Finding “local high quality talent” is indeed a challenge in countries like the US, UK, most European countries and Australia. It is not affordable. Talented people are in demand in large businesses houses having deep pockets. These large businesses are also fishing for talent in the same talent. Result, higher salaries, high rate of job switching and reduced loyalty towards employers. This creates a perfect environment for an unstable workforce, something that SMEs cannot sustain.
How can small business owners and SMEs overcome this challenge?
By thinking out of the box. Looking for high quality talent outside your local area or even overseas. In eastern countries where English is their second language. Countries like India, Nepal, Pakistan, Sri Lanka, Bangladesh, Bhutan, Vietnam, Philippines, and Singapore are all multicultural countries that conduct business in English. Their workforce is largely graduates from colleges and universities where English is the second language.
Amongst all these nations, India has the largest pool of high quality talent and is the undisputed leader. India has come of age after 2014, post the Narendra Modi led BJP (Bharatiya Janata Party) government came to power. Here is what the Indian prime minister’s website says about India’s recent achievements – https://www.pmindia.gov.in/en/governance-track-record/
With such massive transformational initiatives underway there is no doubt that India has become the “go to” place for hiring talent as well as a lucrative 1.3Billion strong market. Several G20 countries like the US, the UK, Australia and countries from the European Union have started flocking to India to access its market and source high-quality talent.
This is evident from the fact that many countries including Australia and the UK have decided to increase their trade with India and have signed bilateral free trade agreements. Google launched their digital wallet platform and online payment system G-Pay in India first before rolling it out to the rest of the world.
The billionaire investor Vinod Khosla once said, “Educational competition in India and societal chaos helps hone their (Indian tech professional’s) skills in addition to the rigorous technical education.”
According to Wikipedia in 2020, India has over 1000 universities, with a break up of 54 central universities, 416 state universities, 125 deemed universities, 361 private universities and 159 Institutes of National Importance which include AIIMS, IIMs, IIITs, IISERs, IITs and NITs among others.
Some of the world’s premier business houses are relocating their significant business operations to India including manufacturing plants like Apple Inc. These business units are not just coders but they undertake deep sophisticated work in the field of data science, strategy development, sophisticated design, state-of-the-art software development in the field of AI, Deep & Machine learning, IoT, AR, VR, Drones and research in several other cutting edge sectors.
Wouldn’t you want to tap into this amazing opportunity?
There was a time when this was really difficult because of complex regulations and inefficiencies in the Indian legal systems. This has all changed. Indian states are making rapid changes. There is a healthy competition to attract business investments. As a result, India has jumped 79 positions from 142nd (2014) to 63rd (2019) in the Ease of Doing Business ranking since Honorable prime minister Shri Narendra Modi has took over.
According to sources in the MF and the UN, India’s economy has become the one of the largest in the world with a GDP of $2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot. India’s GDP (PPP) is $10.51 trillion, exceeding that of Japan and Germany. Now India is on aiming to become a $25 trillion economy before this government goes to poll again in 2027.
How is Remunance poised to offer you a strategic advantage?
Remunance is uniquely positioned to harness this opportunity for you. Remunance is an Indian business modeled on the basis of US PEO companies and PEO service providers (professional employer organization) and the European EOR (Employer of Record) companies, making it really easy for foreign firms to hire high quality Indian talent.
Pioneering the way forward in India
Remunance is pioneering the way forward in India to create a brand new PEO industry. Never before was this even thinkable, leave aside actually having a functional remote team running within 3 weeks without having a legal business entity in India. Up until few years ago businesses used to “outsource” projects to Indian IT companies which spawned huge growth in the IT sector during the 80s and 90s. India became a world leader in IT service. Now Indian companies are building their own platforms and products. India has recently hit a century of unicorns and growing. During the pandemic the Indian workforce has become a lot savvy in working with foreign firms. Now they routinely work as part of global team.
Remunance makes it very easy for you
Remunance experienced HR professionals advertise the position, curate the applications received and present you with a few hand picked high-quality resumes that fit your selection criteria. Remunance’s experienced HR admin team coordinates interviews with you, across time zones. You interview and select the candidates, shortlist the winning candidate and Remunance does the rest including negotiating the salary as per your budget, issue appointment letters, background check, fix the joining date and manage their on-boarding. Couple of weeks later, you have a productive staff member onboard ready to work on your projects. Easy?
Click here if you would like to speak with one of our friendly strategy consultants to discuss your requirement.