Indian cities, Pune, Bangalore and Coimbatore, to register the highest Net Apprenticeship Outlook (NAO) from October 2023 to March 2024, as per the latest findings by TeamLease Degree Apprenticeship.
This period is poised to witness significant growth in apprenticeship demand, particularly in the Engineering and industrial, Telecommunication and Electrical and electronics industries, it added.
The top ten industries projected to lead in the Net Apprenticeship Outlook (NAO) encompass a broad range of dynamic sectors in HY2 FY2024. These include not only Engineering and Industrial, Telecommunication and Electrical and Electronics but also extend to Ecommerce and Tech Products, Aerospace and Aviation, BFSI, Beauty and Wellness, Travel and Hospitality, Power and Energy, and Automobile and Ancillaries. These sectors are pivotal not just for their substantial economic impact, but also for their influential role in steering future job trends and employment opportunities, as mentioned in the finding.
The report also highlights a significant shift in gender dynamics within apprenticeships. Female engagement has notably increased from 13% in December 2019 to 17% in March 2023. Notably, within the manufacturing sector, the highest preference for females is observed in Engineering & Industrial (20%), Automobile and Ancillaries (17%), and Electrical & Electronics (13%). Similarly, within the services sector, sectors such as BFSI (21%), Retail (18%), and Beauty and Wellness (13%) exhibit a marked preference for female candidates. This change is reflective of broader societal shifts and the increasing emphasis on gender diversity in the workplace.
“Reviewing this year’s apprenticeship trends Pune and Bangalore shine as economic powerhouses, driven by the impactful Production-Linked Incentive (PLI) scheme. Their unwavering commitment to higher education positions degree apprenticeships as the preferred pathway, aligning seamlessly with the National Education Policy’s vision for innovative workforce development,” Sumit Kumar, chief business officer, Teamlease Degree Apprenticeship, said.
Accompanying these trends is an uptick in the average stipend for apprentices, from Rs. 10,900 per month in FY18 to Rs. 11,600 per month in FY22, indicating a healthy growth in compensation that aligns with the rising demand and value of skilled apprentices, as outlined in the study.
“As the retail & BFSI sector thrive amidst growing consumer optimism, it becomes a driving force for overall economic development. The notable surge in women’s participation and the concurrent increase in stipends herald a future for apprentices in India that is not just inclusive but also highly rewarding. These sectors not only champion gender diversity but also reflect the ascending value placed on apprenticeships. This upward trajectory mirrors the prevailing trend of escalating stipends, unequivocally signifying the recognition and demand for exceptionally skilled apprentices in these dynamic industries. The positive momentum aligns seamlessly with the broader narrative of an apprenticeship landscape that is both responsive and thriving,” Dhriti Prasanna Mahanta, vice president, TeamLease Degree Apprenticeship, said.