Source | economictimes.indiatimes.com | Mediawire
Between March and May 2020, the unemployment rate in India rose steeply from 8% to 24.6%. The economy was in turmoil and many temporary workers were finding it extremely difficult to make ends meet. Today, with various sectors opening up and active support from staffing industry stalwarts, we have seen a welcome change with the unemployment rate normalising at 7% as October ended. Farhan Azmi is the Chairman of Futurz group, which has not only been monitoring this resurgence but has also been instrumental in its success by reconnecting temporary staff with employers.
With offices in 18 cities and towns in India, Futurz’ vision has always been tied to developing the country’s biggest asset, which is its human resources, by leveraging the staffing model. Mr Azmi delves into the details of how the staffing landscape will fare in a post-COVID world.
How bad was the lockdown for those employed by the staffing industry?
To be honest, it wasn’t as bad as you may think it was. Of all the industries that extensively use staffing as a form of employment, only a few were impacted severely by the lockdown – like aviation, hospitality, and entertainment. Other industries like ecommerce or IT/ITeS that also rely heavily on staffing for their human resource needs saw little to no impact. However, it’s not those already employed by the staffing industry who were bearing the brunt of the lockdown. The real victims of lockdown-induced unemployment in India were those in the unorganised sector, which mostly comprises migrants.