Apprenticeship Outlook to Rise 75% in Oct-Mar: Report

New Delhi, Nov 29 (PTI) The Net Apprenticeship Outlook (NAO) metric could see a 75 per cent jump in the second half of the fiscal year, as per a report.

According to the Teamlease Degree Apprenticeship's 2023 Outlook Report, the NAO increased to 56 per cent and 66 per cent in the same period in the past two years, respectively.

It is now projected to rise 75 per cent in the October-March period.

A Compound Annual Growth Rate (CAGR) of nearly 30 per cent showcases that organisations view apprenticeships as a talent development strategy that drives skill enhancement and workforce development, the report said.

TeamLease Degree Apprenticeship Vice President Dhriti Prasanna Mahanta told PTI that NAO metric for 2023, which is a key indicator of employer sentiment, has reached an all-time high.

"In the labyrinth of India's rapidly evolving workforce landscape, apprenticeships have emerged as a pivotal bridge between education and employment."

"The NAO metric signals a remarkable 75 per cent increase in employer intent for apprenticeship engagement. Electrical & electronics (94 pc), telecom (93 pc), and e-commerce & tech products (90 pc) are the leading sectors with the highest NAO," he said.

Key cities like Bengaluru, Delhi, and Hyderabad are leading the charge for skill development and career growth, as per the report.

The total number of apprentices employed over the last five years increased 30 per cent, the report said.

Growth in retail, BFSI, and logistics industries is predicted to reach 67 per cent in the next three years, he added.

Structured training programmes (53 pc) and regular mentoring, and coaching (41 pc) also emerged as preferred strategies for engaging apprentices, the report added.