Indian staffing industry adds 21.9% new employment in FY22: ISF report
The Indian staffing federation has annually reported that the staffing industry has added 21.9% new workers in FY 2022 (April 2021 - Mar-2022), which will sharply exceed the workforce demand in the pre-pandemic years.
As per the findings that is part of the Flexi Staffing Industry Annual Report 2022 of Indian Staffing Federation, In Q4 FY2022, the Q-o-Q employment demand remained stable with 4.2% growth in Q4 (Jan-Mar 2022) as compared with Q3 (Oct-Dec 2021). The ISF represent 1.26 million members in formal employment in FY2022.
Key Highlights -
- FMCG, e-commerce, manufacturing, healthcare, retail, logistics, banking, energy drive general staffing are in great demand in FY22
- There is a 30.7% jump in new-employment in the IT staffing industry compared with 14.1% in FY2021, which is driven by digital adoption across sectors.
- Quarter 4 has experienced stable 4.2% employment growth in Jan-Mar 2022 vis-a-vis Q3 Oct-Dec 2021.
- Women’s participation in flexi workforce continued at 27% in FY2022
- 15% of flexi workforce gets absorbed into permanent jobs
- Additionally, 5% students get added to flexi workforce YoY
Lohit Bhatia, President, Indian Staffing Federation said, “FY2022 has been exceptional for the flexi staffing industry. The sharp comeback of workforce demand, growing to 21.9%, is a clear indication that both employers and employees are working hard to put the impact of the pandemic in the past and are looking forward to building the future. There is a renewed confidence in India’s economic growth with the rate of workforce demand exceeding that of pre-pandemic years. Even as the inflationary fears and geopolitical tensions loom large, the early indicators for FY2023 and the industry’s preparations for the festive season show that hiring is expected to remain elevated over the next three quarters.”
Suchita Dutta, Executive Director, Indian Staffing Federation added, “The employment trends clearly show additional 2.27 lakh job seekers being added to formal workforce Y-o-Y. Compared with other forms of employment, there has been an over 10% growth in demand for flexi work. The participation of 27% women in the workforce remained stable over the last two financial years, continuing to contribute to the workforce in spite of the three Covid waves. Year after year, flexi working continues to positively impact the lives of Indian citizens and their families, and provides livelihood and stability in the post pandemic era. It is also great to witness that around 15% flexi workforce gets absorbed as permanent workforce. Staffing provides the first-stepping stone to a permanent job to many young workers.”