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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Growth in Consumer Durables & Electronics: TeamLease Report Highlights 57% Attrition
- Temporary roles in high demand include in-store promoters, service technicians, supervisors, sales trainers, channel sales executives, customer support executives, warehouse managers, tele-support executives, and electronics engineers.
- The opportunity cost of lost revenue due to vacant positions and reduced productivity amounts to ₹118.6 crore for the in-store promoter role alone for a mid sized company
People Supply Chain Innovation: Interpreting the ROI in Apprenticeships
A CXO Roundtable by TeamLease Degree Apprenticeship TeamLease Degree Apprenticeship, India's premier privately-owned degree apprenticeship program from TeamLease Services, held a distinguished event titled ‘People Supply Chain Innovation: Interpreting the ROI in Apprenticeships’ at ITC Narmada, Ahmedabad. Gujarat has emerged as a top destination for both domestic and international investments, ranking among India’s top three in Manufacturing FDI. The state boasts a strong labour force participation rate, lower unemployment and an entrepreneurial spirit, positioning it well for economic growth and job creation. However, organisations face challenges in talent acquisition, engagement and development due to technological disruptions and demographic diversity. TeamLease’s event aimed to tackle critical challenges in talent acquisition and explore the ROI in Apprenticeships and other work-based learning programs. Strategies discussed at the event included developing internal talent, implementing Managed Training Services (MTS) and Hire-Train-Deploy (HTD) models and outsourcing apprenticeship management. The discussion also covered the ROI in Apprenticeships - a 3X return in three years, reducing talent acquisition costs by 50% and boosting business productivity by 20-25%. Additionally, the discussion also highlighted the need for structural reforms to accelerate skill development in India, emphasising the symbiotic relationship between functional skills and theoretical knowledge. It was underscored that skill development and education should not be treated as distinct entities. Instead, a concerted effort to enhance youth employability through education-embedded work-based programs was deemed imperative, with the potential to significantly bolster human capital. Specific measures, such as the tripartite agreement model involving academia, industry and youth as key stakeholders and providing lifelong learning opportunities for upskilling and reskilling through apprenticeships, were thoroughly discussed. Additionally, there was a detailed examination of education pathways that mirror extended apprenticeship programs for bridging skill gaps and preparing a workforce for the future. A.R. Ramesh, CEO of TeamLease Degree Apprenticeship, emphasised the urgent need to address the challenges in creating a robust talent pipeline. With India expected to contribute a quarter of the world’s new workforce in the next decade and AI set to disrupt millions of jobs, developing a skilled workforce is crucial. Ramesh noted that although Gujarat is a top performer in FDI and economic indicators, it needs to increase its apprenticeship adoption to build a productive talent pool. He also discussed the potential of Managed Training Services and Hire-Train-Deploy models to enhance the productivity of apprentices and fresh recruits. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, highlighted the significant growth and investments in Gujarat’s key sectors. The state has seen a 700% increase in EV demand over the last three years and a substantial expansion in charging infrastructure. Gujarat accounts for nearly 30% of India’s pharma exports and is set to manufacture India’s first semiconductor chip this year. However, talent availability and productivity have become significant challenges. He emphasised the need to scale up apprenticeship adoption, as it offers a proven pathway to creating a sustainable talent supply chain. Dhriti Prasanna Mahanta, Business Head and Vice President at TeamLease Degree Apprenticeship, emphasised the pivotal role of apprenticeships in augmenting organisational efficiency and talent management. By refining talent acquisition and retention processes, these programs yield substantial cost savings, signifying a strategic shift towards nurturing internal talent. The shifting prominence of specific industries in Gujarat is evidenced by the changing proportions of apprentices engaged in each industry. Dhriti also added that expanding apprenticeship programs in Gujarat is crucial for cost savings, increased productivity, scaling up the skilling ecosystem to drive industry growth and nurturing the state’s entrepreneurial spirit. About TeamLease Degree Apprenticeship TeamLease Degree Apprenticeship is India’s first and largest Degree Apprenticeship programme offered through a public-private partnership with the TeamLease Skills University (TLSU), Ministry of Education, Ministry of Skill Development and Entrepreneurship, CII and NSDC. The company has hired about 700,000 apprentices with 1000+ employers. About 98% of these apprentices have transitioned into formal employment and almost 40% have been employed in the same organisation. Through its Degree Apprenticeship Program, TeamLease focuses on enhancing the employability quotient of the youth of our country and bridging the skill deficit. TeamLease Skills University (TLSU) is India’s first vocational skills university and India’s first NAAC certified University that offers employment-oriented multi-level programs.
Transforming Apprenticeships in India: TLDA & Genpact’s Joint Initiative
TeamLease Degree Apprenticeship, in conjunction with Genpact, is pleased to announce the groundbreaking initiative to reshape the landscape of apprenticeships in India. With a shared objective of facilitating employment for over 5000 graduate apprentices, this joint effort is committed to unlocking the potential of India's youth. By seamlessly blending on-the-job training with formal education, the aim is to nurture a highly skilled workforce capable of meeting the evolving demands of the IT & BPM industry. Over the past five years, the combined efforts have seen remarkable success, with more than 18,000 apprentices trained, and an impressive 95% transition into the workforce. The 12-month Graduate Apprenticeship Program not only offers invaluable work experience but also focuses on enhancing essential soft skills crucial for professional success. Through strategic alliances with academic institutions and industry leaders, TLDA ensures apprentices receive tailored, comprehensive training aligned with industry requirements. Join us in shaping the future of apprenticeships, bridging skill gaps, and empowering individuals with invaluable skills! A joint press statement from Genpact and TeamLease Degree Apprenticeship regarding this was published by multiple media outlets, including Business Standard, BW People, and ETHR World. About TeamLease Degree Apprenticeship TeamLease Degree Apprenticeship is India’s first and largest Degree Apprenticeship programme offered through a public-private partnership with the TeamLease Skills University (TLSU), Ministry of Education, Ministry of Skill Development and Entrepreneurship, CII and NSDC. The company has hired about 700,000 apprentices with 1000+ employers. About 98% of these apprentices have transitioned into formal employment, and almost 40% have been employed in the same organisation. Through its Degree Apprenticeship Program, TeamLease focuses on enhancing the employability quotient of the youth of our country and bridging the skill deficit. TeamLease Skills University (TLSU) is India’s first vocational skills university and India’s first NAAC certified University that offers employment-oriented multi-level programs.
The high QSR non-compliance rate worries. Over 20% of companies don’t pay minimum wage, and 25% don’t offer more than weekly leave.
TeamLease Services emphasizes the necessity of following FSSAI compliance guidelines to promote employee well-being. To foster the anticipated growth of the quick-service restaurant (QSR) sector, companies need to effectively manage regulatory compliance concerning salary, incentives, statutory bonuses, ESIC, gratuity, and leave policies. National, April 29th, 2024: With India’s food sector undergoing explosive growth, the country’s Quick Service Restaurant (QSR) sector is projected to reach a milestone of USD 38.71 billion by 2029, accompanied by rapid national expansion in the coming years. As quick-service restaurant (QSR) brands rapidly expand their operations to meet growing demand, TeamLease Services Limited, a prominent staffing firm in India focused on employment, employability, and ease of doing business, has underscored the critical issue of non-compliance within this rapidly growing sector. Industry stakeholders must address this immediately, as non-compliance can result in legal penalties, reputational harm, and operational disruptions for QSR businesses. The Food Safety and Standards Authority of India (FSSAI) is taking active steps to tackle food safety concerns by educating those in the food services sector about regulatory compliance. FSSAI requires restaurants to clearly display food safety boards outlining hygiene, sanitation, good manufacturing practices (GMP), and other pertinent guidelines. Restaurants must also hire trained food safety supervisors on-site. Additionally, FSSAI is streamlining the registration process for Food Business Operators (FBOs) to ensure strict adherence to its guidelines. At present, among the country's 2.5 million food business operators (FBOs), just 0.5 million, or 20%, hold an FSSAI license. From the perspective of managing the workforce effectively in this fast-paced food service industry, it is suggested that companies in the QSR sector must prioritize compliance to ensure the well-being of their employees, maintain customer trust, and sustain long-term success in the industry. The QSR sector is experiencing high attrition rates with a monthly average of 10-40% employee turnover. Around 75% of the workforce has a tenure of less than 3 years, with 36% serving for just 1 to 2 years. A significant factor contributing to the high attrition rate is inadequate compensation levels and practices. The average salary of 88% of the workforce varies between INR 15,000-20,000. It is even more concerning that 12% earns less than INR 15,000 which is less than the minimum wage threshold for many states in India. Furthermore, approximately 64% of the quick-service restaurant workforce does not receive any incentives. Alarmingly, 21% of QSRs are non-compliant in terms of statutory benefits as they fail to meet minimum wage requirements. Also, 30% of them neglect to provide statutory bonuses. Without bonuses and incentives, employees may lack motivation to excel in their work, affecting overall operational efficiency and the quality of customer service. 23% of QSRs are not compliant with the Employee's State Insurance Corporation (ESIC) provision that ensures medical care for employees earning less than Rs.21,000. This oversight compromises employee well-being and reflects a disregard for regulatory obligations. The provision of gratuity benefits in the sector is also a cause for concern. While 58% of the QSR chains extend gratuity benefits to employees with 5-year tenures, the proportion of eligible employees is significantly low due to high attrition rates. 24% of the surveyed QSRs do not provide any leaves beyond standard weekly offs, potentially contributing to employee burnout and dissatisfaction. Kartik Narayan, CEO of Staffing, TeamLease Services Limited, said, “As a leading staffing partner, we have witnessed firsthand the impact of non-compliance on both the workforce and business operations. Nearly 75% of QSR employees have tenures less than 3 years, with over a third lasting just 1-2 years. This is further fueled by issues like subpar pay, lack of incentives, and failure to provide statutory benefits. These findings are indeed a wake-up call for the QSR industry.” “An unmotivated workforce leads to high turnover rates, operational disruption and compromised customer service, thereby affecting the overall profitability. Therefore, the QSR sector must prioritize fair labour practices, competitive compensation, and robust compliance measures. Addressing these workforce challenges is not just an ethical imperative but a strategic business necessity for the industry's long-term sustainability and success,” he added. Balasubramanian A, Vice President & Business Head of TeamLease Services Limited, said, “While the QSR industry is undergoing rapid growth, there is a need to uphold compliance standards. There are alarming gaps like failing to provide minimum wage and neglecting statutory bonuses. Also, nearly 24% of QSR businesses do not provide any leaves beyond standard weekly offs, 4 in a month. Only a few of them prioritize employee satisfaction by allowing leave carry-forwards and accommodating extended leaves for personal reasons. This oversight erodes employee morale, and undermines customer trust. These practices largely explain why the average age of employees in the QSR space is in the low 20s. They see this as a first step but definitely not even as a near term let alone a long term career option. By partnering with experienced staffing and compliance experts and leveraging advanced tools, QSRs can navigate this complex landscape while prioritizing their workforce's well-being.” Effective management of workforce policies regarding salary, incentives, statutory benefits, and leave entitlements is key to sustainable growth. Collaboration between industry leaders, policymakers, and regulators is necessary to develop strong compliance standards that uphold fair labor practices and improve employee welfare. By maintaining ethical standards and fostering a positive work environment, QSR businesses can create a motivated workforce and secure long-term success.
Media Mention
"This summer has been tougher than earlier years to get blue-collared workforce for the construction and infrastructure business and shifting them from many northern regions to southern and western parts of the country..."
Kartik Narayan
Mint, June 29, 2024
“Nearly two out of five organisations are prioritising skills development, equipping their workforce for the technological advancements that lie ahead. The findings of our report shed light on the dynamic and optimistic hiring landscape.”
Kartik Narayan
Financial Express, June 28, 2028
“Banking services including personal loan, home loan, credit cards are all rising at an impressive rate, and there will be 25% to 30% boom in hiring for white collar jobs in 2024 placements.”
Kartik Narayan
Bennett Edu, June 24, 2024
"Data from the Tourism and Hospitality Skill Council (THSC) indicates that in 2023, only a fraction of available seats for hospitality management programmes were filled".
