Indian Staffing Federation records 28% growth in flexi staffing industry between 2021-22; adds 2.33 lakh formal jobs

The Indian Staffing Federation (ISF), the apex industry body governing over 100 contract staffing companies in the country, in its latest report has found growth of 28 percent year-on-year (YoY) in the staffing industry in the financial year July 2021-June 2022.

That being said, the body has also stated that around 66,000 flexi/contract workers have been added to formal employment in the first quarter of the current fiscal year, thus taking the total formal workforce strength to 1.29 million with a growth of 6.6 percent year-on-year by June end. Notably, ISF found a precedent growth in the demand for a flexible workforce after the third COVID wave.

“Despite geo-political tensions, development across the world and tough financial markets, the trend of robust growth for the flexi workforce recorded in the first quarter are likely to continue over the next few quarters”, it said in the report titled Flexi Staffing Industry Employment growth.

Furthermore, while noting that the general staffing demand from various sectors including e-commerce, retail, manufacturing, and BFSI was the main employment generator in the April-June 2022 quarter, ISF highlighted that the staffing industry witnessed a growth a 28 percent growth by adding 2.33 lakh new formal contract workforce in the period between July 2021 – June 2022.

The report shows robust employment growth: ISF President Speaking on the same, Lohit Bhatia, ISF President said that the Q1 flexi-staffing industry report shows robust new employment growth through formal staffing companies. He further added that consumer confidence has been elevated and the demand across sectors continues to remain high.

“It is heartening to see a robust 28% year-on-year new employment growth in the last four quarters", he added.

On the other hand, commenting on the same, ISF’s executive director Suchita Dutta claimed that growing consumption has fuelled demand for business growth and thereby led to a growth in demand for the workforce.

“IT staffing industry demand remains cautious but employment is continuing with promising growth from fintech, IT infra, cloud, cybersecurity, data analytics, etc to address demands for digital adoption across sectors”, she added.

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