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Whether providing B2B services or exporting products, setting up a business or a shared service center or setting up a remote team in a different country for international growth is not easy. But if successful, the benefits go beyond just profitability and brand popularity. International expansion is the business strategy to achieve global success.
Today, India is on the verge of becoming a global workplace due to its skilled talent pool. As remote working has opened up several market possibilities over the years, accessing these talents has become more effective. Many organizations in the West realized the potential and tapped into India’s remote work landscape by hiring employees through EOR services. After testing the waters, a few organizations established their entities in India.
The concept of working remotely changed a plethora of industries. It is intriguing to find out that healthcare industries have embraced this transition to remote working. It took a very short time for everyone to adjust to the virtual patient-doctor consultation.
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International Professional Employer (PEO) agencies offer a simple, straightforward solution for overseas companies that already have professionals—freelancers and consultants —working for them in India, to provide employment benefits to their resources.
A leading clinical research organization (CRO), based out of Montreal, specializing in clinical research in dermatology, data management, and biostatistical services, envisioned global expansion plans to India. In order to bear fruit on their business expansion, they needed an excellent remote team and were on the lookout.
Best HR practices play an important role in your business expansion plan. Making use of a good HR strategy will help in delivering quality business execution. A good HR practice is as relevant as the sales and marketing strategies of your company. Your employees are ultimately your biggest asset, and when you treat them well, they will reciprocate in a way that will take your business to the next level.
The post-pandemic’s ‘new normal’ has popularized remote working. Research experts suggest employees would happily choose remote work. They would happily work remotely if given a choice between remote work and working from the office. So when you are thinking of tapping into the talent pool in India for your global business expansion strategy.
In the past, businesses and employers had preconceived notions about employing remotely. But these perceptions were changed with the forced implementation of working remotely with the outbreak of the Covid-19 pandemic. Organizations have come to a realization now that employees are more productive working remotely and exceed their deliverables in a remote model.
India, a land of rich cultural and lifestyle diversity, has marked its presence as a growing economic superpower. About 20 years ago, India transitioned from a socialist state to a liberal marketplace. Today, India stands as the 6th biggest economy globally with a GDP of over $2.6 trillion.
India has a vast talent pool. A recent report of an assessment of 65,000 graduates states that 40% of India’s youth is job-ready.
The New Era for the PEO Industry
PEO services find a new metric in the USA as a sign of dependability. The Internal Revenue Service in the USA recently opened up applications for a Professional Employer Organisation to achieve certification status. While the Certified PEO program is yet to arrive in India, it is worth understanding how clients to gauge the trustworthiness in the PEO industry. It will certainly usher in a new era of PEO.
Companies often face hurdles in finalizing their international business expansion strategies because hiring locally becomes a challenge. Global PEO EOR services are meant to take care of this snafu for anyone who wants to hire remote resources. To see how global PEO EOR services are the best way to expand internationally, let us look at the 3 prominent ways a company can establish an international presence.
The Covid-19 pandemic gave a new definition to working remotely altogether. Overnight, software developers and IT engineers around the world came to the forefront to ensure business continuity plans (BCP). The only hope organizations had was in the wizards of their companies to continue their business operations.
In today’s global business environment, expanding operations into foreign markets is a strategic move. A Professional Employer Organization (PEO) can be your one-stop-solution for your international expansion journey. PEOs provide comprehensive HR and administrative support, allowing companies to establish a presence in a foreign country without setting up a legal entity.
Remote working introduced employees to the concept of being productive even from the comforts of their homes. Where Covid 19 pandemic forced organizations to resort to it, to ensure business continuity, it offered employees added benefits like flexibility. Thanks to the new business model, employees didn’t have to fight with traffic signal lights anymore. There were no more in-person longish official meetings or brushing of shoulders in competitive environments as well.
So, you’ve understood how PEO enables your business to hire resources in India without establishing an entity. The truth is, PEO in India is still developing as an industry. The PEOs in the US or EOR industries in Europe have already achieved development. Keeping this in mind, you need to carefully evaluate the PEO service you are choosing. In this blog, we are sharing with you a checklist of the parameters you need to consider while choosing a PEO service provider.
If you are expanding your business to India through PEO/EOR services, Subsidiary formation, or outsourcing work to India, the human resources you allocate to the operations in India will need an employment visa/work visa to work legally. An employment visa is a work permit that allows employees from your country of origin to enter India and work here for a certain period of time. Without an employment visa, foreigners simply cannot work in India (which is true for all countries).
Choosing to work with an international PEO in India is a wise decision. A PEO (Professional Employer Organization) creates a partnership to address all of a company’s specific needs while minimizing costs, reducing risk, and increasing your team’s productivity. It is an all-in-one solution for your HR functions and responsibilities.
Are you on the lookout to set up your remote team from a huge pool of talent and highly qualified individuals? Is India your prospective location considering its potential attraction? Then let us guide you on understanding the employment culture, the process of hiring employees in India for your foreign company, and how a PEO (Professional Employer Organization) can serve as the best alternative for your hiring process.
Times are uncertain. We have just had a year-long pandemic. There is a war going on. There was a severe earthquake in Turkey and Syria. The geopolitical situation continues to be volatile with several nations on the brink of bankruptcy and civil war. There is an impending recession. In all this chaos and uncertainty the IMF’s latest Outlook said, India retains the crown of “a bright spot”.
Hiring independent contractors from across the globe is a great business strategy, especially if a business needs expert skills to complete a big project. However, the decision to hire a contractor or an employee depends on several factors, such as the nature of the work, the level of control and flexibility required, and the needs and objectives of the business.
We can’t deny the fact that outsourcing offers a range of solutions and services that fulfill several needs for business expansion. At the same time, we are also aware that outsourcing has certain limitations in handling remote employees.
Have you been working with outsourcing companies? Or are you looking to build a remote team for your business expansion?
Remunance believes in growing together, conducting business ethically, and building mutual respect & trust when you’re expanding your team in India.
Starting as a payroll processing service provider, Remunance has a strong reputation in the Indian PEO/EOR industry. At Remunance, we have a well-experienced team of experts and offer comprehensive services, technology-driven approaches, and customized solutions.
Portland, USA-based company Gemstone Systems Inc., developing GemFire, an in-memory database product, wanted to kick-start its product development efforts in India. The company thought of expanding its business by engaging a service provider for its support in India.
CXO Inc. (Now CISCO Systems) develop configurable dashboards for CxOs of various companies, having applications in corporations from varied industries. In order to maintain a low burn rate, Alok Batra, the founder of CXO Inc., wanted to expand the business and set up a major development base in India.
India’s digital identity a business opportunity for Singapore
Until a decade ago buying anything without the use of cash was a foreign idea. The growing usage of smartphones, and accessibility to the internet, boosted this revolutionary change and led to a digital transformation across the globe.
Today, digital payments have become a common proactive worldwide. Every country has taken a 180-degree turn towards cashless transactions from the traditional cash-dependent economy.
Covid-19 pandemic gave everyone a taste of what work-from-home truly feels like. It took the stress off the plate of many employees and employers around the world. The remote working model has been practiced in the past by many companies even if it got popularized by the pandemic. IBM, the multinational technology company was one of the first top major corporations to experiment with the remote working model.
