Mumbai: Over 65 per cent of employers interviewed consider apprenticeships as a talent development strategy, which is cost-effective in developing talent, a survey said on Thursday.
According to a survey conducted by TeamLease Degree Apprenticeship, this recognition showcases the profound impact apprenticeships have in nurturing and enhancing the skills of emerging professionals, solidifying their position as a transformative force in the current job market, it added.
TeamLease Degree Apprenticeship, a privately-owned degree apprenticeship programme from the house of TeamLease Services, conducted the survey with nearly 200 industry leaders across sectors.
Over 42 per cent of respondents said that it is cost-effective in creating talent through apprenticeships compared to conventional talent acquisition methods. This cost optimisation serves as a compelling incentive for businesses to embrace apprenticeships as a strategic approach to talent development, the survey added.
”In the last 2-3 years, India has witnessed a remarkable surge in the adoption of apprenticeships, with the number of organisations 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 organisations in the apprenticeship pool has risen from 1,20,000 to 1,70,000,” TeamLease Degree Apprenticeship Chief Business Officer Sumit Kumar said.
This upward trend is a testament to the evolving mindset of Indian companies, recognising the immense potential apprenticeships hold in bridging the skills gap and fostering a talented workforce, he added.
