Indian Staffing Federation launched its Annual Employment Trends 2024 report. ISF announced today that the Flexi Staffing Industry continued a robust double-digit growth of 15.3 per cent year-on-year in FY24 in comparison to 14 per cent in FY23. Members of the Indian Staffing Federation collectively added 2.20 lakh new flexi jobs during this period reaching 16.6 lakhs. Women Workforce participation has improved with flexi staffing companies being able to engage them with work opportunities. These insights were revealed in the Indian Staffing Federation's Annual Flexi Staffing Industry Employment Trend Report 2024, released today.
The reported figures for new flexi jobs by the Indian Staffing Federation encompass contributions from both General Flexi Staffing and IT Flexi Staffing industries. The report highlighted that as of March 2024, the total flexi workforce employed by ISF members reached 16.6 lakh.
Lohit Bhatia, President, Indian Staffing Federation, stated, "In FY24, the flexi staffing industry witnessed a robust double digit 15.3% YoY new employment growth Year on Year. The staffing industry also continued to demonstrate QoQ growth of 2.3% in Q4 FY24, adding 30,000 new flexi employment opportunities. The market witnessed a significant improvement across most sectors. This consistent progress underscores the industry's vital role in driving employment and economic stability in India. The sectors that contributed to steady growth were E-commerce, Logistics, and Manufacturing along with Healthcare, Retail, and Energy. However, there remains a scarcity of skilled workforce across some of these sectors due to talent shortage and labor mobility.”
General Flexi Staffing in FY2024
General Flexi Staffing (excluding IT Flexi Staffing) observed remarkable growth of 16.2 per cent in new flexi jobs during FY2024, adding 2.02 lakh new flexi jobs across general staffing roles. This growth was driven by sustained demand in sectors such as FMCG, E-commerce, Manufacturing, Healthcare, Retail, Logistics, Banking, and Energy.
IT Flexi Staffing in FY2024
The IT Flexi Staffing segment witnessed a slow recovery from the previous year, with a decline of -4.4 per cent in new flexi jobs year-on-year by the end of the fiscal year. However, the fourth quarter showed signs of stabilization with a marginal decline of -1.1 per cent quarter-on-quarter.
Q4 FY2024 – General Flexi Staffing and IT Flexi Staffing
In the final quarter of the fiscal year (January to March 2024), new flexi jobs witnessed a growth of 2.4 per cent quarter-on-quarter. The demand for employment in General Flexi Staffing in Q4 was primarily generated by sectors such as FMCG, E-commerce, Manufacturing, Healthcare, Retail, Logistics, Banking, and Energy. Conversely, IT Flexi Staffing witnesses a slow pick up coming into the Q424, despite the ongoing geopolitical tensions that impact the IT industry globally.
Social Impact of the Flexi Staffing Industry
The FY2024 report highlights the significant social impact of the staffing industry, particularly in providing freshers and first-time job market entrants with their initial formal employment opportunities. The industry's efforts facilitated the transition from informal to formal employment, offering social security, employment mobilization, and relevant skills development programmes. Additionally, the staffing industry ensured wage protection for these newcomers, ensuring fair remuneration for their work. Notably, the industry's endeavors also led to improved participation of women in the workforce, as staffing companies offer work opportunities that cater to their specific needs and responsibilities.
