Flexi Staffing Industry Witnesses 5.9% Growth in New Jobs during Q2 FY2024
- General staffing industry QoQ growth at 6.1% in Q2 2023-24
- IT Staffing Industry QoQ New Employment creation in recovery at +1.5% in Q2 FY24
- ISF members employ 1.57M flexi workforce as of September 2023
- Employment demands were primarily driven from sectors like E-commerce, Retail, FMCG, Logistics, Manufacturing, Hospitality, Tourism, Aviation, Energy etc.
Indian Staffing Federation, the apex industry body representing manpower outsourcing industry, revealed today the Flexi Staffing Industry Employment growth report for Q2 FY2024 (July-September 2023). The staffing industry witnessed a sharp 5.9% growth in July-September 2023 (Q2 FY24) in comparison to April-June 2023 (Q1 FY2024), recording a robust demand for flexi (contract) workforce. The staffing industry grew at 12.6% YoY, in the period October 2022-September 2023 (Q2FY24 vs Q2FY23). The rise in employment was particularly notable in key sectors such as E-commerce, Retail, FMCG, Logistics, Manufacturing, Hospitality, Tourism, Aviation, Energy etc.
The report highlighted that as of September 2023, the total formal flexi workforce employed by members of the Indian Staffing Federation reached 1.57M. The reported figures for new flexi jobs by the Indian Staffing Federation represent the combined contribution of both General Flexi Staffing and IT Flexi Staffing industries.
General Flexi Staffing (i.e. excluding IT Flexi Staffing) contributed with new employment growth at 6.1% growth in Q2 FY24 (July-September 2023). However, the IT staffing witnessed a slightly better quarter where it is showing signs of recovery at +1.5% QoQ in Q2 FY24 (July-September 2023).
Commenting on the Q2FY24 report, Lohit Bhatia, President, Indian Staffing Federation said: “While the Flexi staffing industry continued a double digit new employment growth trend at 12.6% Year over Year, the general staffing standalone observed strong growth of 13.9% YoY for Q2 FY24 in comparison to Q2 FY23, reflecting its strong performance. There is a significant seventy-one thousand new employment generated in general staffing, solely by ISF staffing members in Quarter two of FY24. This remarkable growth in new jobs signifies that markets have opened up hiring after few quarters of slow growth. The IT Services has opened up with some new employment generation with additional boost coming from BFSI, Fintech, IT Infra, Cloud, Cybersecurity, Data analytics etc. GCCs continue to play an active role as the plans of expansion and new set ups are moving at a great speed.”
According to Pramod Pachisia, Vice President, Indian Staffing Federation: “New employment generated in the IT Staffing Industry has shown signs of recovery at +1.5% in July-September this year. IT staffing industry has started to show positive recovery from previous three quarters in its QoQ growth. However, new employment numbers have not added as many to pull the industry in complete recovery, though IT industry looks promising in coming quarters.”
According to Suchita Dutta, Executive Director, Indian Staffing Federation: “ISF members added 1.41 Lakhs new employment across general staffing roles in the last four quarters of 2023-24, indicating continued new demand for flexi staffing. ISF Members represent 1.57M formal flexi workforce in Q224, while adding 1.36 lakhs new formal flexi workforce in last four quarters.”
About Indian Staffing Federation: Indian Staffing Federation is the apex body representing flexi staffing companies, formed to provide a platform for recognized employment, work choice, even compensation, social security and health benefits for the temporary workforce; that constitutes a sizeable segment of India’s total workforce. Over 110+ members of the federation have generated employment for over 14.4 million employees over the last 11 years and currently employ over 1.5M flexi staff annually. The principal focus of the Federation’s activities shall be to strengthen triangular employment relationships, in which the staffing company is the employer of the temporary worker, who works under the supervision of the user company. The purpose of ISF is to enhance long-term growth of the staffing industry and to ensure its continued ability to make positive contributions to the economy and society. For further details, visit – https://www.
