Over the last few years, small businesses are making a comeback in the business industry globally, which has initiated a growth in professional employer organization (PEO) industry. This industry is relatively young but growing at a fast pace. Foreign firms are keen on expanding businesses worldwide but face impediments while doing it.
Providing solutions to such companies and making them invest in India is one way towards evolution. This evolutionary path is followed by the experienced team at Remunance Services Pvt. Ltd., which manages the entire process in India for the foreign businesses – hiring the right talent, replicating the foreign business work culture for its team, and smoothening out any bumps along the road in Indian team operations, etc.
Remunance essentially takes over all non-core activities leaving foreign companies with sufficient bandwidth to focus on expanding their core business in India. Moreover, by virtue of being the employer of record (EOR) in India, it helps companies hire a workforce and kick start business operations in a matter of days, nullifying the need to infuse additional time and resources in creating a legal entity in India.
It is flexible to test the waters in new territory without investment. It is dedicated for a full-time resource hired for your company exclusively.
Driving towards Success
Remunance Services Pvt. Ltd., takes pride in being a one stop solution for foreign SMEs that wish to start successful operations in India. The innovative service basket -INDcubate, that Remunance offers to help foreign SMEs to plan safe and secure growth strategy in India and take a decisive subsidiary formation route.
It also deploys a reliable system of back-end office support, which allows the foreign businesses to focus on its core operations with single-minded focus. This unique offering -INDcubate, is better than outsourcing and has allowed multiple foreign businesses to benefit from the most suitable, talented Indian resource pool, and explore Indian markets as well with very minimal financial risk and a quick start of its operations.
Remunance is a 16-year-old brand and is very popular throughout the country for its timely and accurate payroll processing services -MakeMySalary.com. In November 2019, the payroll service offering business was acquired by ADP, the world’s largest payroll service provider.
That is one of the great appreciations Remunance got for the dedication and the hard work it has put in for building a reliable brand. This also puts additional responsibility on it to continue building a brand better, bigger, and unique service.
The services company is now offering and building for foreign companies, also have an additional responsibility of creating an image for India.
Providing the Best Solutions
Remunance studies its client’s business, learns client’s thought process, and their plans so that it can analyse and suggest the best possible ways to achieve client goals in India. It helps companies to settle a firm and achieve their goal in less time frame.
Remunance also helps company in getting registered in India, it helps them with all legal affairs to make the company an entity of India.
Remunance acts as a professional employer organizations company for its client companies, which help them get the best local employees. The company even takes care of managing the staff like payroll, insurance, benefits, and risk management. It also offers extra services like leave management, recruiting, employee training, office infrastructure, and HR management.
Apart from that it also provides financial and accounting services. Remunance has a team of experts, which help in bookkeeping, accounts payable, monthly payroll, leave, and attendance or travel claim reimbursements.
Making it Seamless
It gives benefits to the client abroad without having to form a company in India. Companies looking to work closely with its Indian team and wanting exclusive resources/employees of its own opt for this mode of operation over outsourcing.
The company saves time on administrative and compliance activities and focus on core responsibilities. It is cost effective in comparison with companies/subsidiary formation. Outsourcing has been a long prevalent option in the IT industry or otherwise for employing large number of resources overseas.
The company’s model on the other hand is a business process that started with the intent of forming a team overseas. It can be looked at as a stepping-stone to understand the market and the people before diving straight into company formation at the new location.
Its solid foundation as a renowned payroll processing firm in India gives it the potential to service orders of varying volumes, sizes, and industries with rather ease. As such, the team comes with abundant experience of almost two decades and has lived the journey from a handful customers to a few hundred making all its processes seamless for its foreign customers.
Moreover, acquisition of its domestic payroll business by the American payroll giant ADP was the first of its kind. It speaks volumes about the quality of services offered by the company and reputation it has built.
Acing the Pandemic
With work from home and remote working becoming a new normal worldwide, this service offering is gaining a lot of attention. The firm saw many companies embracing globally scattered teams working from its home countries effectively.
Remunance solutions of PEO or incubation come in as a boon for such companies, that plan on having teams working from India. Remunance ensures complete reliability and transparency with the foreign company and end-to-end support to its local Indian team making its functioning seamless.
The company’s experts save operational time and build predictability in the processes executed with government or external agencies. This saves a lot of time and reduces anxiety for the customer sitting thousands of kilometres away. This itself is a large amount of money and time saved for the customer.
All of this is done by ensuring that the foreign business is in loop at every stage, provided relevant context, and consulted at every step of the way. Through its wide and reliable network in the technology ecosystem, the foreign business is fed regular advice and information befitting it.
In addition to ensuring business success, this model also allows the foreign business to test Indian waters and paves the way for an expansion in the business and possible establishments of subsidiaries in India.
The Next Talent Hub
Remunance will build the easiest, transparent and the successful way to start Indian operations by building ecosystems to run the remote operations.
Developed economies will get hit the hardest by imminent talent shortage. Australia, France, Germany, Japan, and the United States face the largest threat, losing $1.876 trillion in annual revenues by 2020. Interestingly, the country that’s at the other end of the spectrum is India.
The world’s sixth largest economy is the only one in the study, which will have a talent surplus by 2030, with 245 million more workers in the next 12 years. Beyond the growing population, India’s emphasis on affordable and accessible education, especially at college level will generate armies of talent. One of the key areas where an opportunity exists for India as well as the global economy is technology, of which India has the largest talent pool.
