Over 65% of employers in India consider apprenticeships as a talent development strategy, which is cost-effective in developing talent, according to a survey conducted by TeamLease Degree Apprenticeship published by the Press Trust of India.

TeamLease Degree Apprenticeship, a privately-owned degree apprenticeship programme under TeamLease Services, conducted the survey with nearly 200 industry leaders across sectors.

The research showed over 42% of respondents said that it is cost-effective in creating talent through apprenticeships compared to conventional talent acquisition methods.

This cost optimisation serves as a compelling incentive for businesses to embrace apprenticeships as a strategic approach to talent development, the survey added.

TeamLease Degree Apprenticeship Chief Business Officer Sumit Kumar said, "In the last 2-3 years, India has witnessed a remarkable surge in the adoption of apprenticeships, with the number of organisations onboarding apprenticeships almost doubling from 350,000 to 700,000.”

"Additionally, the number of establishments actively engaging in apprentices has increased from 22,000 to 40,000, and the count of registered organisations in the apprenticeship pool has risen from 120,000 to 170,000," Kumar said.

According to Kumar, this upward trend is a testament to the ‘evolving mindset of Indian companies’, recognising the potential apprenticeships hold in bridging the skills gap and fostering a talented workforce.