5 reasons why your next hire should be in India
Finding great talent is not easy. People with specialized skill sets are sought after by everyone – Fortune 500 companies and start-ups alike. This huge demand coupled with a shortage of quality supply means that companies have to widen their pool and need to look for talent from beyond their shores.
One cannot hire unless you have a company in India and to that effect outsourcing or PEO are the option. PEO is a better option than outsourcing because it’s very transparent on pricing, you are in direct touch with the resources.
India has consistently been a top market for companies looking to outsource since the 90s. Due to the wide gap in labour costs between India and the west, outsourcing has helped companies save millions of dollars without compromising on the quality of work. While outsourcing has been practiced for decades, it comes with its fair share of problems. Especially if you are a small or mid-size company trying to figure out how to make that first hire in India, going for a PEO instead of outsourcing might be a better model for you to consider.
Professional Employer Organization (usually abbreviated as PEO) is a service which not only helps you establish a legal presence in a foreign country, but gives you better control over the company-employee relationship. India in recent has seen an increase in PEO services being availed by companies all over the world, primarily because of the huge talent pool available in the country. But there are other reasons as well, which have catapulted India as a top destination for all your work needs.
- Huge talent pool – Did you know that a whopping 65% of Indians are below the age of 35? India is one of the youngest countries (in terms of age demographics) and one of the fastest growing economies in the world. Educational institutes in India are some of the best in the world and more than 3 million students graduate every year
- Cost effective – The cost of living differs greatly between the west (US, Europe) and India, which essentially means a significant difference in average wages for the same job. Many companies have saved millions of dollars over the years just by outsourcing work to India rather than doing things in house.
- Quality of work – The cost savings that come from outsourcing doesn’t mean that you’re getting subpar quality of work. The deliverable standards and expectations in India are top notch and there is no compromise made on that front.
- No language barrier – According to various studies, its estimated that there are 125 million people in India who can speak English, making India the second largest English-speaking country in the world (only behind the US).
- Greater efficiency – Having a multinational team isn’t necessarily a bad thing. In fact, having people working in two different time zones means that you get more work done in 24 hours, which ultimately means greater efficiency and faster turnaround times.
Remunance has been at the forefront of helping foreign companies avail the many advantages India has to offer and has been in the hiring & staffing, PEO business for years. If you’re curious about how to hire a team in India & PEO works talk to one of our representatives, please feel free to contact us.