Flexi Staffing Industry’s New Jobs Grow 6% In Q2 FY2024
The Flexi Staffing Industry has reported a 5.9 per cent growth in employment during the second quarter of the fiscal year 2024 (Q2 FY24), spanning July to September 2023.
This uptick follows a comparison with the preceding quarter, April-June 2023 (Q1 FY2024). The Indian Staffing Federation (ISF), the apex body representing the manpower outsourcing industry, unveiled these positive figures in its latest report.
The growth trend extends beyond the quarterly comparison, showcasing a year-on-year (YoY) surge of 12.6 per cent. Analysing the period from October 2022 to September 2023 (Q2FY24 vs Q2FY23), the staffing industry has demonstrated its ability to adapt to evolving economic landscapes.
“While the Flexi staffing industry continued a double digit new employment growth trend at 12.6 per cent YoY, the general staffing standalone observed strong growth of 13.9 per cent YoY for Q2 FY24 in comparison to Q2 FY23, reflecting its strong performance. There is a significant seventy-one thousand new employment generated in general staffing, solely by ISF staffing members in Quarter two of FY24,” said Lohit Bhatia, President, Indian Staffing Federation.
Key sectors driving this employment surge include Ecommerce, Retail, FMCG, Logistics, Manufacturing, Hospitality, Tourism, Aviation and Energy. These sectors collectively contributed to the substantial expansion of the formal flexi workforce employed by members of the Indian Staffing Federation, reaching 1.57 million as of September 2023.
“This remarkable growth in new jobs signifies that markets have opened up hiring after few quarters of slow growth. The IT Services has opened up with some new employment generation with additional boost coming from BFSI, Fintech, IT Infra, Cloud, Cybersecurity, Data analytics etc. GCCs continue to play an active role as the plans of expansion and new set ups are moving at a great speed,” Bhatia added.
General Flexi Staffing, excluding IT, exhibited a 6.1 per cent growth in Q2 FY24. Simultaneously, the IT staffing sector, showing signs of recovery, experienced a slightly better quarter with a modest yet positive quarter-on-quarter growth of +1.5 per cent in the same period.
