TeamLease Degree Apprenticeship has unveiled the 2023 Apprenticeship Outlook Report, revealing an interesting 75% surge in apprenticeship opportunities across India. This remarkable growth showcases a notable 9% increase over the Jan-Mar 2023 quarter, underlining the positive sentiment and increasing interest among employers in engaging apprentices.
Net Apprenticeship Outlook (NAO) Soars, Demonstrating a Transformative Trend
The Net Apprenticeship Outlook (NAO) metric, a crucial indicator of employer sentiment, has reached an all-time high, signaling a 75% increase in employer intent for apprenticeship engagement during the upcoming October-March 2023-24 half-year. This significant Year-Over-Year (YOY) increase of nearly 30% reflects the strategic shift organizations are making towards apprenticeships as a pivotal talent development strategy.
Sumit Kumar, Chief Business Officer at TeamLease Degree Apprenticeship, stated, “It’s encouraging to note that the percentage of businesses eager to boost their apprentice involvement in the quarter has improved as India Inc. continues to recognize the value of apprenticeships in building a robust talent pool.”
Sector-wise Trends and Leading Industries in Apprenticeship Engagement
The HY1 Apr-Sep’23 and HY2 Oct’23 to Mar’24 Apprenticeship Outlook Report reveals a compelling landscape, with Engineering & Industrial, Electrical & Electronics, Telecom, and Ecom & Tech products emerging as leading sectors with the highest Net Apprenticeship Outlook (NAO). This trend indicates robust growth prospects for apprenticeships, affirming their pivotal role in shaping the workforce of the future.
Employer Satisfaction and Reasons for Apprentice Engagement
An encouraging 70% of employers engaged apprentices during April-September HY1, 2023, with 63% expressing satisfaction with apprentice performance. Employers cited ‘addressing skill shortages,’ ‘cost-effective talent development,’ and ‘strengthening community engagement and CSR efforts’ as major reasons for engaging apprentices.
City-wise Trends: Bangalore Leads with a 17% Increase in NAO
Among the metro cities, Bangalore leads the way with an impressive 85% increase in NAO for the Oct-Mar 2023-24 half-year, followed by Delhi at 82% and Hyderabad at 80%. This highlights the widespread growth in apprenticeship opportunities, with key cities becoming hubs for skill development and career growth.
Dhriti Prasanna Mahanta, Vice President at TeamLease Degree Apprenticeship, emphasized, “Apprenticeships emerge as the key to unlocking greater opportunities for female candidates in the evolving retail sector of India.”
Employer Strategies and Structured Training Programs
Structured training programs (53%) and regular mentoring and coaching (41%) emerge as the preferred strategies for engaging apprentices, reflecting a commitment to their development. A significant 78% of employers report that over half of their apprentices successfully complete their training.
Apprenticeship Categories in Demand
Optional Trade (82%), Designated Trade (80%), and Diploma Apprenticeship (77%) top the list of sought-after apprenticeship categories. Fitter/Mechanical Assembly, Production Engineer, and Computer Networking Technician are among the most in-demand roles, reflecting the diverse opportunities available for apprentices.
As India embraces this transformative phase for its workforce, the Apprenticeship Outlook Report serves as a beacon, illuminating a promising landscape for skill development and career growth. The report underscores the pivotal role apprenticeships play in shaping a future-ready workforce and fostering a skilled and promising future for India’s workforce.
