In the year 2023, the demand for apprenticeships is on the rise. Whether you're an employer or a potential apprentice, this blog will provide valuable insights into the exciting world of apprenticeships.
2023 is the year of the apprenticeship - The apprenticeship engagement have doubled to over 5.5 lakhs in the last 5 years.
According to Teamlease's Apprenticeship Outlook Report, 79% of employers are keen on increasing apprentices in the year 2023. Additionally, considering the lucrative benefits offered by NAPS programs in India, employers are now increasing their intake on apprentices.
Apprenticeship programs in India are getting directly compared with developed economies like Germany and others. It is gaining more credibility in India for the rate of unemployment and productivity in the Indian workforce. A study conducted by Dalberg for DFID (now FCDO) in March 2020, confirmed the cost-benefit ratio at 1.3 to 1.9 across different industries.
Is Apprenticeship Really Worth It In The Indian Economy?
According to Financial Express, an apprenticeship program is the best pathway to transition from education to work. The ultimate theme of apprenticeship is ' Learning while Working'.
Thus, the apprenticeship program in India is credited considering 'higher productivity' and 'unemployment rates'. The apprenticeship scheme in India can overcome the problems of lack of skilled labour and unemployment in India.
According to a recent forecast, 47% of Indian youth will not have the right skill sets required for employment by the year 2030. Thus, apprenticeship programs are the right way to provide real work training to the youths and address the problem of skill shortage in different industries.
However, it is necessary to state that apprenticeship must not become an alternative to the supply of cheap labour. Certain work exposures cannot be considered under apprenticeship program. For employers, it must be taken more as a structured training of the apprenticeship.
The ultimate goal of apprenticeship program in India is to address the demand for an industry-ready or skilled workforce. It plays a critical role in bridging the gap between talent supply and talent demand. It comprehends the gaps in academic learning through on-job training and real-life work exposure. The apprenticeship scheme in India has huge potential in India which still remains untapped.
Apprenticeship program has proven its worth and potential in other developed countries. It is the key to improve India's economy, address skill shortage and increase employability in India. To conclude, apprenticeships have a bright future ahead.
How Indian Government Is Paving The Way For Apprenticeship Scheme?
The Indian Government is massively supporting the engagement of apprenticeship in different sectors. It has proposed to share a stipend cost up to 25%, In order words, INR 1,500 per apprentice under NAPS (National Apprenticeship Promotion She me). To ease down the process of NAPS implementation in organizations, the government removes physical claim submissions and switched to 100% online process through a user-friendly portal. The portal allows organizations to claim stipend reimbursement to organizations and it gets directly delivered to the apprentices through DBT (Direct Benefit Transfer). The NAPS schemes are expected to become more streamlined in terms of registration process at the PAN India level rather than multiple stages. The procedures/curriculum are standardized between sectors/trades/industries to make it easier for organizations to engage apprentices.
The apprenticeship program is surely getting the desired respect that it deserves. It creates a credible pathway to provide hands-on learning / real-world working experience which supports employability amongst the youth. An apprenticeship program is a win-win situation for organizations and trainees alike.
Why Employers are Considering Apprenticeship Program?
The value proposition of apprenticeship for employers
Sumit Kumar, Chief Business Officer -Manufacturing, TeamLease Degree Apprenticeship, said."Employers are realizing that apprenticeships with a degree linkage have better skill competencies".
- Cost-Effective: Apprenticeships are a cost-effective way to develop a motivated workforce.
- Government Funded: A government-funded training program removes the financial burden of employer.
- Customized Training: Structure and customized training can be provided to apprentices as per business needs.
- Employee Retention: Hiring apprentices widens staff retention. Apprentices tend to be loyal to organizations.
- Skilled Workforce: Apprenticeship programs help employers recruit and develop a skilled workforce.
- Productivity & Performance: Apprentice engagement improves the overall productivity, performance, and profitability of the organization.
- Appropriate Skills: Apprentices with customized training quickly address talent/skill gap in the organization.
- Upskill & Reskill: The practicality of apprenticeship programs enables employees to upskill and reskill in a short span of time.
Keeping aside the above benefits, apprentices also bring in fresh new ideas into the organization thus improving productivity. 78% of business organizations report that their productivity increased after engaging apprentices in the organization. 74% of employers report that apprentices have improved the overall service/ product quality. It can be said that in the long run, apprentices can drive organizational performance while ensuring business value.
How 2COMS Can Help Your Business ?
2COMS Group being number 1 TPA in NAPS implementation, we can be your NAPS implementation partner. We can help your successfully attain all the above mentioned benefits of NAPS through our expertise. We have assisting top companies earn in crores through NAPS/NATS implementation program.
For more information about implementing NAPS/NATS in your organization, contact our subject matter experts or visit us at 2COMS.COM
Read More about Apprenticeships Here: https://www.2coms.com/category/apprenticeships-management