Mumbai, 29th November, 2024: TeamLease Degree Apprenticeship, India’s largest and first privately-owned Degree Apprenticeship program from TeamLease Services, recently hosted a high-profile CXO event at The Leela, Mumbai. The event, led by A.R. Ramesh, CEO of TeamLease Degree Apprenticeship, centred on the theme “Beyond Compliance: Leveraging Apprenticeships for Strategic Business Growth.” The event was attended by leaders from top industries, including pharma, manufacturing, engineering, IT, and BFSI, showcasing the widespread interest in leveraging apprenticeships across diverse sectors . As workplaces undergo a significant transformation with digitisation and AI taking centre stage, the discussion addressed current talent market challenges and emphasised how apprenticeships can be strategically utilised to fuel business growth, going beyond regulatory compliance to drive innovation, agility, and future-ready talent development.
Maharashtra, contributing 14% to India’s GDP (around $439 billion) , stands as the nation’s economic powerhouse, supported by a robust infrastructure spanning physical, industrial, and social dimensions. The state’s manufacturing sector is primed for significant growth, propelled by surging domestic demand, rising international exports, and rapid technological advancements. With an ambitious vision to become a $1 trillion digital econom y by 2028, Maharashtra is intensifying efforts to revitalize its industrial landscape while addressing skill gaps through a strengthened skilling ecosystem. Despite its economic prominence, challenges persist. The Economic Survey of Maharashtra 2023-24 reveals unemployment rates of 13% in rural areas and 7.6% in urban areas for graduates and above in 2022-23. Additionally, the state faces a stark gap in skill education, with only 1.3% of schools offering vocational programs, highlighting an urgent need to integrate skill development into foundational education to equip students for a rapidly transforming job market.
As Maharashtra continues to lead India’s IT sector with over 31,000 software companies and contributing more than 20% of the nation’s software exports, the state finds itself at a critical juncture in addressing the growing demand for a skilled workforce. This juxtaposition of technological leadership and a widening skills gap underscores the urgent need for comprehensive upskilling and reskilling initiatives. With industries undergoing rapid transformation due to advancements like AI and digitisation, bridging the disconnect between academic learning and industry requirements has never been more critical. The dialogue delved into innovative solutions such as Degree Apprenticeships, Work Integrated Learning, White Collar Apprenticeship Programs, Global Apprenticeship Mobility, and Managed Training Services—models that blend higher education with hands-on work experience to create a sustainable and ROI-driven talent ecosystem. These programs not only reduce hiring time and costs but also enhance the quality of hires while formalising the workforce and addressing scalability in skilling. The discussion highlighted the substantial benefits of apprenticeship programs, including a 50% reduction in talent acquisition costs, a 25% decrease in attrition rates, and a 20%-25% increase in productivity. Over the last three years, these programs have consistently delivered a 3X Return on Investment, proving instrumental in driving organisational growth, underscoring their vital role in driving organisational growth and building a sustainable talent pipeline.
Sharing his insights on the discussion, A.R. Ramesh, CEO of TeamLease Degree Apprenticeship, commented, “Maharashtra stands on the brink of transformative growth, leveraging its position as India’s financial, entertainment, and emerging tech capital to drive its ambitious vision of attracting ₹950 billion (US$11.5 billion) in investments, creating 3.5 million jobs, and achieving exports worth ₹1 trillion (US$12.13 billion). However, as industries rapidly evolve with advancements like AI and digitisation, addressing the critical challenge of youth employability has become paramount. Apprenticeships, particularly degree apprenticeships, have emerged as a strategic solution to bridge this gap, enabling industries to cultivate a skilled and future-ready workforce tailored to their needs. Over the past three years, Maharashtra has engaged more than 596,000 apprentices, including 186,000 in FY 22-23 and 263,000 in the last year alone, highlighting a 42% growth rate—underscoring the growing adoption of this model. Programs like the Ladka Bhau Yojana are pivotal in scaling these efforts, fostering inclusivity and ensuring that young professionals gain practical, industry-aligned training. This holistic approach goes beyond addressing immediate workforce needs; it embraces a build-and-buy strategy that nurtures internal talent development, promotes diversity, and creates a sustainable talent pipeline equipped to meet emerging sectoral demands. By immersing youth with hands-on experiences and on-the-job training, apprenticeships can empower Maharashtra’s workforce to sustain its competitive edge and drive the state towards building a more sustainable and agile workforce”.
Further elaborating on the role of apprenticeships in building a sustainable talent pipeline for the industry, Dhriti Prasanna Mahanta, Vice President and Chief Business Officer at TeamLease Degree Apprenticeship, added, “With workforce demands evolving rapidly, Maharashtra is setting a benchmark in workforce development through its growing focus on apprenticeships. As the state works towards its ambitious goal of becoming a $1 trillion economy by 2028, apprenticeships have emerged as a pivotal strategy for addressing critical skill gaps, fostering workforce inclusivity, and aligning talent with industry demands. Over the past three years, Maharashtra’s industries have embraced this model at scale, with the automotive sector engaging 143,000 apprentices, followed by IT/ITeS and retail sectors onboarding 54,000 and 41,000 apprentices, respectively. These programs are bridging the gap between education and employment by providing hands-on, industry-relevant training that empowers individuals to excel in real-world roles, especially in sectors leveraging emerging technologies such as AI and digitization. Initiatives like the Ladka Bhau Yojana are driving this momentum, ensuring a future-ready workforce that can meet the demands of Maharashtra’s rapidly evolving economic landscape. For businesses, apprenticeships offer a cost-effective way to build talent pipelines, enhance productivity, and access skilled workers while individuals gain formal employment opportunities and clear pathways for career growth. Beyond workforce development, apprenticeships are helping Maharashtra formalize employment and expand its workforce by creating pathways for individuals to gain industry-relevant skills, ensuring the state’s talent pool is well-prepared to meet the evolving demands of its economy