Chennai: As global tensions loom large over hiring prospects, IT/ITES companies have seen a 250 per cent annual increase in apprentice headcount, which helps them lower the cost of their workforce.
The spike in hiring in the IT/ITES industry has been steadily growing month-on-month as the industry prioritizes apprenticeship engagement for its potential to lower the cost of its workforce, create a talented pool, and cultivate staff loyalty and retention.
According to Quess Corp, there has been over 250 per cent annual increase in apprentice headcount in the IT/ITES space. Moreover, about 79 per cent of employers in IT/ITES industries foresee an increase in apprentice intake in the coming months.
Duration of these apprenticeship programmes were 6 months to 1 year, depending on complexity of job. Organizations prefer one year duration while IT companies are comfortable with 6 months.
The IT industry prioritized apprenticeship engagement for its potential to lower the cost of its workforce, create a talented pool, and cultivate staff loyalty and retention.
BFSI and IT/ITES were the top industries employing apprentices in the past year, considering the high return on investment amidst ongoing uncertainties and global turmoil. Interestingly, 75 per cent of apprentices engaged in BFSI and IT sectors complete training and are considered for full-time employment, ranking much higher when compared to other industries.
“The IT space in India has seen a drop in headcount and fresher intake due to global tensions. However, apprentice hiring has picked up substantially in the past year across the IT segment, with newer roles emerging that did not perhaps exist a year ago. This is a trend observed across both metro and Tier-2 cities, which is encouraging to see. Apprentice hiring in BFSI is also flourishing with the expansion of NBFCs,” Girija S, Vice President, Quess Corp said.
As the scope for apprentice skilling and job creation in IT/BFSI sectors is unprecedented, Quess expects the creation of approximately 5 million jobs by 2025.
