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Today Date : Wednesday, February 28, 2024

Flexi Staffing as a Preferred Employment Format Grows 5% Y-O-Y: Indian Staffing Federation Report

Flexi Staffing as a Preferred Employment Format Grows 5% Y-O-Y: Indian Staffing Federation Report

The latest Flexi Employment Social Impact annual report from the Indian Staffing Federation (ISF) has revealed employment practices that are driving positive social change through the formal staffing companies, leaving an impact at the grassroots level. The report delves into essential employment parameters, celebrates demographic diversity, explores the ever-evolving employment preferences, and spotlights opportunities for Fresher, Women, and Low-skilled Workers. 

In the Q124 Flexi Staffing Employment Growth report, ISF presented data on the staffing industry, highlighting a year-on-year growth rate of 12.5% for the period spanning July 2022 to June 2023 (comparing Q1FY24 to Q1FY23). During April-June 2023 (Q1 FY 2024), the staffing industry experienced a notable 5.6% surge in growth compared to January-March 2023 (Q4 FY2023). This underscores a strong demand for flexible (contract) workforce solutions in the market. The surge in employment was particularly notable in key sectors such as Ecommerce, Logistics, Manufacturing, Healthcare, FMCG, Energy, Retail and Banking. The report also brought to light the sharp drop in IT Staffing in India at -9.5% YoY.General Flexi Staffing (i.e. excluding IT Flexi Staffing) contributed with new employment growth at 6.1% growth in Q124 (April-June 2023).

Expressing optimism Lohit Bhatia, President, Indian Staffing Federation said, “The growing trust in the flexible employment model underscores the positive perception and reliability that come with this format of employment, providing social security, continual employment opportunities, and upskilling for a significant number of workers. The increasing adoption and use of flexible staffing solutions by both employers and employees underscore its effectiveness in meeting the ever-evolving needs of today's labor market."

Sharing his views on the flexi staffing industry, Pramod Pachisia, Vice President, Indian Staffing Federation mentions "In the last few years there has been a significant 10% shift in flexi workforce in the age bracket of 25-30 years. This clearly indicates that the trend has changed with the youth opting for the flexi employment format.” 

Suchita Dutta, Executive Director, Indian Staffing Federation states, “The gender specific data shows that the flexi workforce displays impressive diversity within the flexi workforce, where women consistently contribute to a 25% participation. Currently 4.74 million flexi workers across India and TN have 0.44 million flexi workforce which is 10% in country.”