Many of the firms that I visit are actively recruiting on an ongoing basis. Quality compliance, admin staff and advisers are in high demand, so it comes as no surprise that suitably qualified and experienced individuals are in short supply and when you find them you will likely pay a premium to bring them on board and keep them.
Due to the shortage of quality candidates, some firms are looking at alternatives with many implemented Graduate schemes to grow the talent in-house. This is a great idea and allows a firm to put in place their own training goals and objectives, but could it be they are missing a trick?
A lot of business owners I speak to don’t have degrees. Like me, they began working in Financial Services for an Insurance Company or Retail Bank upon leaving school, starting at the bottom and working their way up, gaining valuable experience and taking the relevant qualifications along the way. Yet in this day and age, a degree is often seen as a minimum standard with many recruitment ads citing it as a requirement. I believe firms who follow this path could be missing out on a pool of quality candidates.
With the advent of Modern Apprenticeships, if you’re willing to put in a little extra work to provide a structured learning environment (not dissimilar to a graduate training programme) then this could be an ideal solution.
Aspire Apprenticeship Scheme
The CII has recently launched its new Aspire Apprenticeship Scheme. The first release in September 2018 sees the launch of Insurance Practitioner/Professional and Financial Adviser standards in England (with similar options available in Scotland & Wales), and further standards in Paraplanning, Mortgages, Pensions and Compliance to follow in due course.
So why should you consider bringing an apprenticeship within your firm? Here are a few of the potential benefits: –
· Access a wider pool of young talent that you hadn’t considered before
· Standardised training framework to achieve professionally recognised qualifications (Level 3-6)
· Government funding of up to 100% of the training costs (dependent on business size) making hiring an apprentice cost-effective option
· Boost productivity
· Open to all employers across the profession, large or small
Hiring an apprentice could be a productive and effective way to grow your business talent. If this is something you might be interested in, check out these websites for more information: –
CII Aspire Apprenticeship Scheme – http://www.cii.co.uk/qualifications/apprenticeships/about-apprenticeships/
Institute for Apprentices, Financial Services Professional – https://www.instituteforapprenticeships.org/apprenticeship-standards/financial-services-professional/