As placement season kicks off in the Indian Institutes of Technology (IITs) across the country, students are nervous about landing jobs as a shadow of the tech slowdown lurks on campus. This and more in todays ETtech Top 5.
Currently, more than 900,000 youths who are apprentices are in the age group of 23-26 years. As per the Quess report, employers in the IT/ITES sectors are likely to pay Rs 11,000-75,000 per month to apprentices aged 20-24 years. However, the stipend pay for other sectors differs depending on educational qualifications. In the current scenario of apprentice hiring, registration of women candidates has seen nearly a sevenfold increase in the past five years, to about 148,000 in 2022-23 from 22,427 in 2018-19.
The report highlights that this spike in hiring in the IT/ITES industry has been steadily growing month-on-month as the industry prioritises apprenticeship engagement for its potential to lower the cost of its workforce, create a talented pool, and cultivate staff loyalty and retention.
Business solutions provider Quess Corp s Apprentice Skill Trends Report said there has been an over 250 per cent annual increase in apprentice headcount in the IT/ITES space in 2023 compared to last year as companies look at lowering the cost of their workforce.