Virgin Media O2 has launched a £1m talent fund aimed at helping small and medium-sized enterprises (SMEs) train tech apprentices.
The initiative will cover the full cost of apprenticeship training, with a particular focus on supporting the early careers of women and people from diverse backgrounds in STEM-based roles.
Despite a well documented digital skills gap among UK organisations, figures cited by Virgin Media O2 found that as many as three million SMEs say hiring apprentices is not financially viable due to both the cost and resources required for training.
“We’re committed to backing the next generation of talent and creating opportunities for people to access the value of apprenticeships,” said Philipp Wohland, chief people officer at Virgin Media O2.
“By creating a £1m fund to turbocharge these schemes, we’re investing in people as they build their skills and helping create a more inclusive, skilled workforce.
“We know apprenticeships change lives, and we’re proud to be opening doors and backing the next generation to create meaningful, long-term opportunities in the communities we serve.”
The funds will be drawn from Virgin Media O2’s £3m apprenticeship levy, a government initiative to fund training schemes for apprentices. Under levy rules, large employers can share up to 50% of their levy funds with other businesses.
Organisations have been invited to apply to draw funding from the apprenticeship levy. Among the targeted roles are engineering and data analysis.
Virgin Media O2 was formed in 2021 through a merger of the two major telecoms companies.
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