High attrition keeps private banks on their toes
“Private Banks face an elevated risk of attrition, especially with the entry of new players like Jio Financial Services, aggressively expanding their workforce to meet strategic goals."
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Investing in Apprenticeships: A Strategic Move to Secure Future Workforce
In this rapidly changing business environment, organizations face the dual challenge of addressing immediate skill shortages while ensuring a sustainable workforce for the future. Apprenticeships have emerged as a strategic solution, offering a mutually beneficial proposition for both businesses and individuals. Apprenticeship programs provide a steady stream of skilled talent to fill current skill gaps and foster a loyal, adaptable workforce that drives long-term growth and innovation. By integrating hands-on training with formal education, these programs help organizations build a competitive edge while offering participants valuable work experience and opportunities for career advancement. At a recent Leadership Discussion in Hyderabad, experts from TeamLease Degree Apprenticeship explored the pressing challenges in creating an effective talent pipeline. The discussion focused on the disconnect between employer needs and candidate skills, rising hiring and training costs, high turnover rates, and the necessity for agility in today's dynamic talent landscape. One key takeaway was how apprenticeships can significantly reduce talent acquisition and training costs, develop a skilled talent pipeline and yield long-term benefits by building a loyal workforce. Despite Telangana's strong per-capita income, the state grapples with sectoral, spatial, and segmental inequalities. Unemployment remains a significant issue, particularly among the youth, with a rate of 15.1% in the 15-29 age group, as reported by the PLFS 2022-23. Rural unemployment among youth stands at 9.7%, while urban unemployment reaches 25.4%. The challenge is especially pronounced in Hyderabad's booming IT sector, where hiring difficulties and skill gaps persist, particularly in emerging technologies and specialized roles. During the session, leaders discussed how customized talent development programs, such as degree apprenticeships that focus on industry-relevant skills alongside academic qualifications, can help employers in Telangana build a future-ready workforce. For more details, you can read the full press release about the event in BusinessWorld.
TeamLease Degree Apprenticeship to train 2 Million youth by 2028
TeamLease Degree Apprenticeship, a leader in apprenticeship programs, has announced a ground-breaking initiative to equip 2 million young individuals with crucial apprenticeship training by 2028. This ambitious goal marks a significant milestone in the company’s mission to address the growing demand for skilled talent across various industries. With India's youth population poised to play a pivotal role in the country’s economic growth, TeamLease’s initiative is designed to bridge the gap between educational qualifications and industry requirements. The program aims to provide hands-on, practical experience to students, enhancing their employability and readiness for the workforce. Ramesh Alluri Reddy, CEO of TeamLease Degree Apprenticeship, emphasized the importance of this initiative - ‘We are committed to transforming the landscape of skill development in India. By 2028, our goal is to train 2 million young professionals, equipping them with the necessary skills and experience to excel in their careers. This effort aligns with our broader vision of creating a robust, skilled workforce that meets the needs of today’s dynamic job market.’ The apprenticeship training will focus on various sectors, including IT, manufacturing, healthcare and retail, reflecting the diverse needs of India’s evolving economy. TeamLease Degree Apprenticeship plans to collaborate with leading industry players, educational institutions and government bodies to ensure the program’s success and widespread impact. In addition to providing technical and professional training, TeamLease’s program will offer mentorship and career guidance to participants, helping them navigate their career paths and achieve their professional goals. The initiative also aims to foster partnerships with businesses to facilitate seamless job placements for apprentices upon program completion. This strategic move by TeamLease Degree Apprenticeship is set to create significant ripple effects in India’s employment landscape, addressing skill shortages and supporting economic growth. By investing in the future of India’s youth, TeamLease is paving the way for a more skilled, competent workforce that will drive the country’s development forward. Read our press release on this initiative in CXOToday For more information about the apprenticeship training programs and how to get involved, please visit - Teamlease Degree Apprenticeship.
Hospitals Deal with Around 1,000 Compliances Every Year
- A small hospital needs to deal with at least 623 unique compliances in a year*
- Labour compliances account for approximately 31% of the compliance obligations.
- Hospitals must secure at least 100 licences, permissions, and approvals under 58 different acts.
Technological Advancements and Workforce Transformation in India
India's rapid technological transformation is evident in the electronics fabrication sector and the growing 5G infrastructure. These advancements enhance industry capabilities and create substantial employment opportunities for the youth. This underscores the critical need for skill development to keep pace with technological demands and prepare the youth for future job markets. Electronics Fabrication: A Modern Manufacturing Era India's electronics fabrication sector is undergoing significant transformation, incorporating advanced materials and processes like organic electronics and 3D printing. This evolution demands a workforce proficient in these sophisticated technologies. The semiconductor industry is projected to grow to $100 billion by 2030 and create approximately 1 million jobs globally between 2025 and 2026. In India, 250,000-300,000 skilled professionals will be needed by 2027 in R&D, design, manufacturing, and packaging. Enhancing industry-academia collaboration is crucial to meet this demand, fostering training programs that align with market needs. Telecom Industry: The 5G Revolution The introduction of 5G technology in India is revolutionising industries and creating numerous job opportunities. The telecom sector is expected to employ 67.9 lakh workers by FY25, with a focus on roles related to 5G. Emerging job profiles include 5G technology developers, cybersecurity experts, AI/ML developers, and RF systems architects. Essential skills include knowledge of devices, open-source architecture, IoT, and niche sector-specific expertise. Soft skills such as adaptability and problem-solving are also vital. Airfibre: Expanding Connectivity and Employment Airfibre technology is enhancing high-speed internet access without wires, generating jobs for telecom engineers, project managers, and FTTH planners. Telecom companies are rolling out 5G services. This has led to a higher need for professionals who can design and manage fiber optic services. Additionally, customer service roles are expanding to meet the rising demand. Customer service roles are also growing to keep up with the increased demand. Electric Vehicles (EV): Driving Job Growth The electric vehicle industry in India is growing rapidly. Employers expect job openings to increase by 40-45% in 2023 compared to the previous year. By 2030, the sector could create 10 million direct jobs and 50 million indirect jobs. The industry, valued at USD 5.48 billion in 2023, is expected to grow at a CAGR of 34.7% between 2024 and 2032. Emerging job profiles include battery engineers, electric powertrain engineers, data scientists, and regulatory compliance experts. Skills in demand encompass battery technology, powertrain development, data analytics, AI, and regulatory knowledge. Industry 4.0: Revolutionising Manufacturing Industry 4.0 is significantly impacting India's manufacturing sector, creating new job opportunities and requiring a new skill set. Using these technologies is leading companies to hire more workers. 74% of employers anticipate growth in the second half of FY24. Key recruitment hubs include Chennai, Bangalore, Hyderabad, and Coimbatore. New job profiles include data architects, blockchain developers, AI developers, and sustainability advisors. Skills in demand cover technical expertise in PLC programming, micrometers, blueprints, and soft skills like adaptability and global awareness. Renewable Energy: Powering Future Jobs India's renewable energy sector is experiencing significant job growth, particularly in tier II and III cities. In FY24, job demand increased by 23.7%. Emerging job profiles include solar PV technicians, wind turbine technicians, energy storage operators, and waste management specialists. Key skills needed include technical proficiency in renewable energy systems, project management, data analysis, and sustainability practices. Embracing New Skills As India advances technologically, the job market is evolving, demanding continuous learning and skill development from the youth. By embracing these changes and upskilling, young professionals can look forward to promising careers in various dynamic fields. TeamLease can help you meet your staffing needs with skilled professionals in various sectors, we have the expertise to connect you with the right talent. Contact us today to learn how we can support your workforce development.
Media Mention
India is poised to achieve its aspiration of a $35 trillion economy by 2047, but this requires overcoming key workforce challenges.
Subburathinam P
News Patrolling, December 19, 2024
Our findings highlight a dual challenge and opportunity for India’s manufacturing sector. While it is on a strong growth path, driven by a $447 billion export milestone and initiatives like PLI schemes, challenges like high attrition.
Subburathinam P
CXO Today, December 17, 2024
Many of our wage challenges arise from global changes in the world of work; manufacturing creates fewer jobs per rupee invested than before, the trade political backlash implies rising tariffs for exports.
Manish Sabharwal
The Indian Express, December 16, 2024
As we embrace this transformative phase, focusing on talent retention, inclusion, and upskilling will be key to sustained growth and innovation..
