Can the informal workforce help cope with the talent shortage?

Informal employment makes up a huge section of the global workforce. Though informal labour has been transformed into formal ones across many countries, some regions, especially the ones with developing economies are yet to see the change.

Lohit Bhatia shared insights on why the informal workforce needs to be transformed into the formal one and also, that how it can be done. 

“The staffing companies that form part of the Indian Staffing Federation, always ensure that all the laws of the land are met such as Social Security which is employees' provident fund ESI schemes and benefits of insurance, financial inclusion, transferring their salaries before the payment of wages act pay,” said Bhatia. 

He highlighted that India, being a country of millions, has the potential to help meet the talent needs of the corporates if they are given the education and training. With at least complete schooling till the age of 17 and 18, they would invariably happily get picked up by staffing companies and other outsourcing companies to give them at least the first entry point of real wage job of the minimum wage job with Social Security, Bhatia added.

Click on the 'Play' button to listen to the full episode.