation of Small Businesses (FSB) has published a report on the impact of our apprenticeship reforms on small businesses in England. This was covered by the Financial Times and the Times.
The report says that of the small firms that employed apprentices both before and after the 2017 reforms, 27% say the reforms have had a negative impact. It also notes that the halving of the co-investment rate to 5% has been welcomed by the FSB.
Apprenticeships and Skills Minister, Anne Milton said:
Large businesses can now transfer up to 25% of their levy funds to small employers which will be a fantastic opportunity for smaller business. We are very aware of the support smaller business needs and will continue to work with them so they can take advantage of the fantastic opportunity an apprentice brings to their business.
We want an apprenticeship system that works for all employers – big and small. Our reforms were designed and driven by businesses of all sizes to make sure apprentices learn the skills employers need. Apprenticeships are now longer, higher-quality, with more off-the-job training and provide for a proper assessment at the end.
The FSB has also tweeted the below video, where the Skills Minister explains how the government is working to improve the apprenticeship system.
Graduate Labour Statistics
Yesterday, Thursday 25 April, we have published 2018 Graduate Labour Market statistics. The statistics show that the median graduate salary for 2018 was £34,000 – more than £10,000 higher than the median non-graduate salary. This was covered by the Guardian.
The statistics also showed that the graduate employment rate was 87.7%, which is 16.1% higher than non-graduates.
Universities Minister Chris Skidmore said:
We have record rates of 18-year-olds in England going into higher education so I am delighted to see that there continues to be a graduate premium and students are going on to reap the rewards of their degrees.
However, this Government is clear that all graduates, no matter their gender, race or background, should be benefitting from our world-class universities and there is clearly much further to go to improve the race and gender pay gap.
We have introduced a range of reforms in higher education which have a relentless focus on levelling the playing field, so that everyone with the talent and potential, can not only go to university but flourishes there and has the best possible chance of a successful career.