ISF members add 66,000 more workers in Q1FY23 | The Financial Express

ISF members add 66,000 more workers in Q1FY23

General staffing demand from sectors like e-commerce, retail, manufacturing and BFSI was the main employment generator in the April-June 2022 quarter, ISF said in its quarterly Flexi Staffing Industry Employment growth report.

ISF members add 66,000 more workers in Q1FY23
Formal employment comes with social security and financial stability for the workforce.

Indian Staffing Federation (ISF) on Thursday said its members added 66,000 new workers, up 6.6% year-on-year, into formal employment in the first quarter of the current fiscal, taking their total formal workforce strength to 1.29 million by June end.

ISF is the apex industry body of over 100 contract staffing companies operating in the country. 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, ISF said.

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General staffing demand from sectors like e-commerce, retail, manufacturing and BFSI was the main employment generator in the April-June 2022 quarter, ISF said in its quarterly Flexi Staffing Industry Employment growth report.

Formal employment comes with social security and financial stability for the workforce.

The staffing industry grew at 28% year-on-year (y-o-y), adding 2.33 lakh new formal contract workforce in the period July 2021 – June 2022.

“It is heartening to see a robust 28% y-o-y new employment growth in the last four quarters. The Q1 flexi staffing industry report shows robust new employment growth through formal staffing companies. Consumer confidence is elevated and the demand across sectors remained high,” said Lohit Bhatia, president of ISF.

ISF’s executive director Suchita Dutta, said, “With a successful vaccination program and renewed confidence after the minimal impact of the third Covid wave, growing consumption fuelled demand for business growth and thereby growth in demand for 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 said.

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