News: 65% of industry leaders admit apprenticeship as a trending skill development strategy: TeamLease Survey

Learning & Development

65% of industry leaders admit apprenticeship as a trending skill development strategy: TeamLease Survey

TeamLease survey reports that 65% of 200 industry leaders agree that apprenticeship is an emerging skill development strategy in shaping the job and talent market.
65% of industry leaders admit apprenticeship as a trending skill development strategy: TeamLease Survey

TeamLease Degree Apprenticeship reveals apprenticeships are a powerful and emerging strategy for talent development. 

According to a survey of nearly 200 industry leaders, 65% agree that apprenticeship or internship has a strong impact on boosting the skills of emerging professionals. Moreover, these programmes strengthen their position as a transformative force in the current job market.

Notably, the Optimised Talent Cost associated with internships is considered one of the standout advantages of these programmes. Besides, 42% of industry leaders acknowledge the remarkable cost-effectiveness of cultivating talent through internships as compared to conventional talent acquisition strategies. This cost optimisation is a compelling incentive for organisations to welcome internships as a strategic approach to talent development."

Furthermore, the survey highlighted that apprenticeship aids in real-time talent engagement, as 30% of industry leaders acknowledged its role in fostering proactive and engaged employees. This recognition solidifies apprenticeship as a transformative power in nurturing an enthusiastic workforce, effectively achieving organisational success. Additionally, 28% of leaders acknowledged that this program resulted in enhanced productivity, emphasising positive impacts on both individual and organisational performance.

Sumit Kumar, Chief Business Officer at TeamLease Degree Apprenticeship remarked on the survey findings, "In the last 2-3 years, India has witnessed a remarkable surge in the adoption of apprenticeships, with the number of organizations onboarding apprenticeships almost doubling from 3.5 lakhs to 7 lakhs. Additionally, the number of establishments actively engaging in apprentices has increased from 22,000 to 40,000, and the count of registered organisations in the apprenticeship pool has risen from 1,20,000 to 1,70,000. This upward trend is a testament to the evolving mindset of Indian companies, recognizing the immense potential apprenticeships hold in bridging the skills gap and fostering a talented workforce. When we compare this trend to the challenges faced by China, such as a shrinking workforce and an ageing population, India's demographic advantage becomes evident. India has a relatively young population, with a median age of 28 years, as compared to China's 39 years. 26% of the population is below the age of 14, 67% are between the ages of 15 and 64, and 7% are above the age of 65. In China, the ageing population, which is 60+, is almost double that of India. With a young and dynamic population comprising approximately 65% under age 35, we possess a substantial advantage over our counterparts. This advantage not only fuels our economic growth but also presents an opportunity to harness the untapped potential of our youth through apprenticeship programs. 

Employers are not only acknowledging the immense value of apprenticeships but are also demonstrating their commitment by generously providing stipends that surpass the prescribed rates, offering a premium ranging from 40% to 82%. This investment translates into remarkable returns on investment (ROI), with apprenticeship programs yielding returns that are three to four times the initial investment. This significant willingness to invest in apprenticeships highlights their pivotal role in not only attracting but also retaining top talent.”

Apprenticeships are not just a skill development strategy but also an extensive solution flawlessly merging academic learning with practical skills. 

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Topics: Learning & Development, Talent Management, Leadership, #HRCommunity, #HRTech

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