The staffing industry in India has grown to a high level, especially in the field of a third-party payroll service provider. Staffing services in India has shown much activity with the growth of business and commerce. A temporary staffing service has shown remarkable growth over the last few years. In simple words, the staffing industry is all poised to make a giant leap in the coming years. Over the past five years, the industry has grown at a rate of 20-25% per year, and it is not showing any signs of slowing down as yet. The staffing industry in India essentially provides a platform for recognized employment, work choice, reasonable compensation, annual benefits, and health benefits for the temporary workforce.
One of the direct impacts of a changing business ecosystem on organizations has been on their talent demands. Instant changes brought in by evolving conditions of markets and the rise in technology have meant that organizations have to often make their talent demands beforehand and work proactively to stay achievable of the curve. This meant that recruitment consultancy, staffing companies have a larger role to play. But that is not the only reason why the staffing industry is slowly becoming an important partner in helping organizations meet their best fit talent demands.
In the SMEs sector, staffing firms have an opportunity to play more of a leadership role. Helping companies in finding and meeting their best fit talent demands, staffing firms can help such companies successfully navigate incoming changes. With the rising importance of SMEs and startups in India’s growth, there will be a rise in demand for talent, an area where staffing companies in India, with their troves of experience, can be sure to fill.
When it comes to staffing industry, the following new trends can be observed
Rise in the gig economy:
The gig economy is still in rise, it is expected to highly grow soon. A recent study by McKinsey estimates that up to 20% – 30% of the workforce in developed and automated markets is involved in independent work. This will undoubtedly affect the talent strategy of the organizations. Temporary staffing will gain prominence in the recent coming days.
MNC’s companies are cutting down wage cost while start-ups want to hire only executives for a short period. Now, there is a solution for both. A Flexi or temporary staffing service is fast catching up in India with retail, logistics, FMCG, Construction and start-ups with the IT industry more taking the lead.
Both employees and companies benefit from flexi-staffing. Employees can work as and when they feel, take a break and re-join when they wish to. Organizations for their part recruit just in demand or on a urgent need basis.
Rise in digital staffing platforms:
Given the rise in need for contingent staffing, several digital platforms such as Up work, Shift gig, and talent have come to the scene, and these companies match the talent needs of the enterprises and job requirements of the individuals in a very cost-effective way. They will soon be coming to the Indian markets, and that will certainly pose a challenge to the traditional staffing agencies in India.
Rise in the role of flexibility:
The option of working remotely and flexibility in jobs has become an important concern for candidates. In a study done by LinkedIn, the option of remote/work from home has grown the most in the last few years. As payroll and staffing agency in India expert in match client aspirations, best evolving candidate their preferences mean staffing firms have to pay more attention to matching skills to the right positions. Even companies and startups are hiring remote workers which enable them to work from the comfort of their homes. Although the role of working from home will be becoming a more prominent in the coming time more after the COVID-19 pandemic.
Rise in use of better technology:
This will become an important enabler for staffing companies in India, especially in the field of IT Staffing. It is reported that AI can automate up to 75 percent of the recruitment process. Staffing and payroll firms will need to invest in automation solutions for time, attendance, and expense management to improve efficiency and accuracy for compliance and approvals. Artificial intelligence is bound to be a strong ally of staffing firms when it comes to addressing issues like unconscious bias, data crunching, and hiring the best fit talent for the clients. As the range of talent pool MME staffing firm deal with huge diversify, using the AI would be a great advantage to both find the best fit talent and ensure a seamless onboarding process.
Thus, we see that the staffing industry has gone phenomenal growth, and especially IT Staffing and Temporary staffing are poised to make further strides in the times to come making the overall recruitment and hiring business is going to be best at least in India.
