Subject/Request Details: The total cost to the Bank of England of the Graduate Development Programme (including salaries of those on the scheme, the cost of training, and other associated costs) and the 5-year retention rate of those on the Graduate Development Programme
Date released: 23 March 2016
The Bank of England (the ‘Bank’) began its Graduate Development Programme (the ‘programme’), which currently runs for 2 years, in autumn 2013.
For the year to end-February 2016, the Bank spent £187,177 on training for all staff attending graduate training. This figure has been taken from the central graduate development budget managed by the Bank’s Human Resources Team.
For the year to end-February 2016, the total value of salaries for the 207 staff on the programme was approximately £4,605,849. The salaries figure has been taken from the relevant local budget centres for those on the programme and is pro-rated according to the time individuals spent on the programme during that year.
In regards to the second question, as explained above, the programme commenced in autumn 2013. Therefore the Bank does not hold figures on the 5 year retention rate of those on the programme. As at November 2015, the retention of the 2013 programme cohort was 90% and the 2014 programme cohort was 96%.