Hiring remote employees in India- solution for global companies and startups in 2023
From recession looming over the corner to major supply chain disruptions, is hiring remote employees in India a good survival strategy for companies in 2023?
Indian talent has been doing well globally much before remote working was a thing. The success of Indian talent worldwide is not just about the much talked about ‘talent surplus’, but also attributes to commonly found characteristics like English speaking skills, aspirational attitude, and greater adaptability to foreign cultures.
Success of Indian talent worldwide for decades validates the strategy of hiring from India to build a pipeline of young, agile, and skilled candidates for leadership roles. More so, when the rest of the world is grappling with challenges like aging population and lack of skilled candidates to fill up job openings.
Summary
Changing priorities of global companies and startups for 2023
With recent layoffs at Silicon Valley behemoths like Twitter, Meta, HP, Microsoft and several others, all is certainly ‘not-well’ in the global economy. Businesses, investors, and entrepreneurs are all gearing up for a prolonged period of challenging conditions ahead. Current market scenario has forced companies to relook at their ‘growth-at-all-costs’ approach and rather prioritize long-term survival by focusing on:
Cost-cutting across functions
The burn rate for most startups is too high for them to survive the upcoming economic downturn. And for big companies, inefficiencies in processes and low productivity amongst employees results in reduced profitability.
According to a law by Derek Price, 50% of the work is done by the square root of the total number of people who work in a company.
Building business resilience
Companies are looking to enlarge customer base, focus on high margin customers, outsource non-strategic functions, and reduce costs to fight against a potential slowdown.
Among the many ‘not-to-dos’, there’s a ‘must-do’ solution available for companies focusing on optimizing resource cost, and at the same time benefit from the huge consumer base in India- build remote teams in India.
8 Reasons for hiring remote employees in India to meet your requirements in 2023
- Availability of tech talent for backend roles- Indian tech talent is adept with a wide range of technologies to build and manage products for companies globally. Due to wide availability of quality talent, India is attracting 80%+ of global offshore deals post-pandemic.
- Comfort level with English language- English is widely spoken in Indian business settings, making it very easy for companies to communicate and work with remote employees in India.
- Influence of western culture- Whether you talk about ‘Money Heist’ from Spain or American fantasy series ‘Game of Thrones’, Indians know them all. Looking at the familiarity of Indians with western culture, companies also consider hiring remote employees in India for marketing roles.
- Relatively low salary levels- Despite massive layoffs, every business is on a lookout for skilled talent at the right price. Hiring remote developers in India at 60-70% less cost than their counterparts in the USA or UK can help overseas companies sail through the economic challenges effectively.
- 24/7 business operations- What’s better than extending your business hours when you’re fighting for your share in a competitive market? You can leverage the time differential by working with a remote team in India and at the same time ensure increased productivity and customer experience.
- Diverse pool of skill sets- Finance, research, design, marketing, tech- you name the function and we have a pool of candidates for you here in India. Even companies in specialized industries, like pharmaceuticals, hire employees from India with the help of local recruitment consultants like Expat Orbit.
- Right infrastructural support- The talent is great! But do remote employees in India have the right infrastructural support to perform their job effectively? The answer is yes. India is well equipped with 5G internet, co-working spaces, and right technical equipment required to perform a job.
- Openness to working for foreign companies- Indians highly value working for overseas companies. The reasons commonly sighted are better salary as compared to Indian companies, exposure of working in cross-cultural environments, and opportunity to land on-site roles in the future.
Hire remote employees in India through Expat Orbit’s EOR/PEO support
When you’re just starting to build your remote team in India, working with a EOR/PEO partner like Expat Orbit helps you offload a lot of responsibilities and focus on your core business activity.
Expat Orbit as your EOR/PEO hires remote employees in India on your behalf, relieving your company to go through the hassles of setting up a legal entity in India. An EOR partner basically assumes the role of an HR and takes care of hiring, onboarding, employer compliances, payroll, and statutory benefits for your remote employees in India.
Stepping into 2023, building a resilient business model and ensuring sustained growth are the key focus areas for businesses. Building a remote team in India might be a solution to your current challenges and prepare your business for not just this year but the decade to come. To know more about how we can support your business in efficiently and compliantly building your remote team in India, connect with us here.
