India emerges as fifth largest market for flexi-staffing: ISF

  1. According to a report by the India Staffing Federation (ISF),India has emerged as the fifth largest country in flexi-staffing globally.
  2. Flexible staffing is an alternative to hiring permanent employees.The employer hires part-time workers,temporary employees to fill staff vacancies from flexi staffing firms.
  3. The report said that the workforce under flexi-staffing grew at an annual growth rate of 16.3% to 3.3 million in 2018 as compared with 2.1 million in 2015.
  4. The rise in the number of flexi-staffing workers indicates formalisation of workforce.They get provident fund, group insurance, health insurance and other social security benefits available to formal sector workers.
  5. Besides,the employers have virtually no need to comply with as many as 44 labour laws.The contractors or flexi-staffing firms take care of all such legal obligation.
  6. Further,the report stated that logistics, banking, financial services and insurance (BFSI) and IT/ITeS, retail and the government would be the top-five sectors employing over 55% of total flexi-workforce by 2021.

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