Global agency work industry continued to recover and started seeing a positive growth throughout 2011 & 2012 after the slump in the economy which started in US in 2007 and gradually the growth spread across other countries in the world according to the Ciett economic report 2013 on the Global Agency Work Industry in 2011. The upward growth in agency work industry was witnessed in other major countries as well, except Europe and Japan both of which started seeing a downfall again in the first quarter of 2012.
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Indian Staffing Federation (ISF), which is a highest body of staffing companies in India (Its main aim is the growth of Indian Staffing Industry) and CIETT, International Confederation of Employment agencies has urged the government of India to adopt a regulatory framework and to reform the labor laws system to align it with the unique ‘tripartite’ feature of the flexi staffing industry through International Labor Organization (ILO) Convention 181. Both the bodies hence emphasized on the ratification of ILO Convention 181 for the growth of Indian Staffing Industry at the global level in the international colloquium held in New Delhi in March 2013.
Global Staffing Industry has estimated India as the one of largest markets and also says that the country has the potential to become the largest staffing industry in the world given the support from Indian govt. in ratifying certain labor laws or regulations and with the demographic edge that the country has over China in the long run. Global experience in the staffing industry emphasizes on flexi staffing which provides flexible solutions and is advantageous to both employee and the employer.
The International Staffing Industry has been growing considerably over the last few years. The 2012 economic report by CIETT (International Confederation of Private Employment Agencies) which was prepared based on data from 43 countries says that the global staffing industry size has reached 10.4 million in the end of 2010. The report omits data from some countries where temp staffing is not legally recognized, the ones who don’t share the data and the countries for which the data was not available. Two major economies in the world China and India were not covered in the CIETT studies.
Temporary Staffing or Contract Staffing is a process where companies hire professionals as per the requirements, for a particular period of time. Flexi staffing is often called “contract staffing”, “temping” or “temporary staffing”.
Outsourcing of HR administration is no more considered only by Fortune 100 global firms. It is not open even to midsize organization and is being fast embraced by them. Today many HR specialists like TalentPro are catering to mid-size companies with 5,000-10,000 employees as the benefits of outsourcing become more evident, as more and more organization are outsourcing all or part of their HR functions.
Payroll processing is a task that is complicated and consumes a lot of time, especially for small business where in there isn’t any dedicated person recruited to manage the organization’s payroll. Large companies may have multiple people dedicated to taking care of payroll processing, but small to medium-size companies may find it more efficient and cost effective to use an outside payroll processing company.
As every holiday surges closer, are your going through those sudden doses of stress and reward. Amidst all the excitement and tiring hours at retail stalls, the next big stress element is to worry about staff and having enough of them.
Payroll processing technologies from TalentPro have always been well ahead of times. Their design and delivery empower managers, payroll administrators and employees to accomplish more on a daily basis.
Payroll processing is a simple process of calculating the net salary from the gross income and deductibles. This gets complicated when it involves many thousands of records.
This is a series of blog posts that will address the most important points related to managing payroll. The second in this series will focus on “Understanding Payroll Management in India – Points to consider” The last 20 points from the law post.
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