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High attrition keeps private banks on their toes

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."

High staff churn in India’s financial sector to persist in FY24

High staff churn in India’s financial sector to persist in FY24

"The demand for salespeople (selling personal, home, agriculture, and other loans) is huge."

Tech Integration And Partnerships Trim PSU Banks’ Employee Headcount

Tech Integration And Partnerships Trim PSU Banks’ Employee Headcount

“These partners are now directly working with banks and catering to the requirements. So, the need for main banks to hire is going down, and going to a third party also helps them in many ways.”

Banking & financial companies go all out to retain staff

Banking & financial companies go all out to retain staff

The annual attrition in frontline roles could be as high as 120% where the entire workforce is getting churned on a rolling 12-month basis.

Media Release
Investing in Apprenticeships: A Strategic Move to Secure Future Workforce

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 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

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.
*50-bed hospital with facilities like a diagnostic centre, radiology, pathology lab, and pharmacy operating in a single state. Bangalore, 20th August 2024: TeamLease Regtech has unveiled its latest report titled ‘Simplifying Compliance Management for Hospitals.’ This comprehensive report delves into the intricate regulatory challenges faced by hospitals nationwide. It examines the existing regulatory landscape, highlights the hurdles, and offers actionable recommendations to help alleviate these complexities. India’s healthcare sector has witnessed remarkable growth in recent years, with public healthcare expenditure increasing to 2.2% of GDP in FY23. The sector, currently valued at US$372 billion, is poised to reach US$638 billion by 2025. The burgeoning medical tourism industry, currently valued at over $7 billion, is expected to double by 2029, attracting approximately 630,000 international patients in 2023 alone. As a major employment generator, the sector currently employs 7.5 million people as of 2024, underscoring its potential and the need for effective compliance management. For a typical 50-bed hospital with facilities like a diagnostic centre, radiology, pathology lab, and pharmacy operating in a single state, the report identifies 623 unique regulatory compliances. Of these, 421 (67.5%) are mandated at the union level, 192 (31%) at the state level, and 10 (1.5%) at the municipal level. When compliance frequency is considered, the annual obligations for such a hospital can rise to 967. Additionally, the hospital must secure 100 licences, permissions, and approvals under 58 different acts. Hospitals must comply with various regulatory requirements, including those under the Narcotic Drugs and Psychotropic Substances Act, 1985, and the Maharashtra Narcotic Drugs and Psychotropic Substances Rules, 1985. This involves submitting annual disclosures regarding the purchase and consumption of manufactured drugs to the licensing authority and maintaining detailed records of drug usage and inventory. The Pharmacy Act, 1948, and the Pharmacy Practice Regulations, 2015, mandate hospitals to keep patient records for five years, document drug compounding, labelling, dispensing, and maintain prescription records. Moreover, hospitals are required to record and report administered drugs and any cases of communicable diseases. The Pre-Conception and Pre-Natal Diagnostic Techniques (Prohibition of Sex Selection) Act, 1994, requires hospitals to preserve the names of individuals receiving genetic counselling for two years. The report further reveals that a hospital must obtain 100 licences across Union, State, and Municipal/Local levels. Labour compliances account for approximately 31%, while industry-specific regulations comprise over 27% of the unique obligations. Factoring in the frequency of these compliances, a hospital may face up to 967 regulatory obligations annually. These obligations multiply as the hospital expands its operations or geographic presence. Managing and tracking all these regulatory requirements can be extremely challenging when relying on Excel sheets and ad-hoc processes. The report concludes with recommendations for regulatory reforms to enhance the ease of doing business and provide modern compliance management solutions for healthcare providers. Download the full report: Simplifying Compliance Management for Hospitals in India

Technological Advancements and Workforce Transformation in India

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
Employees in Majority of Industries Failed to Secure 5% Pay Raise in FY24

This is not just about incremental salary growth; it reflects a deeper transformation in the job market.

Kartik Narayan
  • CEO - Staffing

Outlook Business, October 25, 2024
Bangalore Leads As Top Jobs Hub With 9.3% Salary Growth

Bangalore’s 9.3% salary growth and Retail’s impressive 8.4% increase point to a growing demand for specialized skills that drive compensation trends.

Kartik Narayan
  • CEO - Staffing

BW People, October 23, 2024
Job Opportunities, Talent Challenges, and the Future of Telecom

The rural broadband telecom sector is experiencing growth and offering a variety of job opportunities. Positions range from technical roles like technology/network leads, Outside Plant Manager, and Network/Field Technician to customer service and sales.

Subburathinam P
  • CSO, Staffing

CXO Today, October 23, 2024
Skilling 100,000 ‘green energy warriors’ to drive India’s solar revolution

As domestic solar PV module production ramps up, the demand for skilled workers across the entire solar energy industry value chain will significantly increase.

Subburathinam P
  • CSO, Staffing

PV Magazine, October 20, 2024
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