Teamlease Services, India’s largest temporary staffing company has acquired a substantial majority stake in the Indian Institute of JobTraining (IIJT).
IIJT has 250 training centers across the country with a capacity of over 1 lac students. Current capabilities include sales, customer service, finance, accounting, data entry, employability, and IT (hardware and networking).
Commenting on the acquisition, Manish Sabharwal, Chairman, Teamlease Services, said that one of our biggest frustration with Teamlease has been that most of the kids who come to us for jobs are willing but not able. So even though Teamlease has hired somebody every five minutes for the last five years, our binding constraints – the only two things that stand between us and a million employees – are the skill deficit and archaic labour laws. This acquisition tackles the first one by integrating backwards (repairing our job interview rejects) and forward (giving employers trained candidates). Our strategy is to convert all these 250 centers into private employment exchanges that also offer assessment, counseling and training.
Furthermore Ashish Prasad, CEO of IIJT said, “We want to leverage TeamLease’s larger ecosystem to build the best training organization in the country that is focused on employment outcomes. This association is aimed at reinforcing confidence across all stakeholders for a successful career and association with IIJT.”
Consequently by aligning a supply side ecosystem (assessment, counseling, certification, curriculum, trainer training, course offerings, apprenticeships, etc) with the demand side (recruiting and open position generation), this acquisition makes Teamlease India’s largest and fully integrated HR service company