## The Indian Staffing Industry Shows Steady Growth in Q3 FY2024
The Indian staffing industry witnessed a positive growth trajectory in the third quarter of FY2024 (October-December 2023), according to a report released by the Indian Staffing Federation (ISF). The industry grew by 3.6% compared to the previous quarter, indicating a robust demand for flexible workforce solutions.
This growth was driven by several factors, including the rise of e-commerce, retail, FMCG, logistics, manufacturing, hospitality, tourism, aviation, and energy sectors. These sectors witnessed a significant increase in their demand for temporary and contract workers.
As of December 2023, the total formal flexi workforce employed by ISF members reached 1.62 million. This figure represents the combined contribution of both General Flexi Staffing and IT Flexi Staffing industries.
While the General Flexi Staffing segment saw a healthy growth of 3.8% quarter-on-quarter, the IT staffing segment experienced a slight decline of 0.4% in the same period.
Despite this minor setback, the overall flexi staffing industry continued its double-digit growth trend, registering a 16.4% year-on-year increase. This growth has propelled the industry to a current size of Rs 1.34 lakh crore.
Lohit Bhatia, President of ISF, attributed this growth to the industry's commitment to providing a platform for recognized employment, work choice, fair compensation, social security, and health benefits for the temporary workforce. This focus on employee well-being has contributed to the industry's positive image and its increasing popularity among businesses.