35% of UK financial firms do not have an apprenticeship scheme – Davies

Research from Davies found that 57% of financial services employees said their organisation has an apprenticeship scheme in place, while 35% said theirs did not, and 8% were unsure.

504 full-time employees from UK financial services firms were surveyed, and found that among organisations running a scheme, 73% indicated that permanent roles are typically offered at the outset for those who complete their apprenticeships.

71% stated that the schemes were more economical than hiring graduates or junior employees through other channels.

85% of respondents believed apprenticeship schemes helped build loyalty between participants and their organisation, while 78% reported that participants in their apprenticeship programmes often progressed to long-term careers within their company

Among senior managers in organisations running apprenticeship schemes, 87% said their schemes aim to create pathways for diverse talent, enabling a wider range of people to build careers in financial services.

Additionally, 74% said the Government’s Apprenticeship Levy – which provides funding to pay for apprenticeship training costs – was an important incentive.

Of those without an apprenticeship scheme, 15% said they did not know how to take advantage of the Apprenticeship Levy, while 11% did not know how to establish an apprenticeship scheme.

One fifth (19%) said they did not see the value in running a scheme, while 42% indicated that they attract enough talent through other means.