India's Staffing Industry Grows 3.6% In December Quater FY24 : Report
The staffing industry witnessed a 3.6% growth in December quarter FY24 in comparison to July-September period, recording a robust demand for flexi (contract) workforce, ISF said in a statement.
The staffing industry grew 3.6% in October-December 2023 as compared to the previous quarter, the Indian Staffing Federation said on Monday. ISF, the apex industry body representing manpower outsourcing industry, released the Flexi Staffing Industry Employment growth report for Q3 FY2024 (October-December 2023).
The staffing industry witnessed a 3.6% growth in December quarter FY24 in comparison to July-September period, recording a robust demand for flexi (contract) workforce, ISF said in a statement.
The staffing industry grew at 16.4% year-on-year in the period January-December 2023.
The rise in employment was particularly notable in key sectors such as e-commerce, retail, FMCG, logistics, manufacturing, hospitality, tourism, aviation, energy etc, it stated.
The report highlighted that as of December 2023, the total formal flexi workforce employed by members of ISF reached 1.62 million.
The reported figures for new flexi jobs by ISF 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 3.8% quarter-on-quarter in Q3 FY24.
However, the IT staffing witnessed a decline from past quarters in Q3 at (-)0.4 per cent QoQ.
Lohit Bhatia, President, ISF said, the flexi staffing industry continued a double-digit new employment growth trend at 16.4% YoY, reflecting its strong performance. The industry is currently at Rs 1.34 lakh crore.
ISF 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.
