Drive business resilience with accountancy apprenticeships
In today’s challenging business environment, having a motivated, highly skilled and adaptable finance team to support and lead your organisation is more crucial than ever. An effective finance function must have the ability to create value, innovate and increase resilience across all business areas.
An apprenticeships programme can transform your business through recruiting and upskilling, resulting in a pool of high-performing talent with the skills, competencies and growth mindset needed for success.
The CIMA® Apprenticeships Programme offers a cost effective way to equip your finance team with the skills they need, leveraging government funding to give you a clear return on your recruitment and L&D investment.
We spoke to Peter Chapman, Deputy Director of Finance at Chelsea and Westminster NHS Foundation Trust, about his experience with the CIMA Apprenticeships Programme.
Benefitting from 20% off-the-job training
Though the many benefits of an apprenticeships programme are clear — recouping the government apprenticeship levy, the chance to increase workforce diversity and building loyalty, to name a few — the requirement for 20% off-the-job training is still giving many businesses pause for thought. Will the pain outweigh the gain? For Peter Chapman of Chelsea and Westminster NHS Foundation Trust, it actively encourages a broader, more rounded skill set. ‘I see the 20% off-the-job training as one of the programme’s benefits, a positive’. Far from being a drain on resources, the rule can prove to be a definite advantage.
Like many businesses across the U.K., the NHS continues to face relentless budgetary pressures whilst also going through large-scale digital transformation. For Peter and his team, making the most of the government funding and apprenticeships’ development opportunities is more crucial than ever. The finance department is a key contributor to the Trust’s nationally recognised excellence in financial and operational performance. Providing off-the-job training for staff is key to maintaining this reputation. A qualification from CIMA, with its focus on bridging capability gaps in key skills — technical, business, people, leadership and digital — ensures that their apprentices, and the Trust, gain the broad, multi-disciplinary skills needed to succeed now and into the future.
Case study questions and answers
Why did you choose the CIMA Apprenticeships Programme?
'We always have the staff working towards accountancy qualifications and pay a significant sum into the apprenticeship levy every year. Rather than using our individual budgets to pay their study fees, we can draw down on the levy instead. It’s been particularly advantageous during the pandemic when we’ve all had to adapt and save money elsewhere'.
How have CIMA apprentices added value to your business?
'We actively encourage our team to take the apprenticeship option. The more they can develop themselves professionally, the better service we can provide for the rest of the Trust. It all contributes to helping our patients at the end of the day'.
The main concern for many employers is 20% off-the-job training. Was that a concern for you, and how did you overcome it?
'It hasn’t been an issue for us. Each apprentice spends several days shadowing other team members in the department. They go to meetings with some of the more senior finance members and spend time experiencing practical examples of what they’re learning from textbooks — whether that’s a balance sheet or cash flow — to support their studies.
The apprenticeship allows them to cross over to other parts of the finance team; they can train in areas they don’t usually work in and broaden their experience'.
Did you face any other obstacles when going through the CIMA Apprenticeships Programme process?
'No, I don’t think so. While they are apprentices in terms of the programme, first and foremost, they’re members of the finance team. But we allow them as much time as possible to fit their studies in with their job and learn other things that will support their studies'.
Can you give an example of how apprentices have benefited your business?
'When job opportunities come up across other parts of finance, our apprentices have a lot to offer because of their broader skill set. We've had several internal reorganisations (including promotions) recently, and our apprentices have definitely benefitted from that. As a Trust, we gain too, as it means we can look internally to fill positions because there is a definite career path. It gives us continuity and provides development opportunities for people who want to come and work here'.
How has your business adapted apprenticeships in the current environment?
'The NHS has been a good sector to work in with no impact in terms of furlough or job losses. Once the lockdown happened back in March, all our finance staff were set up at home with either laptops or desktops. So, from that point of view work, carried on as usual, just from different sites. In terms of studying, most of the learning was remote anyway, but we’ve provided extra support with regular Zoom meetings at all levels'.
Has the additional government support available been beneficial?
'In terms of funding, we’ve had to spend money very differently in the last six months, so having the apprenticeship levy has been a nice saving for the finance training budget and allowed us to reroute money elsewhere'.
How has CIMA supported you with your apprenticeships?
'The whole programme runs really smoothly. Our dedicated contact at CIMA has been supportive; we have quarterly meetings with the team at CIMA and Babington — our tuition provider. There’s always somebody there to deal with any questions that we have. CIMA has also made more courses available since the pandemic started. It’s good to know they’re there if needed.
What advice would you give to other employers considering apprenticeships?
'From a purely financial point of view the levy funding is definitely a benefit, make the most of it.
It’s a good way to support your team to learn. Take advantage of the 20% off-the-job training — rotate apprentices through different teams in the finance function to give first-hand knowledge and experience'.
Knowing what you know now, would you recommend the CIMA Apprenticeships Programme?
'I can recommend CIMA as a partner. We encourage apprenticeships as part of our annual performance and development reviews, making sure our team members are always learning. It creates a more skilled finance team and adds quality to the service we offer'.