India will face a 3.5x increase in the Talent Demand-Supply Gap by 2026, with low employability rates - 1 in 4 for management professionals, 1 in 5 for engineers, and 1 in 10 for graduates. To maximize its demographic advantage, India needs to prioritize upskilling, which will potentially boost the economy by $570 billion by 2030.
Apprenticeship and Degree Apprenticeship programs emerge as a promising strategy, addressing skill gaps and providing valuable hands-on experience.
Emphasizing the need for skill development programs, our report on innovative strategies to build a people supply chain outlines India's apprenticeship system, explores factors favoring apprenticeships and discusses the business benefits of outsourcing these initiatives to third-party aggregators (TPAs).
Skill development initiatives notably cut hiring costs.
Apprentices gain job-specific skills, boosting productivity and minimizing new employee adjustment time.
Employers offer stipends 40% to 82% above recommended rates.
Top benefits for employers include lower recruitment costs, better staff attraction, and reduced attrition impact.
62% of organizations believe partnering with a TPA can save over 25% in costs.
The report also includes 6 case studies illustrating the impact of our apprenticeship programs.
