Richardsons Chartered Accountants has leveraged the OxLEP Skills apprenticeship levy transfer scheme to significantly enhance their employee training and development programs. This case study explores the impact of the apprenticeship scheme and levy transfer on the firm and its staff, highlighting the benefits and transformations experienced as a result.
Background
Thame and Oxford-based chartered accountants, Richardsons, is ICAEW accredited and was established over 30 years ago. They provide specialist accounting advice for small and medium companies, as well as large corporates and individuals.
With a team of 40, Richardsons pride themselves on their first-class customer service, which has enabled them to form a close relationship with many clients, built on trust. As a result, over 60% of their new clients have been generated from existing client recommendations.
Through OxLEP’s Social Contract Programme, funded by the Contain Outbreak Management Fund through Oxfordshire County Council, OxLEP Skills provide expert, impartial advice to help employers unlock and access the apprenticeship levy. Richardsons Chartered Accountants recognised the opportunity presented by the levy to enhance their employee training and development through apprenticeships.
Richardsons have used apprenticeships in the past, with huge success, as most of their current management team are former apprentices. This is a great motivator for Richardsons current apprentices as they have promotional goals to work towards and can visualise a long-lasting career within the company.
Implementation
Alison Richardson, Managing Partner at Richardsons, first heard about 100% funded courses through the OxLEP Skills levy transfer programme at an event hosted by Richardsons. Sebastian Johnson, who was Head of Innovation and Inward Investment at OxLEP, was impressed at how many apprentices Richardsons had at the time (approximately 15 apprentices) and explained the support that OxLEP Skills could provide, including the levy transfer scheme. Since then, Richardsons has worked closely with OxLEP Skills Oxfordshire Apprenticeship Advisor, Nikki Cooper.
Richardsons’ Client Director, Jack Armstrong notes how easy it was to apply for funding via the OxLEP Skills levy transfer programme. He said: “OxLEP Skills have been incredibly helpful with the transfer. Nikki Cooper, in particular, has been fantastic with facilitating the transfer.”
Although Richardsons invests in keeping its employees’ knowledge up to date via specialist courses in relation to staff continuous professional development requirements with professional bodies such as ICAEW, CIMA and AAT, benefitting from the levy means that a wider range of staff can attend more specialist courses which helps to develop the overall skill level of the team and improving collaboration.
Key findings
The OxLEP Skills apprenticeship scheme and levy transfer have had a significant positive impact on Richardsons Chartered Accountants, demonstrated by the following outcomes:
Certainty and assurance: the ability to secure funding through the levy transfer provides the firm with certainty in planning and executing staff training programs. This assurance means that employees consistently receive top-tier training from esteemed training providers.
Benefits beyond cost savings: while the financial advantages are clear, the apprenticeship scheme has introduced additional benefits, including heightened awareness of developmental areas within the firm. This holistic approach to staff development has fostered a conducive learning environment.
Essential role in staff development: training facilitated by the apprenticeship levy has become a critical component of the firm’s employee development strategy. The quality and effectiveness of the training make it an indispensable aspect of nurturing talent.
Recruitment and retention: the ability to advertise substantial training as part of a role at Richardsons has had a positive impact on recruitment rates at the company. Not only has it helped with hiring but with staff retention too, helping to underpin staff loyalty and meaning staff turn over at the company is at an all time low.
Rachel Walker, a current apprentice at Richardsons, shares her personal experience: “Joining Richardsons and choosing to complete an apprenticeship is the best decision I have ever made. Having come out of university with an undergraduate and master’s degree I went straight into a career related to my degree and found out it wasn’t for me. I found it very lonely and not very challenging. That’s why I decided to change my career plan completely and interviewed at Richardsons for a trainee role. I haven’t looked back since, and I now enjoy going to work every day. Richardsons have been so supportive in aiding my learning and development. Everyone is so friendly and want you to be able to achieve your very best.
I am currently two years into my ACA apprenticeship with just over 18 months to go. As part of my apprenticeship, I complete my studies at Reed Business School in the Cotswolds. Reed Business School is a residential college, so whenever I have a course, I get to stay there with all meals provided. This is great for just being able to immerse yourself in your studies without any outside distractions. The tutors are all very supportive and are willing to go out of their way to help you.
I would recommend an apprenticeship to anyone straight out of school, university or even anyone looking for a career change. It’s great way to learn new skills and gain experience whilst earning a salary.”
Future training needs
Jack Armstrong explains that good quality candidates will always be required to join the growing business. Without the levy transfer programme, SMEs usually pay 5% of the overall cost of staff training. Jack states that good quality training is essential for Richardsons staff members so if the levy transfer was not available, it would become an essential cost to the firm.
The success experienced by Richardsons Chartered Accountants through the apprenticeship levy has led them to recommend the OxLEP Skills team and the OxLEP Skills levy transfer scheme to other employers across Oxfordshire, underscoring the value it adds to businesses.
Conclusion
Richardsons Chartered Accountants’ strategic use of the OxLEP Skills apprenticeship levy scheme has not only provided financial benefits but has also enriched the professional development of their staff. The case of Rachel Walker illustrates the transformative power of apprenticeships, offering a pathway to a rewarding career.
Through quality training, support and a diverse range of experiences, Richardsons fosters an environment where employees thrive. Their story serves as a shining example for other Oxfordshire SMEs considering getting involved with the apprenticeship levy programme to advance their workforce development initiatives.