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A report released by Spectrum Talent Management, a one-stop solution for all local human talent management needs globally, has noticed some key trends in the contractual staffing industry. The demand for contract workforce is more in the north and east India closely followed by the west and south regions. Manufacturing, IT, Ecommerce, Fintech, and Pharma have emerged as major employers of contractual staff.
Temporary or contractual staffing is becoming increasingly popular post-pandemic given the adhoc demand for certain employment skills and the rise of the gig economy. The current male to female ratio in contractual jobs is at 6:1. The increase in women’s participation can be attributed to the fact that post covid new work patterns allowed the majority of women to return to work while simultaneously exploring the possibility of a second career. Though there is a 40% pay difference between contractual and permanent hiring. Employers also prefer to extend the existing contract on completion of their tenure rather than looking out for new staff every time.
Commenting on the release of such key insights, Mr. Sidharth Agarwal, Director, Spectrum Talent Management said, “Recent market trends witnessed have shown remarkable growth in contractual staffing and is expected to register positive growth further. Though led by the IT/ITes sector, this trend is beneficial for many employees and employers too. Some of the advantages of contractual hiring for businesses include a faster hiring process as it requires less processing time than a full-time position, and the ability to convert a contract job into full-time employment after evaluating an employee after the contract period has ended. With such flexible results, contractual hiring will continue to rise not only for functional roles but also for support job profiles like HR, Admin or Finance”.
The tier 1 city candidates are looking for skill-based/aspirational prospects in terms of new jobs as compared to the salary driven candidates in tier 2 and tier 3 cities. In the IT industry, people are more inclined towards a system with a minimum contract duration of 6 months and above. The majority of contractual staffing is done for low-level employees and is least for middle and high-level employees.
Author: BW Online Bureau