The degree apprenticeship program from TeamLease Services, TeamLease Degree Apprenticeship, has shown a trend in the talent development environment. The organization found that 65% of respondents recognized apprenticeships as a talent development approach in a study it conducted with close to 200 industry experts. With this acknowledgment, apprenticeships are further cemented as a revolutionary force in the present work market. It shows the tremendous influence they have on developing and refining the abilities of rising professionals.
The reduced talent cost linked to apprenticeships was one of the most notable benefits found. When compared to traditional methods of talent acquisition, apprenticeships have a remarkable cost-effectiveness, according to 42% of respondents. Businesses are strongly encouraged to use apprenticeships as a strategic method of talent development by this cost optimization.
“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,” said Sumit Kumar, chief business officer, TeamLease Degree Apprenticeship. Additionally, there are now 40,000 more enterprises actively employing apprentices than there were two years ago, and there are now 1,70,000 more registered organizations in the apprenticeship pool than there were 1,20,000. This growing trend is evidence of Indian firms’ changing perspectives and their recognition of the enormous potential apprenticeships represent in closing the skills gap and developing a competent workforce.
“India’s demographic advantage is clear when we contrast this trend with China’s problems, which include an aging population and a diminishing labor force. India’s population is very youthful, with a median age of only 28 years, as opposed to 39 years for China. In terms of age, 26% of people are under the age of 14, 67% are between the ages of 15 and 64, and 7% are above 65. According to Kumar, China has a population that is almost twice as old as India (60 years and older).
With 30% of participants recognising their potential to nurture proactive and engaged workers, the research also provides light on the function of apprenticeships in real-time talent engagement. This emphasizes the apprenticeship program’s transformational impact in creating a motivated workforce that actively supports organizational success.
Additionally, 28% of respondents acknowledged the increased productivity brought about by apprenticeships, underscoring their advantageous effects on both individual and organizational performance.
“Employers are generously paying stipends that exceed the authorized rates, offering a premium ranging from 40% to 82%, proving their commitment in addition to realizing the enormous value of apprenticeships. With apprenticeship programs producing returns that are three to four times the original cost, this investment results in impressive returns on investment (ROI). This noteworthy readiness to spend in apprenticeships emphasizes their critical significance in both recruiting and keeping top people, Kumar said.
According to the poll, apprenticeships offer as a holistic solution by seamlessly fusing academic learning with real-world on-the-job training. They are not only a talent development approach. Numerous advantages result from this symbiotic relationship, promoting not just personal development but also advancing larger societal and economic goals.
