Are you accessing the Industry Skills Fund yet? If not, why not?

Are you accessing the Industry Skills Fund yet? If not, why not?

About the Industry Skills Fund - Rhodes Business School

Sam Russell

By: Sam Russell – June 2016

Did you know that the federal government has allocated a huge amount of money to the Department of Education & Training aimed at assisting organisations in achieving ‘growth’ via accessing the right training.

This funding is a co-contribution model (i.e. you pay a percentage of the costs and the government pays the rest) known as ‘The Industry Skills Fund’ and, whilst there are, of course, some criteria for accessing it (the main being that it needs to be shown to be linked to a strategy for growth/change), it’s potentially available to organisations of all types and sizes across the country.

What’s more, unlike most training funding that typically insists that the training results in a qualification, the Industry Skills Fund can be used for non-accredited training (including short courses, online courseware development, and even coaching/mentoring aligned to the learning outcomes), meaning MUCH more flexibility in aligning your training to your specific needs.

The percentage contribution available is based on your organisation’s size (i.e. full-time employees, not including contract staff), as follows:

Business Type Business Size Business Co-Contribution Rate*
Micro Business (0-4 FTE Employees) 25%
Small Business (5-19 FTE Employees) 34%
Medium Business (20-199 FTE Employees) 50%
Large Business (200+ FTE Employees) 75%

Please note: For businesses in Northern Australia the co-contribution rates are as follows:

Business Type Business Size Business Co-Contribution Rate*
Micro, Small, & Medium Businesses (0-4 FTE Employees) 25%
Large Business (200+ FTE Employees) 75%

 

*This is the contribution percentage your organisation makes, the Industry Skills Fund providing the difference.

Whilst I obviously can’t guarantee that you’ll qualify for this funding (indeed, I should probably take the opportunity to say that I cannot be held responsible for any inaccuracies in this article), this is a wonderful government initiative that has the flexibility and broadness of scope to be applicable to many, if not most, capability development strategies, so it’s surely worth checking to see if you can access it.

If you’d like more information re this funding please feel free to give me a call on 1300 746 287 and I’ll gladly have a chat about it or email me at [email protected] – alternatively, click here to go the Industry Skills Fund website.

Sam Russell – June 2016

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