Flexi-staffing industry's Q3 growth lowest in past 10 quarters: ISF reports

Global layoff-driven dip in IT hiring drags overall growth figure to 0.10%

Reversing the trend seen in the past three quarters, flexi-staffing in India registered a sequential growth in new hiring of a mere 0.8 per cent in Q3FY23, the lowest in 10 quarters, said a report released on Friday by the Indian Staffing Federation (ISF). Hiring activity was -7 per cent in Q1FY21.

The report titled 'Flexi Staffing Industry Staffing Employment Report' looks at the hiring trends in jobs involving short-term contracts for specific tasks. Flexi-staffing grew 6 per cent in the September quarter.

 

The ISF, which represents firms engaged in formal staffing, facility management and security service companies reported the lower growth on the back of slowdown in IT staffing. The IT staffing, in fact, saw a decline in net headcount in Q3 as the sector saw a contraction in hiring activity (-2.5 per cent) due to global layoffs leading to a number of projects closing down.

Meanwhile general staffing, which consists of e-commerce, tourism, manufacturing, retail, logistics, and banking, among other sectors, also saw a slower growth compared to the previous quarter (1.1 per cent).