Previously, traineeships have been designed to help people get into their first job after leaving education, predominantly aimed at individuals between the ages of 16 and 24. They can last between six weeks to six months, with studies showing that three quarters of young people who complete a traineeship moving onto employment or further study within a year. Around 15,000 people took place in traineeships between 2018 and 2019 and now, in order to help in economic recovery, firms are going to be financially incentivised to increase the number offered.
In response to fears about mounting unemployment amongst young people, these schemes will be provided a £111m funding boost in England, meaning that firms in England will receive £1,000 for each work-experience place they offer. £21m will also be provided to Wales, Scotland and Northern Ireland for similar schemes. Speaking on these developments, the Treasury outlined that ‘expanding traineeships will be part of a wider package to support young people and to ensure they have the skills and training to go on to high quality, secure and fulfilling employment’.
Traineeships can provide up to 90 hours unpaid work experience, alongside classroom lessons of English and Maths. Whilst organisations do not need to provide such an option for young workers, doing so could be useful in both sourcing and retaining key talent going forward.
More information is expected to be revealed on Wednesday, during which Chancellor Rishi Sunak is also expected to provide further details on post-coronavirus economic recovery.