With the expansion of business and commerce, there has been a surge in hiring in India. Over the last few years, temporary staffing has expanded dramatically. Over the course of the year, the importance of a third-party payroll service provider has grown among businesses. Traditional staffing firms will face competition from digital platforms such as Upwork, Shifting, and talent in the coming months. Independent work employs up to 20 per cent to 30 per cent of the workforce in developed markets.
This will undoubtedly have an impact on organizations' talent strategies. In India, the staffing industry is poised to take a giant leap in the coming years. The sector, which consists of 15 leading firms with combined revenue of Rs 270 billion, is expected to grow at a rate of 12% this year and 10% next year. The industry is growing at a rate of 20-25 per cent per year and shows no signs of slowing down. The gig economy is still in its early stages, but it is expected to grow rapidly.
Technology will become a critical enabler for staffing firms, particularly in the field of IT staffing. Staffing firms will need to invest in time, attendance, and expense management automation solutions. According to reports, AI can automate up to 75% of the recruitment process.
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