Apprenticeship is a trending skill development strategy confirmed by 65% CHRO : Survey
Over 200 industry leaders, 65% believe that apprenticeship or internships have a significant impact on the skills of young professionals. Furthermore, these programs strengthen their position as a revolutionary force in today's job market
Apprenticeship is a trending skill development strategy confirmed by 65% CHRO : Survey
Searching for promising talent is an expensive event for the CHRO, but retaining them is even more expensive. On this case, a Chinese saying comes to mind: “Grow your bamboo in your own field.” Similarly, if you want potential and retained talent, start them to develop from the ground up. Apprenticeship is a popular skill development technique, according to 65 percent of CHROs.
According to a new TeamLease Degree Apprenticeship survey, apprenticeships are a significant and developing talent development approach.
According to a survey of over 200 industry leaders, 65% believe that apprenticeship or internships have a significant impact on the skills of young professionals. Furthermore, these programs strengthen their position as a revolutionary force in today’s job market.
Notably, one of the outstanding benefits of these programs is the Optimized Talent Cost associated with internships. Furthermore, 42% of industry leaders recognize the exceptional cost-effectiveness of fostering talent through internships when compared to traditional talent acquisition tactics. This cost savings are a compelling incentive for businesses to embrace internships as a strategic approach to talent development.”
Further, the poll found that apprenticeship helps with real-time personnel engagement, with 30% of industry leaders recognizing its importance in cultivating proactive and engaged staff.
This acknowledgment strengthen apprenticeship as a transformative force in cultivating a motivated workforce and attaining organizational success. Furthermore, 28% of leaders stated that this training increased productivity, emphasizing the favorable effects on both individual and organizational performance.
“In the last 2–3 years, India has witnessed a remarkable surge in the adoption of apprenticeships, with the number of organizations onboarding apprenticeships nearly doubling from 3.5 lakhs to 7 lakhs,” said Sumit Kumar, Chief Business Officer at TeamLease Degree Apprenticeship, in response to the survey findings.
Furthermore, the number of enterprises actively employing apprentices has climbed from 22,000 to 40,000, while the number of registered organizations in the apprenticeship pool has increased from 1,20,000 to 1,70,000.
This growing trend reflects Indian companies’ developing thinking, which recognizes the enormous potential apprenticeships have in bridging the skills gap and fostering a competent workforce.
When this tendency is compared to China’s challenges, such as a diminishing workforce and an aging population, India’s demographic advantage becomes clear. India has a younger population, with a median age of 28 years compared to 39 years in China. 26% of the population is under the age of 14, 67% is between the ages of 15 and 64, and 7% is over 65. China’s elderly population (60+) is nearly double that of India.
We have a significant advantage over our competitors since we have a young and vibrant population that is around 65% under the age of 35. This advantage not only supports our economic progress, but also provides an opportunity to tap into our youth’s latent potential through apprenticeship programs.
Employers not only recognize the enormous value of apprenticeships, but they also demonstrate their commitment by generously providing stipends that exceed the stipulated rates, granting a premium ranging from 40% to 82%.
This investment yields extraordinary returns on investment (ROI), with apprenticeship programs returning three to four times the initial outlay. This substantial readiness to invest in apprenticeships emphasizes their critical importance in attracting and maintaining top talent.”
Apprenticeships are more than just a skill development approach; they are also a comprehensive solution that seamlessly integrates academic learning with practical abilities.
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