In response to the pressing issue of cost-of-living pressures facing businesses in 2024, the Skills for Life campaign, through its ‘Skills Horizon 2024 Barometer’, reveals that 64% of SMEs in England are embracing lower-cost recruitment methods to sustain their investment in talent.
Cost concerns, including escalating operational expenses (51%) and employee welfare amidst the cost of living (41%), feature prominently as top priorities for SMEs in the upcoming year.
Amidst these challenges, a significant portion of businesses (two-thirds) are strategizing for growth by investing in cost-effective, long-term workforce recruitment initiatives. These include initiatives like school-leaver employment schemes (e.g., apprenticeships) (53%) and work placements (e.g., T Levels) (60%). 
Over the past year, a considerable number of SMEs (74%) have observed the benefits derived by other businesses from available technical education schemes. These advantages encompass opportunities to nurture young talent (55%), enhance the skills of existing team members (52%), and bridge skills gaps within the organization (50%).
For businesses contemplating hiring, various government training and employment schemes are accessible. These include hosting T Level Industry Placements, recruiting apprentices, or upskilling current staff members.
To aid employers in navigating these flexible options, the Skills for Life campaign is dedicated to assisting SMEs in understanding the array of schemes available and making informed training decisions tailored to their business needs.
For those seeking to invest in new or existing talent, a multitude of options are at your disposal:
- Apprenticeships: Offered to individuals aged 16 and above, apprenticeships blend on-the-job training with academic study, enabling the development of both new and current staff members while fostering business growth.
- T Levels: Industry Placements: Hosting a T Level industry placement grants early access to promising young individuals, providing an avenue to cultivate the workforce of tomorrow.
- Skills Bootcamps: These flexible training courses, designed for individuals aged 19 and over, expedite specialized skill development, catering to the needs of both existing and new talent within your organization.
- Multiply: Free maths courses tailored for employees aged 19 and above, aiming to reduce numeracy-related errors and bolster workplace productivity.
- Higher Technical Qualifications (HTQs): These Level 4 or 5 qualifications, devoid of work placements, offer employees the flexibility to pursue studies while continuing to work.
To explore training and employment schemes suitable for your business, along with guidance on implementation, visit find-employer-schemes.education.gov.uk.
