Contractual hiring spreads beyond tech firms
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The trend of contractual employment which gained momentum in tech-based firms post the COVID-19 pandemic has now spread its roots across various sectors such as consumer durables, e-commerce, and retail. These sectors are increasingly leveraging contract roles to navigate short-term market demands, scale operations flexibly, and on the back of rapid adoption of artificial intelligence.
Recent studies, including a comprehensive report by Careernet, a talent solutions provider, reveal a robust growth in contractual hiring, with a 15% compounded annual growth rate since 2022, and an anticipated surge of 20-25% in 2024 compared to the previous year, with most growth expected to come from Global Capability Centers (GCCs).
Anshuman Das, CEO and co-founder of Careernet, said: “The upward trend in contractual hiring can be attributed to the shifting market dynamics and the changing nature of jobs. Companies are hiring talent with specialised skills for specific job roles to benefit from their expertise without the need for extensive training. This is particularly beneficial to foreign companies and GCCs operating in the country, as it allows them to access a diverse talent pool while maintaining a lean workforce”.
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