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Media Coverage
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
Transforming Apprenticeships in India: TLDA & Genpact’s Joint Initiative

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 level of non-compliance in the quick-service restaurant (QSR) sector is alarming. Over 20% of employers fail to pay minimum wages, and nearly 25% do not provide any leaves beyond weekly days off.

The high level of non-compliance in the quick-service restaurant (QSR) sector is alarming. Over 20% of employers fail to pay minimum wages, and nearly 25% do not provide any leaves beyond weekly days off.

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.

TeamLease Digital’s latest report reveals overall annual growth of 5.5% in the women’s workforce in tech sector over the next 3 years

TeamLease Digital’s latest report reveals overall annual growth of 5.5% in the women’s workforce in tech sector over the next 3 years

17th, April 2024: TeamLease Digital, a tech staffing and solutions provider, has released a detailed report titled Women at the Heart of India’s Digital Evolution. The insightful report takes a deep dive into various aspects, including the total women’s tech workforce in India, women’s employment in GCC and in the non-tech sector, city-wise trends of women workforce expansion, in-demand and futuristic tech roles for women, and challenges faced by women in tech, among others. It also discusses the future outlook for women working in the tech workforce, which includes a projected 24.3% increase in women’s participation across all levels - entry/freshers, junior, mid-senior, leadership, and C-Suite levels. The following are the details covered extensively in the report: Changing dynamics of women's participation in the workforce As our country strives to capitalize on its demographic dividend, with the world's largest working-age population, which is predicted to reach over 70% by 2030. We can no longer afford women's under representation in the workforce. Trends indicate that the next five years will be critical for the country to attain an 8% GDP growth rate and that women must account for more than half of the new workforce generated by 2030. The gender disparity in India's labor force, attributable mostly to conservative societal norms and influenced by both demand-side and supply-side variables, remains the most enduring contradiction of recent decades. The state of diversity affairs in tech workforce: India’s digital advancement has been continuously fueled by the growing proportion of women in the tech workforce. However, compared to the predicted percentage of males in the industry which stands at 36.1 lakh, there are significantly fewer women (20.5 lakh), as of 2024. This is primarily due to the multiple challenges women encounter, including low educational enrolment among young women, lack of quality opportunities, the gender pay gap, safety concerns, societal norms, discriminatory workplace practices, a lack of upskilling/reskilling as well as returning to work policies, etc. A continual increase in the number of women joining or re-entering the tech workforce must become a reality, and increased involvement by women can only be genuinely realized as and when the aforementioned obstacles are addressed. Breaking barriers: Cracking tech roles in non-tech industries Speaking of facilitating greater female participation in tech, there are expected to be several reforms, including return-to-work programs, efforts to close the pay gap, the implementation of well-structured role models for STEM professionals, and the establishment of open pathways for equal opportunity, actively implemented by organizations. Further, the report offers a glimpse of the scenario of the tech women workforce in non-tech sectors. According to the report’s findings, on average, more than 40% of women would be hired for both non-tech and tech-related positions in the BFSI, Manufacturing, Consumer, and Retail sectors by FY 2025. The average number of women in tech positions in non-tech companies is projected to rise by 9%. According to city-specific statistics, the percentage of women joining the workforce from tier-1 cities (55%) outnumbers that of tier-2 cities. Female hiring is projected to center in Maharashtra, Tamil Nadu, and Gujarat in the coming months, with talent being hired in locations such as Chennai, Pune, Nasik, Coimbatore, Kochi, Aurangabad, and Vadodara. Currently, in the manufacturing segment, Tamil Nadu accounts for 43% of the total employed female workforce. A hierarchy of inequality: Additionally, the Women at the Heart of India’s Digital Evolution report revealed the comparison of gender representation across all hierarchical levels for men and women. It was found that the fresher level had the highest concentration of women, standing at 34%. However, this percentage gradually declines as the hierarchy rises, with 26% of women in the junior level (3-5 years’ experience), 18% in the mid-senior level (5-15 years’ experience), 11% in leadership roles (15-20 years’ experience), and a mere 8% in the C-suite/boardroom level. The decline in women in leadership positions is ascribed to a lack of opportunities, support for women with caregiving responsibilities, and fewer mentors and role models. Fostering diversity in GCCs: TeamLease Digital’s report also delves into Women's Employment in Global Capability Centers (GCCs) and reveals significant insights into the landscape. In India, the GCC model is now gradually evolving from executive-driven to ownership-driven, with employees across designations taking on full responsibility for several business functions. The report highlights an anticipated surge in the women workforce as the industry witnesses a continued focus on Diversity, Equity and Inclusion. Currently, women constitute 35% of the GCC workforce, with a predominant 81% in IT roles, 16% in Operations, 2% in Marketing, and approximately 1% in Finance. The report forecasts a notable rise in the tech women workforce in GCCs, expected to escalate from the current 25% to 35% by 2027. Upon examining the job roles that women have been forecast to be highly sought after in the future, the report presents a number of intriguing findings. Tech roles such as Quantum Computing Scientist, Blockchain Developer, AI Ethics Officer, AI Researcher, Cybersecurity Analyst, 5G Technology Specialist, Sustainability in Tech Expert, Smart City Technology Planner, and Edge Computing Specialist will be sought after in the coming years. The report, which is also solution-oriented, contains details on how women’s participation in the workforce can be boosted. Promoting STEM education for girls, implementing gender-sensitive hiring practices, creating inclusive workplace cultures, encouraging mentorship and networking, addressing the wage gap, enhancing legal and policy frameworks, and establishing accountability mechanisms are some of the proposed recommendations to increase women’s participation in the workforce. Neeti Sharma, Chief Executive Officer of TeamLease Digital said, “Our comprehensive report delves deep into the present scenario of women in the professional realm. With only 0.5% of the total female workforce engaged in tech roles in non-tech sectors, there is a pressing need to amplify female participation in this domain. Having said that, the tech sector is increasingly prioritizing the employment of women and India’s women’s STEM participation stands at 43% globally which is the highest in the world. This would further grow this year on the basis of the sustained efforts of the government and women-centric programs enabling increased participation of women in tech, inclusive maternity and childcare support. Empowering women in the tech sector not only enriches the industry with unique perspectives, talents, and experiences but also drives innovation through diversity.” “As more women join the workforce, it is crucial to nurture them by providing ample opportunities for upskilling and advancement. Our report highlights the transformative potential of women in driving India's digital future, and the urgent need to prioritize inclusivity, address systemic barriers and implement targeted interventions to increase women participation further. While the overall annual growth of women employed in the tech sector is projected to be 5.5% over the next 5 years, more concerted efforts are required from companies, policymakers and governmental initiatives to pave the way for a more equitable and encouraging future of women in India's digital journey,” added Munira Loliwala, AVP of Strategy and Growth at TeamLease Digital. About TeamLease Digital TeamLease Digital, a subsidiary of TeamLease Services Limited has emerged as one of the largest Tech Staffing & Solutions providers in the country. It has hired 80,000+ professionals since its inception with 10,000+ consultants currently deployed with 200+clients including some of the largest Fortune 500 customers and has 7,000+ open jobs every day. With the purpose of ‘Putting India to Work’, we are committed to being part of the amazing growth story of our country. TeamLease Digital has been creating business impact for its clients by matching their needs with top-quality resources available in the market in a quick and cost-efficient way. With one of the best professional hiring engines in the staffing industry and a leadership team comprising industry veterans, sturdy finances, and a pan-India presence, TeamLease Digital has become the preferred partner and leader in the industry. To download the report, click here: DOWNLOAD NOW

Female Apprenticeship Enrolment Soars by 20X, Propelling Diversity Forward

Female Apprenticeship Enrolment Soars by 20X, Propelling Diversity Forward

March 19 - 2024

TeamLease Degree Apprenticeship unveils data showcasing a significant increase in female apprenticeships across Manufacturing & Services sectors. This milestone marks a shift towards gender inclusivity. Our data sources reveal that over the past 5 years there has been a 20X increase in the enrolment of women apprentices within these sectors. This trend signifies a transformative journey towards empowering women & fostering gender diversity in the workforce. In addition to reflecting the growing momentum towards gender equality, the growth in female apprenticeship enrolment also signifies a paradigm shift in the roles women are undertaking. From traditional male-dominated manufacturing shop floor roles to Future of Work involving AI, ML, & Data sciences, women apprentices are being deployed to help productivity and foster a positive work culture. The vision of the GoI in making Nari Shakti an equal and integral part of India's development journey is evident in the NEP 2020 and National Skill Development Policy. Apprenticeships and other work-based learning programs have emerged as critical pathways for women's empowerment, aligning with these visionary policies. To further enhance participation & support women in their apprenticeship journeys, initiatives like increased seats exclusively for females, more female trainers, flexible training schedules, digital platforms for connecting skilled women with employers, and community outreach programs are being implemented. According to the data:

  • TeamLease Degree Apprenticeship has witnessed a 5X increase in demand for female apprentices in the Manufacturing sector, in the past 8-10 months.
  • Within the Services sector, women apprenticeship participation has surged by 33% Y-O-Y in the last two years, especially among GCC, BFSI, and Retail and logistics industries. It is expected that in the next three years, there’ll be a 70% year over year increase, indicating a growing recognition of the importance of gender diversity in fostering innovation and creativity.
AR Ramesh, CEO of TeamLease Degree Apprenticeship, emphasises the importance of enhancing female involvement in apprenticeships. He states that although women currently make up 21% of apprentices, there is ample opportunity for growth. Higher degree-embedded apprenticeship programs like Degree Apprenticeships can facilitate increased participation of women, particularly those from rural and socio-economic backgrounds. Organisations need to establish a talent pipeline for women through entry-level recruitment coupled with educational opportunities to address diversity, equity and inclusion (DE&I) objectives. “With the recent PLFS Report indicating that women participation reached an all-time high of 37% in 2022-23, the active participation of women in non-farm labour could boost India's economy by 9-10% annually", added Ramesh. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, notes a notable 5X surge in demand for female apprentices in the past 8-10 months, projecting that women's representation among apprentices will reach 40% by year-end. This surge reflects the industry's commitment to fostering inclusive work environments, driven by initiatives across emerging sectors like EV, Electronics, and Technology Products, as well as traditional sectors such as Auto, Auto Components, and Engineering. While gender-specific budget allocations are absent from many schemes, existing training programs include unique initiatives and incentives aimed at encouraging women's participation in the skill ecosystem. Additionally, the budget for women's training through the National Skill Training Institutes has substantially increased from approximately 64 crores in 2022–2023 to around 68 crores in 2023-24, indicating significant growth in skill development. “Notably about 70% of women under apprenticeships in manufacturing are from rural and semi-urban areas. The Government of India's Skill India Mission, including the Ministry of Skill Development and Entrepreneurship's Vocational Training Program for women, plays a pivotal role in facilitating this transition”, says Sumit. Dhriti Prasanna Mahanta, Vice President and Business Head of TeamLease Degree Apprenticeship, highlights the employment landscape for women in recent decades, with IT and Retail being significant employers, employing nearly 36% and 35% of female workers, respectively. Industries such as GCC, BFSI, and Retail & Logistics have witnessed a 33% year-on-year surge in women apprenticeship hiring and are expected to experience a 70% year-on-year increase in the next three years. Dhriti also added that, “Sectors like Tourism & Hospitality, Logistics, and Telecom are projected to face substantial skill gaps in the next three years - 24 million, 10 million and 5.3 million, respectively. Formalisation and skill development through higher education embedded work-based programs will be crucial in bridging this gap and meeting productivity expectations, considering the current unsustainable gender participation ratio.” 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.

Media Mention
Foreign job scams: How to outsmart fraudsters targeting job seekers

"Avoid giving out sensitive personal information, such as your passport or bank details, until you have thoroughly vetted the employer and the job offer..."

Krishnendu Chatterjee
  • VP & Business Head

Business Standard, May 16, 2024
Wanted More Women in Taxi, Logistics Lane

“There is also a spike in in demand for women tow-wheeler riders from delivery companies, which are facing monthly attrition of as high as 40%.”

Balasubramanian A
  • VP & Business Head

The Economic Times, May 12, 2024
National Technology Day – Tech on Top across Sectors

"Technology mitigates the hand of randomness and helps us make sharper, better informed decisions. It won’t be a stretch to say that technology has been the single biggest catalyst in our evolution as a species, and will continue to be..."

Balasubramanian A
  • VP & Business Head

CXO, May 12, 2023
Tier II And III Markets Experience 29% Spike In Retail Lending Job Demand

"With employment demand soaring by 29% over the past two financial years, this underscores the urgent need for skilled professionals to fuel the growth engine of the retail lending industry."

Krishnendu Chatterjee
  • VP & Business Head

Business Outlook India, May 03, 2024