A second tranche of funding has been freed up as part of the Employer Ownership Pilot to allow businesses to create training programmes.
Following an initial £90 million commitment, the Employer Ownership Pilot (EOP) has opened applications for a share of a new £240 million pot.
The scheme was a launched in November 2011 and routes public investment directly to employers so that they can produce training packages. The first round saw £90 million distributed over two years via grants, a sum matched by an expected £115 in employer investment.
Jointly funded by the Department for Business, Innovation & Skills (BIS) and the Department for Education, it is hoped that the fund will help young people into work delivering pre-employment training, extending apprenticeships and improving supply chains.
The fresh allocation was unveiled by skills minister Matthew Hancock at a project created by a consortium of businesses in the glass industry to inspire young people to work in the sector.
The ‘Glass Academy’ was partly funded by the EOP and will now provide apprenticeships, in-work training and will like with education institutions.
Speaking there, Hancock said, ‘For British businesses to succeed and compete in the global race, they need a highly-skilled workforce that can meet the challenges of the future.
‘With applications for round two now open, I would urge businesses – particularly small companies – to consider how the fund can help them grow, from creating new apprenticeships programmes to setting up specialist training academies.’
More on the Employer Ownership Pilot:
- New £150 million pot available for businesses
- George Osborne pledges more cash for Employer Ownership Pilot
Other organisations using EOP funding include BAE Systems, which is training up to 50 apprentices for companies in its North West supply chain.
Charlie Mayfield, chairman of the John Lewis Partnership and the UK Commission for Employment and Skills, which administers the Employer Ownership Pilot, adds, ‘This is a major opportunity for responsible ambitious employers to step up and get the training they need for long-term growth.’
Applications for funding from the second round close on 28 March. More details can be found here.