For every entrepreneur, the success of their start-up lies in the spirit of the employees. Once the business idea translates into a reality, you need a dedicated workforce for the execution of your goal. Every startup has its vibe right from the initial stage of conceptualization, strategizing, and streamlined execution. But ultimately, the business growth of your startup rests on the shoulders of your employees. That is why investors entrust their funding decisions to the growth of potential resources of your company.
Considering the fundamental requirement of the start-up business, do you struggle to source the best-skilled resources and reduce execution overheads while thinking of growing in a competitive market?
You can get rid of these headaches by joining hands with an international PEO. A Professional Employer Organization or EOR (Employer of Record) will equip your team with skilled resources without delving into the hassle of subsidiary formation.
How can a PEO benefit your startup company?
With the help of a PEO based in India, you can employ the most suitable and skilled resources in your organization. A PEO can easily onboard a team from India into your company. A PEO steps in as a legal employer for your company employees and takes upon all the administrative hassles, legal compliances, statutory regulations, bookkeeping, etc, leaving your startup to focus on core business.
According to a study conducted by economists and global leader Laurie Bassi, companies who avail of PEO services reach 40% higher revenue growth, are 50% less likely to go out of business, and experience 14-16% lower turnover rates. You can visit the NAPEO website to find out what the voice of the PEO industry has to say about this industry.
Engaging with a PEO service company can help your start-up in the following ways:
- Easy availability of skilled resources
Whether you need high-end product developers, digital marketers, engineering designers, or territorial sales employees, a PEO solutions company can source the ideal candidate for you.
India has a high literacy rate with qualified individuals. A dedicated number of educational institutions groom the students into ideal-trained professionals and challenging work positions. You can choose from a plethora of sought-after profiles with skill sets like product design, digital marketing, software development, product testing, data analysis, etc.
India was ranked first for its skilled and trained workforce with more than 3 lakh highly-educated Indians in the OECD (Organization for Economic Cooperation) countries.
The Government of India, Prime Minister Narendra Modi, reorganized the UPA’s Skill India policy to mandatory training of 300 million Indians by 2022 during the National Skill Development Mission announcement.
- Reduction of overheads and burn rate
Your overheads for resources will be cut down to a considerable margin without compromising on the deliverables or quality of work. As the cost of living and overall pay structure in India is affordable compared to western countries.
A PEO will offer benefits like insurance, benefits, and office infrastructure to employees that you as a startup company may not be able to offer, making your startup attractive to top talent and lowering the turnover rates.
- Time management
A startup is like a baby business and babies grow fast. The faster growth of your company means it will require more hands for better management.
You can transfer all the HR management and compliance headaches onto a PEO while devoting your time and energy to your core business. A PEO knows the multi-tasking approach required by a startup company, so they leave you with enough bandwidth time to focus on running your business. A PEO in India will ensure your India team complies with all the HR and legal compliances as per Indian law. The PEO will cover your employees under group insurance policies, conduct payroll executions, and taxation compliances.
- Competitive edge with a global presence for your startup business
With a PEO organization, you can enjoy the presence of your teams in two different countries. An in-house team of employees at your location and a virtually connected remote team in India. This will increase your company’s brand, credibility, and culture in the competitive market. A PEO will extend hand-holding while learning the business culture in India and set up a skilled remote team for your start-up company as well.
- Entering a large consumer market
Research suggests India is expected to become the third-largest consumer market by 2030 and consumer spending in India is expected to grow from $1.5 trillion to $6 trillion by 2030, according to a World Economic Forum report.
Due to urbanization, these days Indian consumers desire a better lifestyle and good salary packages as well. They wouldn’t mind spending extra bucks from their pockets on healthy food and brand-conscious clothes. As per World Economic Forum, it is predicted that by 2030 India will experience a 4x growth in its consumer spending course and have more than a billion Indian internet consumers. The purchases will grow by 40% digitally. Twenty million households will upgrade to a high-income bracket, and the user’s mindset will change. Keeping in mind examples like these, you can start a business decoding the Indian consumer mindset.
A PEO company will help you to enter India and give access to understanding the country’s work culture through team operations in India. The PEO model is a smooth way to explore the potential market in India if you wish to internationalize your business in the future.
Remunance provides large company benefits to startups…
At Remunance, we extend hand-holding to your start-up route in India. When you think of transforming your idea into a start-up company, you probably think about growth and revenue. But probably not about government compliances, payroll, taxation, human resources, etc. Simply transfer that onto us. We will handpick the best talent for your remote team in India.
Our PEO services offerings include HR, payroll, insurance, benefits, and risk management. We also go a step further in providing employee training, leave management, HR management, recruiting, and office infrastructure. To kickstart your business in a few days or know more about our co-employment offerings.