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Financial Incentive Scheme Introduced to Combat Youth Unemployment

Financial Incentive Scheme Introduced to Combat Youth Unemployment

At first glance, the spectre of Brexit and global economic concerns appear to be casting a shadow over business confidence in the UK. With manufacturing output declining at its fastest pace for three years and the overall level of sentiment plummeting, businesses appear more inclined to consolidate rather than invest heavily in their long-term growth.

The recruitment of younger employees is a particular area of concern, as this usually represents a significant investment that depends almost entirely on the suitability of each individual candidate and their ability to add value to businesses. So while we have seen overall unemployment levels fall to record lows recently, the number of younger adults out of work remains uncomfortably high and continues to rise in 2016.

Incentivising Employers: How Apprenticeships can ease youth unemployment

To ease these concerns, employers in England are now being offered a £2,000 incentive to invest in young workers and deploy them throughout their business. More specifically, this incentive will be available to firms that take on teenagers, care leavers and individuals with special education needs as apprentices, and this is part of a wider apprenticeship scheme that has cost the government an estimated £2.5 billion. 
The proposed incentive is designed to subsidise approximately 90% of the cost of providing an apprenticeship, negating the perceived risk of hiring young and unproven candidates in the current climate.

How else are Businesses being empowered to Recruit in the Current Climate?

This is also part of a wider trend in the current economy, where businesses of all shapes and sizes are being empowered to recruit and drive growth in the face of volatility. Employers are being increasingly empowered by technology and a host of analytical tools, for example, which enable them to understand their corporate finances and underlying business model in far greater detail. This leads to more informed decision making, while allowing companies to make small but impactful changes that increase their turnover and bottom-line profit.
There has been a particular focus on managing cash-flow, which is a significant concern for small business-owners. Concepts such as invoice financing have helped to negate this, however, as they enable start-up firms to take on additional employees and expand without being bound by excessive payment terms that exceed 30 days. Most importantly, they can secure cash against the value of their invoices, whilst making use of tools to determine what they can expect from such an arrangement and the rates of repayment.

The Bottom Line

This combination of government incentives and technological advancement is certainly empowering organic business growth in the UK, despite the economic volatility that continues to undermine the nation as a whole. Most importantly, there are now ample opportunities for companies to recruit young talent and build for their futures, while minimising risk and maintaining a healthy, productive cash-flow in the process.

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