US Recession: How Hiring Indian Remote Talents can Help Global Companies Get Recession Ready

The news of the upcoming US recession has had both employers and employees worried. While employees worry about their jobs, employers, on the other hand, resort to measures like cutting costs, protecting their cash flow, and nurturing their existing customer base in a bid to remain operational. Let us now look at the impact of the US recession on several organizations.

Impacts of a Recession: What Happens During an Economic Downturn

Here is how a recession can have a domino effect on businesses:-

Decreased Demand

Business owners resort to cutting costs during a recession and therefore marketing and promotion budget are the first to be axed. As a result, businesses find it hard to find and attract new customers and are forced to rely on their existing customer base for sales.

Tightened Credit Conditions

Credit institutions like banks and financial firms become even more stringent during the recession which makes it difficult for small firms and start-ups to get loans. This, in turn, increases their demand-side problems like the inability to buy stocks or produce goods for sale.

Reduced Profits

People are weary during the recession. People are scared of losing their jobs and as a result, there is less money circulating in the market. Consumers spend less because they are worried and save for the future. Businesses, as a result, face a decline in sales and revenues.

How Hiring Indian Remote Talents Can Help Global Companies Get Recession Ready

With declining sales and profits businesses have no choice but to cut down on labor and therefore, furloughs, and layoffs become common. However, they need staff to remain operational and tide over these tough times. Moreover, hiring employees when the economic scenario improves can prove to be expensive and time-consuming. Therefore, a lot of businesses have resorted to remote hiring to make their business recession-proof. Here are some benefits of hiring Indian remote talents:-

• Broader talent pool

Businesses in the West face an acute talent crunch with the shortage of skilled labor. Labor-intensive countries like India, on the other hand, boast of surplus labor with a rich pool of tech talents that businesses can tap into.

• Reduced overhead costs

Businesses hiring remote talents can save on office expenses, infrastructure, and utilities, etc. This can result in significant savings for businesses.

• Better employee retention

Remote employees are said to be happier and more productive than their in-office counterparts. Also, remote employees enjoy freedom and flexibility and therefore are less likely to quit their jobs.

• Cost-effective

Indian talents are more cost-effective than their western counterparts. A remote talent from India would cost almost one-third of what it would to hire talent locally in the U.S

Navigating the Indian talent market can be complex. Traditional methods of sourcing candidates through job boards can prove to be time-consuming. A recession could boost remote work. That’s where remote hiring platforms like Uplers come in. With their curated pool of professionals pre-vetted against various important parameters, businesses can skip the time-consuming steps like sourcing and screening and can directly interview and hire. As a result, businesses can drastically reduce the hiring time while also increasing the quality of hires manifold.

Conclusion

Hiring remote Indian talents allows businesses to save on overhead costs while also maintaining a stable and satisfied workforce. Moreover, Indian remote professionals are more than happy to work for a global company and earn global salaries and this in turn guarantees higher retention for companies. It’s a win-win for both companies as well as the talents. Companies can leverage the world-class expertise of Indian talents without having to spend a fortune, something that works like a charm in periods like these when businesses are worried if a recession is coming.