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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India’s Electronics Sector to Create 12 Million Jobs by 2027, Aiming for $500 Billion Output
30 December 2024: India’s electronics industry is undergoing a transformative phase, with an ambitious goal of achieving $500 billion in manufacturing output by 2030. To meet this target, the sector must grow fivefold over the next five years, bridging a $400 billion production gap. Currently, domestic production stands at $101 billion, with mobile phones contributing 43%, followed by consumer and industrial electronics at 12% each, and electronic components at 11%. Additionally, emerging segments like auto electronics (8%), LED lighting (3%), wearables and hearables (1%), and PCBAs (1%) offer substantial growth potential. According to TeamLease Degree Apprenticeship’s latest electronics report, the electronics sector is poised for significant expansion, projected to create 12 million jobs by 2027—3 million direct and 9 million indirect roles. Direct employment opportunities will include nearly 1 million engineers, 2 million ITI-certified professionals, and 0.2 million specialists in fields like AI, ML, and data science, while non-technical roles are expected to contribute 9 million indirect jobs. These trends underscore the sector’s capacity to fuel economic growth and provide diverse career opportunities. While the outlook appears promising, India’s electronics sector faces a significant talent deficit that could impede its progress. This gap is not just a numerical challenge but is deeply tied to a shortage of skilled talent, threatening the country’s ability to achieve its ambitious manufacturing goals. Workforce skills must align with industry needs, particularly for high-demand components like semiconductors, electromechanical parts, and passive/active components. To address these challenges, targeted efforts are required to build a skilled, future-ready workforce. A.R. Ramesh, CEO of TeamLease Degree Apprenticeship, shared, “Achieving the ambitious goal of $500 billion in manufacturing output by FY 2030 demands a more assertive approach to addressing critical skill gaps. Apprenticeships and internships play a transformative role in bridging this gap by providing hands-on training directly aligned with evolving industry demands, ensuring graduates are not only employable but industry-ready. Scaling apprenticeship enrollments, projected to grow from 1 million to 2 million apprentices by 2027, will help create a robust talent pipeline to meet industry needs.” Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, added, “India’s electronics sector, valued at $101 billion, is swiftly positioning itself as a global electronics hub, contributing 3.3% to global manufacturing and 5.3% to India’s total merchandise exports in FY23. Despite its modest 4% participation in global value chains, the sector holds immense growth potential by moving beyond final assembly to include design and component manufacturing. As opportunities and employment creation rise, a multi-pronged approach becomes essential, with a strong focus on apprenticeships, reskilling, and upskilling to cultivate a future-ready workforce. Apprenticeships are crucial in building a talent pipeline by combining theoretical knowledge with hands-on experience, ensuring that the workforce is equipped with industry-relevant skills. Furthermore, capacity building is vital, especially given that ITIs currently operate at just 51% enrollment. Employers and industries can strengthen this effort by setting up in-house training centers and collaborating with academia through Work-Integrated Learning Programs (WILP) and degree apprenticeships. Scaling apprenticeship programs, reskilling, and upskilling initiatives for over 50% of the workforce, alongside robust capacity-building measures, will empower India to bridge the skills gap and drive sustainable growth, solidifying its position as a global leader in electronics.” About TeamLease Degree Apprenticeship: TeamLease Degree Apprenticeship is India’s largest Degree Apprenticeship service provider offered through a partnership with 22 universities pan-India, including TeamLease Skills University (TLSU) and an empanelled third-party Aggregator under the guidelines laid down by the Ministry of Education & Ministry of Skill Development and Entrepreneurship. The company acts as a key facilitator between industry, academia, youth, government & industry bodies for the penetration of and improving the effectiveness of work-based learning programs, including apprenticeships, across India. The company has hired about 1 million apprentices with more than 1000 employers in the past 10 years. About 98% of these apprentices have transitioned into formal employment, and almost 40% have been employed in the same organization. Through its Degree Apprenticeship Program, TeamLease focuses on enhancing the employability quotient of the youth of our country and bridging the skill deficit.
The Workforce Behind $1 Trillion Manufacturing: Trends, Challenges
- India’s manufacturing sector aims for $1 trillion by 2025-26, driven by Industry 4.0 and upskilling.
- Challenges: gender disparity (89.5% male workforce) and high attrition, especially among women.
- Solutions: focus on inclusivity, upskilling, outsourcing, and creating women-friendly workplaces.
Workforce Demographics and Regional Contributions
According to the report, the manufacturing workforce is largely young, with 43.6% of employees falling within the 28-37 age range. This demographic is well-positioned to adopt new technologies, but there is an urgent requirement to improve technical and analytical skills. Educational attainment reveals that nearly half of the workforce possesses a graduate degree, with men (48.5%) and women (46.4%) showing comparable levels of representation among graduates. Regionally, Maharashtra (17.2%) and Tamil Nadu (14.6%) are the top contributors to the contractual workforce, reflecting their industrial strength. Other significant contributors include Uttar Pradesh (9.6%) and Karnataka (9.4%), while Delhi (3.6%), Rajasthan (3.5%), and Bihar (3.4%) provide smaller proportions. Together, regions like West Bengal, Andhra Pradesh, Telangana, and Kerala make up 24% of the workforce.Challenges: Gender Gaps and Attrition
Despite its advancements, the manufacturing sector continues to grapple with significant challenges, particularly gender disparity. Men occupy a staggering 89.5% of temporary positions, while women hold a stronger presence in postgraduate qualifications (24.3% compared to 10.5% for men). Conversely, men are more prevalent in technical qualifications such as diplomas and ITIs. The report emphasizes the urgent need for initiatives aimed at bridging the gender gap, especially in technical roles. Attrition remains a critical issue, with over 43% of temporary workers leaving their positions within a year and 8.7% departing within the first three months. Women encounter additional hurdles, with 66% exiting within a year due to safety concerns, commuting challenges, and the physically demanding nature of the work. The creation of women-friendly workplaces is underscored as a priority to tackle these issues.Pay and Job Demand Trends
Compensation in the manufacturing sector has seen consistent growth, with a compound annual growth rate (CAGR) of 5.6% from FY21 to FY24. However, a gender pay gap persists, with men earning higher average salaries than their female counterparts. Addressing this pay inequality is essential for promoting fairness in the workplace. The demand for skilled roles remains robust, with positions such as assembly line workers, welders, and CNC operators in high demand. Additionally, white-collar roles like production supervisors, quality control inspectors, and supply chain managers are crucial for the sector's success.Strategic Recommendations
Subburathinam P., Chief Operating Officer, TeamLease Staffing, remarked: "Our findings reveal both opportunities and challenges for India's manufacturing sector. While the sector is on a promising growth path, supported by initiatives like PLI schemes and achieving a $447 billion export milestone, issues such as high attrition, skill shortages, and gender disparity need urgent attention. To unlock its full potential, the industry must focus on inclusivity, upskilling for Industry 4.0, and strategic workforce outsourcing to optimize costs and efficiency." The report suggests practical steps to tackle challenges, like investing in workplace safety, promoting inclusivity, and offering career growth programs, including mentorship. Outsourcing is a cost-effective way to save 50-60% while boosting efficiency. Other strategies include using feedback systems, recognition programs, and customized retention plans to reduce attrition and improve engagement. By defying these challenges directly, India's manufacturing sector can reach its ambitious goal of a $1 trillion valuation and position itself as a global leader in sustainable and inclusive growth. Read our press release on CXO Today.
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.
Media Mention
As of now, there has not been any movement. We need notification on how these programmes are going to get implemented. So only then we can assess what can be the potential upside on these initiatives.
Ramani Dathi
CNBCTV18, January 31, 2025
The automotive sector is witnessing a shift as it adapts to changing consumer preferences and technological advancements. The focus on EVs, connected vehicles, and premium models has redefined the industry's growth narrative and talent requirements.
Subburathinam P
Times Now News, January 31, 2025
Focus should be on employment generation, skill development, and fostering the growth of the EV segment in the auto industry, as well as enhancing workforce participation through initiatives.
Subburathinam P
Story Board 18, January 31, 2025
The positive hiring intent by 66% of the companies we’re seeing in the travel and hospitality sector tells a compelling story about how the industry is evolving.
