2020-04-20 Comments : 0
The staffing industry in India has shown extraordinary growth, with particular focus on the role of third-party payroll service providers. In terms of business and commerce activity, staffing in India has shown much advancement, especially temporary staffing which has shown remarkable growth over the last few years.
Industry experts are hopeful, expecting the staffing industry to make a giant leap in the next few years. Over the past five years, the industry has witnessed a growth of 20-25% per year, with no signs of slowing down!
The staffing business in India is basic in providing a platform for recognized employment, work choice, reasonable compensation, annual benefits, and health benefits for the temporary workforce.
According to the Indian Staffing Federation, the apex body of the staffing industry, the current scenario shows the 15 leading firms account for Rs 270 billion in revenues in this sector and is set to grow at 12 percent this year and 10 percent in the next year (2021). They anticipate the role of third-party payroll service provider to gradually gaining importance over the year in the corporate sector.
Who are the top companies of this sector?
We have compiled a list of the industry's top most companies, ones that command a lot of respect and garner great brand value. They are the leaders of the industry, and lead the sector in growth, development and innovation.
1. IKYA Human Capital
A division of Quess Corp Ltd, this company provides temporary staffing solutions across industries that include primarily FMCG, retail and ecommerce, consumer durables, healthcare, BFSI, logistics, media and entertainment, and manufacturing industries. They also manage the transition, transformation and delivery of on-site, off-site and combination outsourced processes. Their expertise lies in providing staffing support to the retail and e-commerce industry, with a focus on sales personnel, logistics management and last mile delivery.
2. Prathigna.com HR Solutions
One of the leading staffing agencies based out of Bangalore, this start-up quickly made its place felt in the list of staffing agencies, with their dedicated teams delivering permanent & temporary staffing to companies across all sectors, primarily IT and Non IT, Healthcare, Educational App and retail. Currently operating from Bangalore, they aim to expand to four other major cities by 2022, including B-tier cities. They have senior staffing managers who take care of clients with urgent requirements. Prathigna.com is rising steadily and prepared for all solutions for discerning clients.
This is a Specialist Talent Solutions company that offers Direct Hire, IT Staff Augmentation, Engineering Services & Sales/Support Staffing services. Backed strongly with their team's industry expertise in Life Sciences, Consumer & Retail, Automotive, Construction, Infrastructure and IT drives the company, which believes the human genome has a major impact on the environment, especially HR, as a result of which people are able to influence large teams and companies.
4. Magna Infotech
One of the largest IT staff augmentation provider in India, Magna Infotech, is a division of Quess Corp Ltd, with 10,000+ employees spread across 500+ skill sets. They provide the entire range of staff augmentation services to clients spread across various industries like BFSI, IT/ITES Services, Automotive and Engineering, Telecom, Healthcare, and FMCG & Retail.
5. Manpower Group India
The Indian division of the pioneer in innovative workforce solutions, ManpowerGroup India provides end to end Human Resource Management to organizations and helps them address their critical talent needs by providing comprehensive Workforce Management from Recruitment Process Outsourcing (RPO) to Staffing Solutions, Permanent Recruitment and Leadership Training and Development across a wide variety of sectors.
6. Adecco Group
The Indian division is part of the Zurich based group, one of the premiere companies providing HR solutions, workforce solutions, recruitment etc. They connect to over 7 lakh potential candidates on a daily basis, world over.
7. Spectraforce Technologies Inc
This company has several branches across Noida, Hyderabad and Pune; it offers IT and Consulting services targeting the client's IT needs & building IT solutions. They specialise in Staff Augmentation Services (PrimuSourcing) and Projects Outsourcing Services, with groups based onsite in the US and offshore in India.
8. SutraHR Services Pvt Ltd
SutraHR started operations in 2008, focussing on talent acquisition for startups. Combining technology with strong work culture, their propriety database has led to great success for the company. Working from Mumbai, they place people globally too. Some of their services include Startup Hiring, Headhunting, Executive Search, HR Management, HRMS on SaaS etc.
9. ABC Consultants
Founded in 1969 by Dr Bish Agrawal, ABC Consultants is the pioneer of organised recruitment services in India. With over 9 branches all over India, they have a combined experience of over 2800 man years of experience with leading Indian and international companies; operating within domain-specialist teams to provide customized recruitment solutions across 24 industry practices.
10. Genius Consultants
Over the past two decades, Genius Consultants has shown itself as a pioneer in the regions of Temporary Staffing Solutions, Executive Search, IT Recruitment & Staffing, High Circle Recruitments and Payroll Processing in India. With over 2.5 lakh placements at client payroll and more than 50k outsourced associates it is an industry leader. Genius operates 15 offices pan India, and started operations in 1993, under Mr R.P Yadav.
What is the future for staffing agencies in India?
Today, India is the 13th largest market at $6 billion market size, growing at a pace higher than 15% plus. The global staffing space has matured and the growth rates have flattened to 1-2%. Factors like demonetisation and GST have pushed formalisation of employment to a faster rate. Companies appetite for just in time workforce has increased. Many large consumer and BFSI Customers need to reach rural markets of India for further market penetration. This requires huge extended workforce and outsourced staff is the only logistical choice. Rapid rate growth rate of construction Industry which employs large number of contractual staff is also increasing growth of staffing Industry. Last, but not the lease is the efforts of large Staffing companies.
There 23,000 recruitment companies in India. There are more than 10 staffing firms now who have a turnover in excess of Rs 1000 crores, couple of them are close to Rs. 5000 crore turnover. These juggernauts are increasing the awareness and benefits of staffing to large corporates. All these factors are pushing India to reach 20 billion USD market and overtake Netherlands which is currently the 6th largest market by 2025.