New Virtual Office Launch

November 2004
Management Services;Nov2004, Vol. 48 Issue 11, p5
Academic Journal
This article reports on the virtual office launched by the University of Luton in 2004. This virtual office is part of the expansion of the Knowledge Transfer Partnership scheme which enables companies to increase profits and access a whole range of expertise. As of November 2004, published information shows that small and medium-sized businesses taking on a university graduate for two years, under the Knowledge Transfer Partnership scheme, can expect, on average, increased profits of around &franc;138,000 per annum. To promote this, the University of Luton has won government funding to set up a new Knowledge Transfer Partnership office in the region. A number of companies are already using this successful scheme to grow their business. They employ graduates to be involved in a variety of company projects, from marketing and design to information technology and human resource management. According to Tim Priestman, Associate Director of the Business Development Department of the University of Luton, the scheme is seen as an ideal vehicle for creating long-term partnerships with local employers. The main aim is to make the companies more profitable. The graduate gains by being paid at market rates, getting a higher degree as well as an NVQ level four in management, and two years work experience for their CV.


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