In this era of increased specialisation, hiring highly skilled human resource at the right cost is quite challenging and involves time and administrative costs. In India, rampant unemployment and underemployment are being contrasted by the shortage of skilled personnel, which is one of the many dichotomies of this country.
In a report published in Economic Times in December 2023 it was stated that according to a survey by workforce and HR management service provider Ultimate Kronos Group covering more than 300 manufacturers, 76 percent of the organisations reported skilled labour shortage hurting their profitability in 2023 with 35 percent defining the impact as “severe”.
In this scenario, many companies, which include multinationals and domestic companies, can face challenges in hiring the rightly skilled workforce in a cost-effective manner, in India. This challenge is likely to be more challenging in case of hiring qualified tech talent.
But at the same time there is no denying the fact that in India tech talent can be hired more affordably than in many developed countries. And India with its booming economy and burgeoning tech industry, has become the ideal destination for businesses looking to thrive amidst innovation and talent.
In this regard, Rapid.one can be a great facilitator. Founded by NIIT alumni, Navin Rungta, Rapid.one is engaged in helping global companies hire Indian tech talent compliantly, affordably and with ease. It is not a regular HR tech platform; but a trusted Employer of Record (EOR) platform specifically tailored for the Indian market. The company enables global start-ups to quickly establish their Indian team without the need for a legal entity.
A release dated 26th October 2023 stated that Rapid offered many unique value propositions that did set them apart from the other EOR Platforms with their USPs being compliant office spaces, equipment procurement, customised brand experience, passthrough tax benefits, and innovative services marketplace.
Rapid claims to build an A-class technology team from India quickly and cost-effectively. Rapid can help companies build a world-class team in India, with streamlined onboarding and efficient HR management. They claim to offer a cost-effective way to employ top tech human resource in India, without the overhead of setting up a local entity. “Save time and money with our compliant and scalable solutions,” asserts the website of Rapid.one.
Moreover, there is no denying the fact that navigating employment laws and regulations in India can be a challenge, especially in the formal sector. In this regard, Rapid.one with its deep expertise in compliance, claims to ensure that the concerned companies in its clientele stay on the right side of the law.
Rapid.one is very much helpful for start-ups and for businesses looking to scale up. Rapid is known for its deep local expertise that can help global businesses scale up their operations affordably.
Rapid claims to take care of cross-border onboarding, HR, payroll, taxes, contract generation, compliance, and more, thereby empowering scale-ups to access India’s top talent.
With its pass-through taxation and ability to hire in multiple locations, an entrepreneur can expand her/his business through the help of Rapid while reducing overhead costs and maintaining compliance with ease. They handle all of payroll, local benefits and compliances so that the companies can focus on their growth in the Indian market.
“Our comprehensive solution ensures that all your HR processes, from employment contracts to benefits administration, are compliant, giving you the confidence to focus on growing your business,” notes the company’s website.
Last year in October, the India-focused EoR announced raising 265K in funding from serial entrepreneurs and angels in the pre-seed round. Early-stage investors and serial entrepreneurs like Aswin Choudhury, Deepak Panda, Ashok Padhy, Hemanth Kavuluru, and a few angel investors were the funding partners who did lead that round of funding. The funds will be allocated to product development and early-stage customer acquisition.
Regarding that Navin Rungta, Founder of Rapid, said, “Investment in Rapid validates the business model and the unique challenges we are trying to solve that benefit the entire ecosystem. The team is truly inspired by their vote of confidence and looks forward to scaling the venture in the coming months. The funding will be utilised strategically for product and early customer acquisition, to ensure the platform is cutting-edge and supports the business vision appropriately.”
