u/Sleepy_panther77 wrote (the comment Michael replied to):
Oooo has Formation moved away from ISA’s entirely? I attended and left formation after getting an offer and paid back through an ISA and tbh I did get the feeling about what you just said 🤔🤔 I did speak to a recruiter again to see if I could join again and it seems like ya’ll
u/michaelnovati replied ·
We have yeah, but we offered various kinds over the years that were subtly different and the problems are different, but for us, ISAs make way more sense than a bootcamp and the problem was people not taking their time seriously because they didn't pay anything upfront and just taking so long to place the math stops working. So we evolved the idea into about half upfront and the variable amount is based on how much you increase your base salary and paid after you start your new job. This is a compromise so people have some skin in the game to make use of their time and can defer a significant portion until later.
Modern ISAs are backed by banks and the programs get a portion upfront and really it's the bank that loses out instead of the worst case problem above and then the banks all stopped backing ISAs instead.