Flexi Staffing Industry Witnesses 3.6% Growth In New Jobs During Q3 FY24
Indian Staffing Federation, the apex industry body representing manpower outsourcing industry, revealed today the Flexi Staffing Industry Employment growth report for Q3 FY2024 (October-December 2023). The staffing industry witnessed a sharp 3.6 per cent growth in October-December 2023 (Q3 FY24) in comparison to July-September 2023 (Q2 FY2024), recording a robust demand for flexi (contract) workforce. The staffing industry grew at 16.4 per cent YoY, in the period January 2023-December 2023 (Q3FY24 vs Q3FY23). The rise in employment was particularly notable in key sectors such as E-commerce, Retail, FMCG, Logistics, Manufacturing, Hospitality, Tourism, Aviation, Energy etc.
The report highlighted that as of December 2023, the total formal flexi workforce employed by members of the Indian Staffing Federation reached 1.62 mn. The reported figures for new flexi jobs by the Indian Staffing Federation 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 per cent growth QoQ in Q3 FY24 (October-December 2023). However, the IT staffing witnessed a decline from past quarters in Q3 2023-24 at -0.4 per cent QoQ.
Commenting on the Q3FY24 report, Lohit Bhatia, President, Indian Staffing Federation said: “The flexi staffing industry continued a double digit new employment growth trend at 16.4% Year over Year, reflecting its strong performance. The industry is currently at INR 1.34 trillion. While the general staffing standalone observed strong growth of 17.7% YoY for Q3 FY24 in comparison to Q3 FY23. The nett new formal employment added solely by ISF staffing members in the General Staffing Industry was at 1.91 lakhs in the last four Quarters of 2023-24 YoY.”
According to Manmeet Singh, Vice President, Indian Staffing Federation: "IT Staffing witnessed a decline as compared to the past quarter at -0.4% QoQ. The industry may take some time to come out of red YoY, as it stood at -8.8% YoY (Q3vsQ3). The new employment witnessed demand coming from GCC, but not as much to fill the gap from IT Infra, Cloud, Cybersecurity, Data analytics etc.”
Says Suchita Dutta, Executive Director, Indian Staffing Federation: "Markets are gradually warming up and opening with new employment opportunities. In 2023, 5.4 mn contract workers were associated with formal contract staffing. Indicating continued new demand for flexi staffing, ISF Members generated 47K new employment in Q3 FY24 QoQ while nett new employment generated with staffing Industry (represented by ISF members) in the last 4 qtrs, was 1.88 lakhs.”
