In an era of rapid technological advancements and changing workforce dynamics, the need for a sustainable talent pipeline has become the need of the hour. The industry needs young, skilled and effective talent to fuel expansion. Traditional educational pathways have been unable at this point to provide the workforce with relevantly skilled people in the numbers needed to meet Industry demands. According to our recent study, only 1 in 2 graduates are employable.
In such an environment, we must look at different ways by which we can train and create talent.
Currently, India possesses a massive potential workforce of about half a billion workers, out of which about 50% are between the ages of 18 and 29. The human resource advantage is time sensitive and in about 10 years this advantage could diminish. It is something currently underutilised and unlocking its full potential is crucial for the industry's desired growth and global competitiveness.
One of the primary challenges faced by employers is the growing skills gap, where the demand for certain skills surpasses the available talent pool.
Apprenticeships, though a concept that has formally been in existence from the 1960s, have been looked down upon as a way for people to enter the workforce. The common idea relating to it being that it was limited only for the skilled trades and lower level positions within primarily, the blue-collar workforce. However, this conception is mistaken and severely underestimates the potential for apprenticeships to be a value add for other types of work.
Apprenticeships focus on imparting industry-specific skills that align with the needs of employers. The approach means that individuals gain relevant knowledge and experience, making them well-suited for the specific demands of their chosen field. As work-based learning (WBL) programs, they are a blend of textbook/theoretical learning and practical work. Allowing the company to train workers to meet their needs exactly. They have been known to lower the cost-to-hire talent, solve productivity related issues associated with newly hired employees and lead to overall workforce enhancement.
They are an opportunity for organisations to nurture internal talent. By offering apprenticeship programs businesses can create a large skilled workforce, promote loyalty and engagement among employees, and reduce training costs.
Organisations have revealed that apprentices show higher productivity, reduced hiring costs and significantly reduced attrition levels especially in lower level positions where it tends to be the highest.
To further discuss the benefits of utilising apprenticeship programs to build an effective talent supply chain, TeamLease Degree Apprenticeship in collaboration with GAN Global is conducting a worldwide webinar on 'Apprenticeships: The Key Innovation for Building an Effective Talent Supply Chain'
This event will present apprenticeships both as a key innovation for solving organisation’s talent gap problems as well as within the apprenticeships ecosystem that can aid companies in talent retention, optimising #hiringcosts, reduce skill gaps & improve talent engagement, while providing the individual learner pathways to improve career prospects.
Interested to know more about Apprenticeships? Talk to us - https://degreeapprenticeship.teamlease.com/contact