National 16th August 2024: TeamLease Degree Apprenticeship, India’s largest privately-owned degree apprenticeship program from the house of TeamLease, is proud to reaffirm its commitment to advancing skill development and empowering the nation’s youth. Since its inception in 2014, the program has been at the forefront of bridging the skills gap in India, having trained over 1 million apprentices nationwide. With an innovative approach that seamlessly integrates theoretical learning with practical industry experience, TeamLease Degree Apprenticeship has set a benchmark for effective skill development, ensuring apprentices are well-prepared for successful careers and equipped with both academic knowledge and hands-on experience.

On this World Youth Day, TeamLease emphasizes the strategic importance of skill development as India, home to the world’s largest youth population with over 808 million individuals under the age of 35, stands at a critical juncture. The need for a robust platform for dialogue and collaboration among young people, technical and vocational education and training (TVET) institutions, firms, employers’ and workers’ organizations, policymakers, and development partners is paramount. Despite challenges highlighted by the National Economic Survey and the Periodic Labour Force Survey 2022-23—where only 51.25% of youth are deemed employable and 72.6% of individuals aged 15-59 lack vocational or technical training—India has made notable progress. Over the past decade, the employability of final-year and pre-final-year students has increased by 47%, reflecting advancements in skilling initiatives.

However, India still faces a significant gap in apprenticeship utilisation compared to developed countries like the UK, where apprenticeships constitute over 2% of the labour force, while in India, this figure stands at just 0.14%. This gap underscores the urgent need to prepare 30 million digitally skilled individuals and re-skill 50% of the current workforce—a transformation that could contribute an additional $570 billion to the economy by 2030. Over the past six years, more than 30 lakh apprentices have graduated from the National Apprenticeship Promotion Scheme (NAPS), with over 1 million apprentices trained under both NAPS and the National Apprenticeship Training Scheme (NATS) in the last year alone. Despite these efforts, apprenticeships currently represent only 0.14% of India’s workforce, significantly below the 3-4% seen in developed economies. Bridging this gap requires a comprehensive approach that integrates skill-building, practical experience, industry collaboration, and degree-based apprenticeships. Scaling up apprenticeship programs to approximately 20 million participants, in line with international benchmarks, is imperative. These apprenticeships have the potential to be a driving force in India’s workforce development, contributing significantly to economic growth.

In response to this pressing need, TeamLease Degree Apprenticeship is committed to equipping and skilling 2 million apprentices by 2028. By integrating academic learning with hands-on industry experience, we ensure that apprentices gain the knowledge and practical skills required to excel in today’s competitive job market. We aim to create a seamless connection between education and employment, preparing a more capable and job-ready workforce while driving substantial contributions to India’s economic growth.

Sharing his insights, Ramesh Alluri Reddy, CEO of TeamLease Degree Apprenticeship, said, As India stands on the brink of a transformative decade, skilling our workforce is paramount to securing the nation’s future. With India poised to contribute 25% of the world’s incremental workforce by 2030 and with 60 to 80 million jobs at risk of disruption due to AI and automation, equipping our youth with the necessary skills is not just an opportunity but a national imperative. At TeamLease Degree Apprenticeship, we are committed to this mission by setting an ambitious target to skill 2 million apprentices by 2028. Our programs—including white-collar apprenticeships, Hire-Train-Deploy (HTD) models, and degree apprenticeships—are designed to democratize education and skill development, ensuring that every young Indian can leapfrog into a successful career. Integrating apprenticeships with higher education, particularly through degree apprenticeships under the New Education Policy, is crucial for bridging the gap between academic learning and practical skills. Furthermore, creating schemes tailored for MSMEs and promoting adult apprenticeships for lifelong learning are essential to expanding the apprenticeship ecosystem. The impact extends beyond individual careers; businesses benefit from a 50% reduction in talent acquisition costs, a 20-25% increase in productivity, and a 25% decrease in attrition rates, resulting in a robust 3X return on investment. Our vision is aligned with the broader goal of building a skilled India where the immense potential of our youth drives sustainable economic growth. By investing in skill development, we are preparing our workforce for the future and ensuring that India leads in the global economy.”

With over a decade of operational excellence, TeamLease Degree Apprenticeship has successfully placed over 1 million apprentices across more than 40 sectors and 150 job roles nationwide. Partnering with over 1,000 employers and reaching over 15,000 pin codes, our programs have had a far-reaching impact. Our impressive 98% transition rate of apprentices into full-time employment, with 40% retained within the same organisation, highlights the effectiveness of our approach. By expanding our efforts to train 2 million apprentices, we are dedicated to addressing the skill deficit and creating more opportunities for the youth.