TeamLease Degree Apprenticeship Hosts Leadership Discussion on ROI in Apprenticeships
Industry Leaders to Explore Strategic Business Growth through Apprenticeships at Trident, Hyderabad
TeamLease Degree Apprenticeship, India’s premier privately-owned Degree Apprenticeship program, successfully hosted an eminent leadership discussion titled “Interpreting the ROI in Apprenticeships: Beyond Compliance, How to Leverage Apprenticeships for Strategic Business Growth” on August 23, 2024, at The Trident, Hyderabad. The event, spearheaded by A.R. Ramesh, CEO of TeamLease Degree Apprenticeship, addressed current challenges in the talent market and highlighted the strategic benefits of apprenticeships beyond mere regulatory compliance.
Telangana continues to be one of the richest in terms of per-capita income in India. Yet, it suffers from challenges of sectoral, spatial and segmental inequalities. Unemployment is one of the major challenges being witnessed in the state. Unemployment among youth was found to be high at 15.1% in 15-29 age category with male and female unemployment at 14.7% and 16.2% respectively as per PLFS 2022-23. Within youth, rural unemployment stood at 9.7% and urban unemployment at 25.4%. Within the working age population 15-59, the unemployment rate was 4.6% with male and female unemployment at 4.9% and 4.0% respectively. Educated youth unemployment is an emerging problem.
Telangana’s booming IT sector in Hyderabad faces significant hiring challenges and skill gaps, particularly in emerging technologies and specialized roles. While the state attracts global IT companies and startups, a gap remains between the local talent pool and employer needs.
TeamLease Degree Apprenticeship is bridging this gap by providing industry-aligned, on-the-job training. With 1,41,515 apprentices enrolled, 69,733 completed, and 8,470 currently engaged in FY 2024-25, the program equips both male (1,06,500) and female (35,000) apprentices with the skills needed to meet market demands and drive Telangana’s economic growth.
The leadership discourse focused on current challenges in building an effective talent pipeline. Industry leaders discussed the mismatch between employer needs and candidate skills, increasing hiring and training costs, high turnover rates, and the necessity for agility in a dynamic talent landscape. Emphasis was also placed on addressing diversity and inclusion gaps to foster a more inclusive workforce.
A key aspect of the discussion was exploring how apprenticeships can significantly reduce talent acquisition and training costs, develop a pipeline of skilled talent, and provide long-term returns by building a loyal workforce. The session delved into degree apprenticeships and tailored talent development programs that focus exclusively on industry-relevant skills alongside academic qualifications.
TeamLease Research presented vital data and insights on hiring strategies, employers’ perspectives on internal talent development, and a cost-benefit analysis of nurturing internal talent versus external hiring. The potential for skill development initiatives to improve employee retention and the anticipated outcomes from investments in talent development programs were also examined.
Innovative approaches to building a talent supply chain were a highlight of the event. The discussion included the build vs. buy model for internal talent development and innovative higher education approaches like work-integrated learning. Additionally, the importance of fostering a diverse workplace for vibrant business expansion was emphasized.
A.R. Ramesh, CEO of TeamLease Degree Apprenticeship, commented, “Our focus on degree apprenticeships represents a tailored approach to talent development, emphasizing industry-relevant skills alongside academic qualifications. By adopting the build vs. buy model, companies can minimize reliance on external hires and develop internal talent. Innovative higher education approaches like work-integrated learning are crucial for future-proofing our workforce. Additionally, fostering a diverse workplace is essential for vibrant business expansion and long-term success. In 2018-2019, there were 1,788 apprentices in Telangana, and now with the numbers growing to 37,744 in 2023-2024, there is a remarkable increase in apprentices reflecting an 18.9% growth from the previous year.”
Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, discusses the strategic advantages of skill development initiatives in today’s competitive landscape – “Our research highlights the diverse hiring strategies adopted by businesses and their corresponding success rates,’ explains Kumar. ‘Employers overwhelmingly recognize the value of internal talent development, citing improved retention rates and cost efficiencies compared to external hiring. Skill development programs, such as apprenticeships, not only enhance employee retention but also deliver compelling cost-benefit outcomes both during and after completion. These initiatives are instrumental in achieving short-term proficiency gains and long-term strategic objectives, ensuring businesses remain agile and resilient amidst evolving market demands.”
Dhriti Prasanna Mahanta, Business Head and Vice President at TeamLease Degree Apprenticeship, underscores the transformative impact of apprenticeships in talent development – ‘Apprenticeships are pivotal in nurturing a pipeline of skilled talent,’ says Mahanta. ‘They not only significantly reduce talent acquisition and training costs but also yield long-term returns by cultivating a loyal and proficient workforce. By investing in apprenticeships, organizations not only meet immediate skill demands but also secure their future workforce needs, driving sustained growth and innovation.
About TeamLease Degree Apprenticeship
TeamLease Degree Apprenticeship is India’s largest Degree Apprenticeship service provider offered through a partnership with 22 universities pan-India, including TeamLease Skills University (TLSU) and an empanelled third-party Aggregator under the guidelines laid down by the Ministry of Education & Ministry of Skill Development and Entrepreneurship. The company acts as a key facilitator between industry, academia, youth, government & industry bodies for the penetration of, and improving the effectiveness of, work-based learning programs, including apprenticeships, across India. The company has hired about 1 million apprentices with more than 1000 employers in the past 10 years. About 98% of these apprentices have transitioned into formal employment, and almost 40% have been employed in the same organization. Through its Degree Apprenticeship Program, TeamLease focuses on enhancing the employability quotient of the youth of our country and bridging the skill deficit.
