Hyd stands third in Net Apprenticeship Outlook

Among the metro cities, Hyderabad stands third with 80 per cent increase in the Net Apprenticeship Outlook (NAO) for the October-March 2023-24 half-year. About 75 per cent surge in apprenticeship opportunities across India which exhibits nine per cent growth over the quarter of January-March, 2023 as per the Apprenticeship Outlook Report 2023 released by the TeamLease Degree Apprenticeship on Friday.
The NAO metric, a key indicator of employer sentiment, has reached an all-time high, signaling 75 per cent increase in employer intent for apprenticeship engagement during the upcoming October-March 2023-24 half-year.
It has increased significantly Year-Over-Year (YOY), from 41 per cent in Jan-Jun 2021 to 56 per cent in Jan-Jun 2022 and 66 per cent in Jan-Mar 2023 to 75 per cent for the Oct-Mar 2023–24 period. This Compound Annual Growth Rate (CAGR) of nearly 30 per cent showcases how organisations view apprenticeships as a pivotal talent development strategy, driving skill enhancement, workforce development and talent pipeline creation.
The HY1 Apr-Sep’23 and HY2 Oct’23 to Mar’24 Apprenticeship Outlook Report reveals a compelling landscape, highlighting Engineering and Industrial (96 per cent), Electrical and Electronics (94 per cent), Telecom (93 per cent), and Ecom and Tech products (90 per cent) as the leading sectors with the highest Net Apprenticeship Outlook (NAO). Notably, these industries, along with five others, witnessed a significant increase in NAO during the Oct-Mar 2023-24 half-year compared to the preceding quarter.
The report also states 41 per cent of employers believe that degree apprenticeships stand as a formidable strategy to effectively address the skill gap through seamless industry-academia collaboration. This recognition underscores the transformative role of apprenticeships in shaping a future-ready workforce, emphasizing a strategic commitment to talent development, skill enhancement and the establishment of a robust talent pipeline.
This extraordinary surge underscores the robust growth anticipated in India’s apprenticeship landscape, with key cities such as Bengaluru, Delhi and Hyderabad leading the charge. It also unveils a transformative phase for India’s workforce, promising unparalleled opportunities for skill development and career growth.
Sumit Kumar, Chief Business Officer at TeamLease Degree Apprenticeship, remarked, “Over the last three years, the net apprenticeship outlook has gone up from 41% in 2021 (Jan – June 2021) to 75% (Oct 23 – March 24) which is an all-time high. The primary reasons driving the growth are real-time skill availability, cost effectiveness, and driving community engagement under CSR.”