Companies across India are increasingly incorporating apprenticeship programs into their productivity building toolboxes. This comes after observing a distinct skill and talent gap in the existing ecosystem. With the help of training, Indian employers can bridge different skill sets and generational mindsets required for a business to flourish and move forward with the times.
The ROI on apprenticeships study
Recently, a study conducted by the Teamlease Skills University called “ROI on Apprenticeships” stated that about 56% of the Indian workforce lacks in skill sets required by the market. Whether it is a lack of education or opportunities, this statistic shows a chasm between necessary training and a big chunk of the Indian working population.
By increasing the integration of apprenticeship into the workspace in India, companies are further simplifying operational processes and sharing the workload among many hands. Apprenticeship programs also help the youth learn new and important skills on-the-job, which is very effective in the long run, as they can be absorbed into the company as full-time employees, having an in-depth understanding of company values and general functioning of the industry they are in.
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The study further observed that about 60% of employers find apprenticeship a welcome opportunity to increase productivity, while an impressive 76% believe it will help combat attrition. Apprenticeship offers meticulously planned training programs that are cost-effective and quick to convert into hires. Nearly 50% of employers believe that apprenticeship results in ‘long-term gains, including better performance and higher retention.
Some essential statistics from the survey include:
- 61% of employers are confident there is a massive advantage in implementing apprenticeship at the workplace
- 53% of companies believe that the top two benefits of apprenticeship at the workplace were long term performance and reduction in recruitment costs
- Approximately 50% of employers have noticed long-term returns on investments, better performances and higher retention
- During the period of apprenticeship, 60% of employers found that the apprentices’ productivity not only improved but also helped fine-tune their skill level towards the end of their training
- 76% of companies believe that apprenticeships helped reduce attrition because their nurturing programs contributed to a bond between the company and the apprentice, thus resulting in permanent employment and loyalty
- 63% of employers voted that thanks to apprenticeship, the company’s overall performance stood at a competitive advantage over other companies
Along with incorporating apprenticeship programs into a company’s primary operations, it is recommended that there be flexible stipend packages and equitable management practices. With the mainstreaming of training, Indian companies could meet the vision of 10 million apprentices in 10 years, giving them a leading advantage in the global economy. The world seeks new markets, production bases and human capital.
Reference: From “60% Indian Employers Find Apprenticeship Effective to Build Productivity: Report | Sudeshna Mishra, People Matters | 10 December 2021
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