There is a 75% surge in apprenticeship alternatives throughout India which displays a noteworthy 9% development over the quarter of Jan-Mar 2023, stated a brand new report by TeamLease Degree Apprenticeship.
The 2023 Apprenticeship Outlook Report, showcased the Net Apprenticeship Outlook (NAO) metric, a key indicator of employer sentiment, has reached an all-time excessive, signalling a outstanding 75% improve in employer intent for apprenticeship engagement in the course of the upcoming October-March 2023-24 half-12 months.
The Net Apprenticeship Outlook (NAO) has elevated considerably Year-Over-Year (YOY), from 41% in Jan-Jun 2021 to 56% in Jan-Jun 2022 and 66% in Jan-Mar 2023 to an astounding 75% for the Oct-Mar 2023–24 interval. This Compound Annual Growth Rate (CAGR) of almost 30% showcases how organisations view apprenticeships as a pivotal expertise growth technique, driving talent enhancement, workforce growth, and expertise pipeline creation.
The HY1 Apr-Sep’23 and HY2 Oct’23 to Mar’24 Apprenticeship Outlook Report revealed a compelling panorama, highlighting Engineering & Industrial (96%), Electrical & Electronics (94%), Telecom (93%), and Ecom & Tech merchandise (90%) because the main sectors with the very best Net Apprenticeship Outlook (NAO).
Notably, these industries, together with 5 others, witnessed a big improve in NAO in the course of the Oct-Mar 2023-24 half-12 months in comparison with the previous quarter. This development signifies strong development prospects for apprenticeships, affirming their pivotal position in shaping the workforce of the long run.
The report brings to gentle an perception—41% of employers imagine that diploma apprenticeships stand as a formidable technique to successfully tackle the talent hole by means of seamless trade-academia collaboration. This recognition underscores the transformative position of apprenticeships in shaping a future-prepared workforce, emphasising a strategic dedication to expertise growth, talent enhancement, and the institution of a strong expertise pipeline.
This surge underscores the strong development anticipated in India’s apprenticeship panorama, with key cities similar to Bengaluru, Delhi, and Hyderabad main the cost. The report unveils a transformative part for India’s workforce, promising unparalleled alternatives for talent growth and profession development.
Employer satisfaction and causes for apprentice engagement
70% of employers engaged apprentices throughout April-September HY1, 2023, with 63% expressing satisfaction with apprentice efficiency. Employers cited ‘addressing skill shortages,’ ‘cost-effective talent development,’ and ‘strengthening community engagement and CSR efforts’ as main causes for partaking apprentices.
Gender preferences and workforce enlargement anticipation
While 45% of employers don’t have any gender preferences, others showcase a choice for feminine candidates, particularly in Services sectors like BFSI (21%), Retail (18%), and in Manufacturing sector are Engineering & Industrial (20%), Automobile & Ancillaries (17%) and Electrical & Electronics (13%). Additionally, 47% of employers anticipate a workforce improve of as much as 10% throughout HY2: Oct – Mar, 2023-24 , signifying a constructive trajectory for apprentice engagement.
City-wise Trends: Bengaluru leads with a 17% improve in NAO
Among the metro cities, 5 out of six exhibit a rise in NAO for the Oct-Mar 2023-24 half-12 months, Bengaluru main with 85%, adopted by Delhi at 82% and Hyderabad at 80%. The high three industries partaking apprentices in Bangalore are Engineering & Industrial (89%), BFSI (86%), and Retail (82%).
Employer methods and structured coaching packages
Structured coaching packages (53%) and common mentoring and training (41%) emerge as the popular methods for partaking apprentices, reflecting a dedication to their growth. A big 78% of employers report that over half of their apprentices efficiently full their coaching.
Top causes for employers foreseeing a rise in apprenticeship hiring embrace actual-time talent availability (35%) and enterprise development (21%). These statistics underscore the important position apprentices play in contributing to tangible enterprise outcomes.
Apprenticeship classes in demand
Optional Trade (82%), Designated Trade (80%), and Diploma Apprenticeship (77%) high the checklist of sought-after apprenticeship classes. Fitter/Mechanical Assembly (31%), Production Engineer (26%), and Computer Networking Technician (19%) are essentially the most in-demand profession alternatives in Optional/Designated Trade, whereas Machinist (22%), Production Apprentice (16%), and Mechanic (12%) are the highest three roles in Trade Apprenticeships.
In a Diploma Apprenticeship, the roles are Technical Service Engineer (25%), Machine Operator (18%), and Data Analyst (15%). In Graduate Apprenticeships, positions similar to Electrical and Electronics Engineer (25%), Mechanical Engineer (17%), and Automobile Engineer (14%), are extremely wanted.
Sumit Kumar, chief enterprise officer, TeamLease Degree Apprenticeship, stated, “The primary reasons driving the growth are real-time skill availability, cost effectiveness, and driving community engagement under CSR. Also, initiatives from Govt. like PLI and Make in India are driving the employment opportunities for which employers are relying on apprenticeships to build a talent pipeline.”
Dhriti Prasanna Mahanta, vice chairman, TeamLease Degree Apprenticeship, added, “The total number of apprentices employed over the last five years has increased by 30%, and growth in the retail, BFSI, and logistics industries is predicted to reach 67% during the next 3 years.”
