Virgin Media O2 has created a new £1 million talent fund to help charities, local authorities, small businesses and social enterprises train apprentices.

The fund aims to remove financial and structural barriers that have long held smaller organisations back from investing in early careers talent.

Organisations will be able to access Virgin Media O2’s apprenticeship levy fund, using this to cover the full cost of apprenticeship training for eligible roles. The programme is specifically designed to support women and people from global majority backgrounds looking to progress in STEM-based roles and will help build a diverse talent pipeline for leaders of the future.

The fund, which will provide the full cost of training for eligible apprenticeships, has been developed in response to significant barriers identified in recent research.

More than three million SMEs say hiring apprentices is simply not financially viable right now, according to Government figures, with 35% citing cost pressures, 30% complexity of training programmes and over 800,000 (15%) saying insufficient levy funds are their key challenges.

With nearly four in five employers (79%) saying they would be more likely to hire apprentices if additional financial support was available, the scheme could unlock hundreds of retraining opportunities for young people and career-changers.

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Apprenticeship levy rules allow large employers to share up to 50% of their levy funds with other organisations.

“We’re committed to backing the next generation of talent and creating opportunities for people to access the value of apprenticeships,” Philipp Wohland, chief people officer, Virgin Media O2 said.

“By creating a £1 million 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.”

Organisations are now able to apply to draw down funding from the levy pot to fully cover the cost of apprenticeship training, with opportunities available in areas such as digital, engineering and data analysis.