65% of industry leaders consider apprenticeship as talent development strategy: Survey

NEW DELHI: TeamLease Degree Apprenticeship in a survey has found that 65 percent of industry leaders recognize the value of apprenticeships as a talent development strategy.

The survey was conducted with nearly 200 industry leaders. The survey found that apprenticeships nurture and enhance the skills of emerging professionals and help them establish themselves as a transformative force in the current job market.

The survey also highlighted the optimized talent cost associated with apprenticeships. 42% of respondents accepted the cost-effectiveness of developing talent through apprenticeships as compared to the conventional talent acquisition methods. This cost optimization helps businesses to adopt apprenticeships as a strategic approach to talent development.

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The findings highlight the role of apprenticeships and show that 30% of participants have acknowledged their capacity to foster proactive and engaged employees. Additionally, 28% have recognized the improved productivity as a result of apprenticeships and its positive impact on the performance of both individuals and organizations.

Sumit Kumar, the chief business officer at TeamLease Degree Apprenticeship, said, "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 organizations in the apprenticeship pool has risen from 1,20,000 to 1,70,000.”

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“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,” he added.

Apprenticeships are not solely a talent development strategy; they serve as a comprehensive solution by seamlessly blending academic learning with practical on-the-job training, said an official statement from TeamLease.