News: Flexi-staffing industry saw 6.6% growth in Q1 FY 22-23 : ISF Report

Staffing Recruitment

Flexi-staffing industry saw 6.6% growth in Q1 FY 22-23 : ISF Report

According to the Flexi Staffing Industry Employment report, Fintech, IT Infra, Cloud, Cybersecurity, Data analytics and other digital skills highlighted the most promising growth citing digital revolution in the future of work.
Flexi-staffing industry saw 6.6% growth in Q1 FY 22-23 : ISF Report

Indian Staffing Federation, in a recently conducted study found that the flexi-staffing industry grew at 28% YoY, adding 2.33 lakh new formal contract workforce in the period July 2021 - June 2022. The report titled Flexi Staffing Industry Employment growth also found that the staffing industry witnessed a sharp 6.6% growth in April-June quarter (Q1 FY2023), adding 66,000 new flexi workforce and registering a robust demand for flexi workforce after the third Covid wave. 

According to the report, formal flexi/contract  employment growth were largely witnessed from sectors like ecommerce, retail, manufacturing, BFSI, as they generated  high demand. 

Other factors included renewed demand from across industries after the third  Covid wave in Q4 FY2022. With a successful vaccination program and renewed confidence after minimal impact of the  third Covid wave, growing consumption fueled demand for business growth and thereby growth in demand for  workforce.

Commenting on the finding, ISF President Lohit Bhatia said, “It is heartening to see  a robust 28% YoY new employment growth in the last four quarters. The Q1 flexi staffing industry report shows a robust  new employment growth through formal staffing companies. Consumer confidence is elevated and the demand across  sectors remained high.” 

IT Staffing industry demand remains cautious but employment is continuing with promising growth from  Fintech, IT Infra, Cloud, Cybersecurity, Data analytics etc to address with demands for digital adoption across sectors.

Further commenting, Suchita Dutta, Executive Director, Indian Staffing Federation noted, “General staffing industry grew 28.3% YoY  (Q1 2021 vs Q1 2022) adding 2.21 lakh new flexi (contract) formal workforce added in last four quarters (Jul 2021 to  June 2022). IT Staffing industry maintained a good growth at 20.3% YoY in the same timeframe. EPFO numbers are  witnessing similar growth that comes majorly from expert services resonating impactful formal employment. Formal  employment means social security and financial stability for India’s workforce. Our vision continues to report India’s  progress from informal to formal employment.” 

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Topics: Staffing Recruitment, #GigEconomy

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