· Oct-Dec 2022 quarter witnessed a QoQ growth of 0.8% in new flexi jobs
· Growth of 16.2% observed in Oct-Dec 2022 as compared to same quarter in 2021
· ISF member companies represent over 13.8 lakh flexi staffing workers, including East India
· Indian Staffing Federation unveils Flexi Staffing Employment Report for Oct-Dec 2022
The latest Flexi Staffing Employment Growth report from the Indian Staffing Federation has revealed that in 2022 its member companies contributed an impressive 1.92 lakh new flexi jobs to India's formal employment sector. It's worth noting that the newly added flexi jobs spanned across both General Staffing and IT Staffing. The Indian Staffing Federation, which represents Formal Staffing, Facility Management, and Security Services companies, is the premier organization of the Indian staffing industry.
Despite the typical trend of reduced hiring momentum in the last quarter of a calendar year, new flexi jobs continued to exhibit growth. In fact, the Oct-Dec 2022 quarter witnessed a 0.8% increase in new flexible job opportunities, even amidst a cautious employment market.
During the Oct-Dec 2022 quarter, the General Staffing industry – excluding IT Staffing – experienced a 1.1% increase in new flexible jobs, propelled by demand in various sectors including FMCG, e-commerce, manufacturing, retail, logistics, banking, hospitality, tourism, insurance, and infrastructure. Although the growth rate of new flexi jobs was slower compared to previous quarters, there was still a positive trend in employment generation. Furthermore, compared to the same quarter in the previous year (Oct-Dec 2021), the General Staffing industry witnessed a substantial growth of 20.2% in Oct-Dec 2022.
IT Staffing in India mirrored the global trend of IT hiring slowdown in various markets. During the Oct-Dec 2022 quarter, there was a dip of 2.5% in flexi jobs headcount. Although the Oct-Dec quarter is typically a lean hiring period, the IT Staffing industry showed a growth of 4.7% in flexi jobs hiring compared to the same quarter in the previous year (Oct-Dec 2021).
The Employees' Provident Fund Organisation (EPFO) data, which provides an indication of the size of the formal workforce in the country, shows that the formal workforce in India has been growing, with an increasing number of employees being added to the provident fund and pension schemes. This growth has been attributed in part to the flexi staffing industry, which has been creating new employment opportunities in various sectors. The EPFO data suggests that the flexi staffing industry is playing an important role in the growth of the formal workforce in India.
As of 31st December 2022, the Indian Staffing Federation member companies represented over 13.8 lakhflexi staffing workers, including workforce in East India. The flexi staffing industry has emerged as a significant contributor to India's formal employment pool, with member companies adding 1.92 lakh new flexi jobs in 2022, reflecting the sector's resilience and agility in adapting to the changing demands of the industry.
Commenting on the quarterly report’s findings Lohit Bhatia, President, Indian Staffing Federation said:”We are delighted to announce that Indian Staffing Federation member companies have contributed a substantial 1.92 lakh new flexi jobs to India's formal employment sector. Indian Staffing Federation is proud to be actively contributing to India's growth goals and to the overall development of the economy. The Flexi staffing industry is a key driver of the Indian workforce and we are committed to supporting the progress of the economy by offering flexible employment solutions to both job seekers and companies alike.”
According to Pramod Pachisia, Vice President, Indian Staffing Federation, “At a time when companies typically reduce their hiring efforts in the final quarter of the year, it's encouraging to see that the flexi staffing industry continued to create new job opportunities. Our latest figures show that in the October-December 2022 quarter, there was a 0.8% increase in new flexi jobs, despite a cautious employment market. This growth is a testament to the resilience of the Indian economy and the adaptability of the staffing industry. It also underscores the value that businesses are placing on flexi staffing solutions to meet their evolving workforce needs. We remain optimistic about the industry's prospects for growth and job creation in the coming years.”
According to Suchita Dutta, Executive Director, Indian Staffing Federation, “The latest data on flexi staffing in India reveals a mixed picture. On one hand, the General Staffing industry witnessed a positive trend in employment generation, despite a slower growth rate in new flexi jobs compared to previous quarters. Additionally, the significant growth of 20.2% in the General Staffing industry in the Oct-Dec 2022 quarter, compared to the same period last year, is certainly cause for optimism. On the other hand, the IT Staffing industry in India experienced a dip of 2.5% in flexi jobs headcount during the Oct-Dec 2022 quarter, reflecting the global trend of IT hiring slowdown in several markets. However, it's worth noting that there was still a 4.7% growth in hiring compared to the same quarter in 2021. While it's natural for there to be fluctuations in hiring patterns during the lean period of the Oct-Dec quarter, we believe that the IT Staffing industry in India has the potential for strong growth in the future.”
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