5 months ago
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TeamLease Degree Apprenticeship has released its highly anticipated 2023 Apprenticeship Outlook Report, showcasing an unprecedented 75% surge in apprenticeship opportunities across India. This remarkable growth, a 9% increase over the first quarter of 2023, signifies a transformative phase in the country's approach to talent development.
The Net Apprenticeship Outlook (NAO) metric, a key indicator of employer sentiment, has soared to an all-time high, reflecting a substantial 75% increase in employer intent for apprenticeship engagement during the October-March 2023-24 half-year.
Year-over-year surge and sectoral landscape
The NAO has exhibited significant Year-over-year (YoY) growth, escalating from 41% in Jan-Jun 2021 to 66% in Jan-Mar 2023. The report identifies Engineering & Industrial, Electrical & Electronics, Telecom, and Ecom & Tech products as leading sectors with the highest Net Apprenticeship Outlook, showcasing robust growth prospects for apprenticeships.
An encouraging 70% of employers engaged apprentices during April-September HY1, 2023, with 63% expressing satisfaction. City-wise trends reveal significant increases in NAO for the Oct-Mar 2023-24 half-year, with Bangalore leading at 85%, followed by Delhi (82%) and Hyderabad (80%).
Structured training programs (53%) and regular mentoring (41%) emerge as preferred strategies for engaging apprentices. Employers anticipate a workforce increase of up to 10% during HY2: October-March, 2023-24, signifying a positive trajectory for apprentice engagement.
Optional Trade (82%), Designated Trade (80%), and Diploma Apprenticeship (77%) top the list of sought-after categories. Sumit Kumar, Chief Business Officer, highlighted the net apprenticeship outlook's significant rise, emphasizing its impact on building a robust talent pool and contributing to socio-economic growth.
Dhriti Prasanna Mahanta, Vice President, underscored the role of apprenticeships in unlocking opportunities for female candidates in India's evolving retail sector, signalling a promising era for skill development and narrowing the gender gap.
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Top Comment
Sumit Kumar Kumar
1 day ago
end of article
