The economic side effects of COVID-19 are settling in and the employment sector worldwide is not immune to them. With the USA and the whole of Europe severely hit by the coronavirus pandemic, and the world economy now in recession, recruitment and job securities are not going to be the same as the pre-coronavirus era. One area in which this otherwise daunting prospect is having some positive benefits is in foreign companies hiring IT developers in India.
The Impact of COVID-19
A majority of countries across continents are observing travel advisories and implementing complete lockdowns, preventing companies from operating altogether from their workspaces. Employees are subjected to movement restrictions, preventing work from offices and compelling companies to provide work-from-home arrangements to their employees, slowing shaping remote working as the new normal.
When it comes to the technology sector, the recruitment market has become increasingly combative during the past decade. Companies have been competing over finding skilled IT developers by offering them attractive compensation and employment benefits. The COVID-19 pandemic has, however, hit the market severely, with many companies resolving to fire their new recruits and freezing any new appointments.
The global market is in a state of unfluctuating panic due to economies halting for months on end, and the IT sector across the world has also witnessed new hirings being put on hold or employees getting laid-off at a 51% rate.
The pandemic has also detained companies from carrying out core operations due to their inability to retain employees, leading many to shut shop or freeze their businesses temporarily.
Nonetheless, the COVID-19 global quarantine has led to a giant boost in the gig economy, with a majority of businesses – both large corporations and small start-ups – finding resolution in remote talent. Businesses, especially with IT projects, are looking for talent in the global arena to find remote IT developers at a much lower cost as compared to the cost they have been incurring with full-time employees.
The Indian IT market
The Indian IT market has also been severely hit. While numerous IT companies like Infosys Ltd., Accenture, and Tech Mahindra Ltd. have put in place efficient work from home and digital hiring programs, smaller IT companies have been struggling to honor new job offers and retain their existing employees. Many IT developers in India have revealed their struggle in finding work due to lack of projects from their employers, or sudden job lay-offs and furloughs.
On the brighter side, the national lockdown has allowed IT developers to look for work in the global landscape as companies in the USA, Europe, and other Asia Pacific countries hire developers in India to recommence their stalled IT projects.
The Indian IT market has become a favorable ground for companies across the world to look for talent, especially during the coronavirus havoc, both due to the availability of highly-skilled talent and the cost-effectiveness of hiring labor in India.
Companies from all industries benefit from hiring developers in India due to the diversity of talent and the booming tech industry in the country. Indian cities like Bengaluru, Gurugram, Hyderabad, and Pune have risen in the Asia Pacific tech arena, with their flourishing tech markets, accommodating business environment, government support, and a vast pool of talent.
Being the second-largest English-speaking country in the world, there is a promising talent syndicate for companies to hire developers in India. However, when it comes to finding the right talent and expansion of projects in countries like India, foreign companies may find themselves lost in the labyrinth due to the sheer size of the talent market in the country.
For global companies, the best solution to finding and hiring the right IT talent lies with a Professional Employer Organization (PEO), which can help them in locating and hiring IT professionals in India along with their management post-recruitment.
How PEOs Help Companies with Hiring IT Developers in India
The best PEOs also tend to have recruitment capabilities, enabling businesses to both find the precise talent they are looking for and accelerate the employee onboarding process thereafter.
PEOs work with businesses and support them with their payroll management, human resource functioning, employer-employee administration, and much more, allowing companies to focus on the two most important things they need in the contemporary market scenario – sustainability and innovation.
PEOs can help companies expand into global markets like India by guiding them on the country’s employment regulations, while hiring, onboarding, and retaining international employees on their behalf.
In this regard, PEOs act as the bridge between companies and the pool of talent, plucking out the right professionals that match their requirements, handling all the employment-related compliance on the companies’ behalf and even managing in-country legal, tax, and HR-related risks.
When it comes to hiring IT developers in India, PEOs can help businesses and entrepreneurs in foreign countries to define their human resource structure, plan out their entry in the Indian market, and provide corporate solutions to complete their IT projects within their fixed timelines.
Looking for IT talent in India through a local PEO can allow a business to penetrate the country’s rapidly growing market and implement best practices for their contract management in vernacular languages, employment letters, task memorandums, non-Disclosure and non-compete agreements, taxation compliances, employment benefits, payrolls, contract renewals, and reimbursements.
The current global market is suffering from the collateral damage the coronavirus has caused in the form of affected trades, halted businesses, and job terminations. Global PEOs provide the much-needed market research and prudence to businesses in comprehending a country’s talent, and onboarding personnel is a fast, reliable, and compliant manner.
With a population of more than 1.3 billion people, hiring IT developers in India can seem a daunting task for global players, but by partnering with a PEO like New Horizons Global Partners, companies can reduce their administrative burden while siphoning the best talent from an ever-growing, gargantuan market.
For more information about New Horizons Global Partners can help your company to hire IT developers in India, please get in touch with our team.