The flexi staffing industry withstood Omicron fears in Q3 FY22, growing 3.5% and maintaining 21.5% YoY growth. IT and ITeS, e-commerce, retail, logistics, and hospitals were among the top hiring sectors in Q3 FY22. These findings were part of Flexi Staffing Industry Report Q3 FY22 released by Indian Staffing Federation (ISF), the apex body representing the manpower outsourcing industry in India.
ISF staffing members’ net headcount grew at 21.5% YoY, indicating the consistent demand in employment across sectors notwithstanding the third pandemic wave. ISF members provided employment to 40,000 fresh jobseekers QoQ whilst providing formal employment to 2.11 lakh fresh jobseekers YoY, in spite of the pandemic linked challenges – over the last four quarters, from January to December 2021.
According to Lohit Bhatia, President, Indian Staffing Federation, the growing demand for flexi staffing workforce is a result of the increasing demand in formal employment. Almost every sector faced challenges over the last year even as the economy emerged from the second wave of the pandemic.
“However, companies have been quick to adapt and the flexi staffing industry has been able to address the changing nature of demand for workforce. ISF members continued to provide employment to 2.11 lakh fresh jobseekers YoY, withstanding challenges from the second wave and the beginning of the Omicron wave, bringing more and more people into the formal employment space,” inform Bhatia.
According to Suchita Dutta, Executive Director, Indian Staffing Federation added that over the years we have seen that the third quarter of a financial year brings tepid demand for fresh workforce across sectors. “This financial year, companies were extra cautious because of the looming Omicron wave threat. However, the impact on workforce requirement and employment forecast was negligible, remaining in line with the usual Q3 sentiment,” Dutta points out.
Over the years, from the pre-pandemic era to the dynamic current period, the Indian flexi staffing sector has been the largest employment mobilisers in India. The social security and employment protection from staffing companies provide impetus to formal employment growth, impacting greater protection for companies as well as workers across industries.