According to a recent report published by Staffing Industry Analysts, it is stated that the Indian staffing industry is expected to grow by 10% in 2017. As per the Indian Staffing Federation (ISF), an apex body of flexi staffing industry, the sector which comprises 15 leading firms that account for Rs 270 billion in revenues is projected to grow 12 per cent this year and 10 per cent the next year.
“The ISF has predicted that the 2.1 million temporary workers presently in the organized sector will increase to 2.9 million workers by 2018, making India the third largest market in the world” said Adam Pode, Director of International Research at Staffing Industry Analysts.
The report further stated that, ISF has topped the list of all the Indian staffing firms, securing a place in the first five positions. Among the top five, two home-grown firm feature in the list — TeamLease and Quess. These two firms along with Swiss staffing giant, Adecco, together accounted for 20% of the total market share in India.
In the words of Rituparna Chakrabarty, President, ISF, “In India, the staffing industry clearly does not have a challenge of addressable market and it is gratifying to witness the rapid growth being shown by each of the organised staffing firms to tap into this opportunity on one hand and enabling rapid job creation on the other”.
Revenue generated by these firms in 2015 are given below:
Firm’s Name and Revenue generated in million Rs.
ISF was set up by India’s leading staffing companies in order to recognize, employment, work choice, even compensation and benefits for the temporary workforce that constitutes a sizeable segment of India’s total workforce.
Given the current economic situation in the country, it can be said that, the Indian staffing industry in poised for substantial growth in the coming future.
Author Bio: A post graduate in Literature from University of Delhi, Sampurna has been working as a full-time professional writer for more than five years now. She has been lending her expertise to the online world by penning articles and blog posts on jobs and careers, HR tips and the recruitment industry.