Planning for the future and adapting your business practices to continually changing markets is so important in today’s economy. When your company supports a traineeship system, you are helping to safeguard an industry’s future by upskilling your employees, and ensuring they are well-equipped with the tools they need to get the job done.
Traineeships provide employers an opportunity to train their new and existing staff members to achieve accredited qualifications. Favourably, as traineeships are government-funded initiatives, they take away the financial burden often felt by providing other forms of professional development in the workplace. Depending on the qualification, training can take anywhere between six months and two years to complete and can be carried out either fully or partially on the job.
Employers who provide traineeships to new and existing team members can receive some great benefits, such as payroll tax exemption for the duration of the study course. What does that mean, you ask? This means, for example, if an employee earns $65,000 p.a based on WA’s 5.5% Payroll Tax, the employer could save $3,575 in payroll tax exemptions for that single employee. Imagine how much could be saved from providing traineeships to several staff members! This money could be reinvested towards other business operations or to provide even more training.
Funded by the Department of Education, Employment and Workplace Relations, further government incentives of up to $4,000 can also be accessed by eligible workers. Workers’ compensation rebates can also be offered to eligible trainees who undertake study at the Certificate IV level.
On top of the amazing tax savings that can be made from traineeships, one of the other major benefits is of course the upskilling and new training of your staff. Developing the skills of your workforce could be one of the wisest business decision you ever make. Keeping staff up-to-date with technologies and new industry trends will help your company achieve growth and expand the skills and capabilities your business is able to provide. Training can reiterate and refresh past learning for existing staff, and introduce new staff members to the key operations of the company. Great training leads to greater productivity, and you can never make a bad investment when you’re investing in education.
In terms of employee morale, traineeships can have an incredibly positive impact. People who feel confident in themselves and their working capabilities view their traineeships and jobs as stepping stones in building a more successful career. In turn, they are more motivated and committed to their jobs, increasing your business’s output and competitiveness in its market. It has been proven that training will increase your staff retention and in some companies, training programs have reduced staff turnover by up to 70 per cent.
Businesses can become host employers through different training course providers depending on the industry they are in. Alternatively, they can employ and recruit trainees directly, in the same way they would for other employees.
Enquire today to learn more about how Trainwest can help your business through its traineeship program. Trainwest’s training and assessments will prepare your employees with nationally recognised qualifications to improve your business’s working capacity. For more information about how you and your company can reap the rewards of higher education through a traineeship, contact Trainwest today!