Virgin Media O2 has launched a £1m talent fund to help smaller organisations train apprentices, aiming to remove barriers that have previously made it difficult for them to invest in early careers talent.
The fund will be open to charities, local authorities, small businesses and social enterprises, offering full coverage of apprenticeship training costs by tapping into Virgin Media O2’s existing levy fund.
The initiative is particularly focused on improving diversity in STEM fields, with targeted support for women and people from global majority backgrounds.
It has been designed to build a more inclusive pipeline of future talent and leaders by making training more accessible to underrepresented groups.
This comes as new research highlights the challenges SMEs face in hiring apprentices.
Over 3m small businesses say that it is not financially viable right now, with 35% blaming cost pressures, 30% citing complex training processes and around 800,000 (15%) pointing to a lack of available levy funding as a key barrier.
Nearly 80% of employers say they would be more likely to take on apprentices if extra financial support was available.
The fund is looking to help to unlock hundreds of new training and retraining opportunities, especially for young people and career changers.
High-profile support comes from Clare Smyth, the UK’s first female chef to run a three-Michelin-starred restaurant. A former apprentice herself, Smyth is passionate about apprenticeships and has high hopes for the initiative.
“Doing an apprenticeship changed the course of my life and accelerated my career, giving me the building blocks that got me to where I am today,” she said.
“I’m proud to support a programme that’s breaking down barriers and creating opportunities for everyone by showing that success isn’t dependent on where you come from – it’s defined by where you can go.
“By tackling access and affordability constraints, and targeting underrepresented groups, this scheme can make a huge difference to communities across the country.”
The programme will offer training across roles in digital, engineering and data analysis, with a clear emphasis on social impact and future-facing skills.
Philipp Wohland, chief people officer, Virgin Media O2, added: “We’re committed to backing the next generation of talent and creating opportunities for people to access the value of apprenticeships.
“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.”