Contractual jobs register 15% CAGR, offshoring services bag largest share: Report
Contractual hiring witnesses growth at 15% CAGR since 2022: Report
May 21, 2024
Contractual job hiring by firms up 15% CAGR since Jan 2022, says report
May 23, 2024
Contractual jobs have been growing at a 15 percent compound annual growth rate (CAGR) since January 2022, according to the ‘Contractual Hiring Trends in India’ report by talent solutions provider Careernet.
The study found that offshoring services companies continue to employ the largest share of around 55 percent of all contractual employees in the information technology (IT) staffing vertical. Of this, about 30 percent are with global capability centres (GCCs) and the remaining 15 percent with domestic conglomerates and start-ups.
The report suggests that in a volatile business landscape, a lack of long-term visibility has led to increased contractual hiring. With this model, companies optimise costs by reducing permanent roles in their global operational setups. With more GCCs driving demand, the acceptance of contractual jobs is on the rise.
Job roles in the software development discipline — in areas such as backend, full stack/Java, .NET, and frontend– will make up 50 percent of the flexible labour market for technology professionals by the end of 2024.
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