India’s rapidly growing population – and economy – is seeing it gain ever more importance on an international scale. Like China, this powerhouse of commerce is being viewed with ever more jealousy by competing neighbours, as it successfully draws in ever more talent and investment from other countries.
Now, it seems as though a tipping point has been reached, as many large companies in India are seeking to firmly establish themselves on the international stage. But how does a company become truly ‘global’ in today’s modern era? Financials are of course important, but so too is influence and reputation.
In an attempt to fast track both these elements, it seems that a large number of companies are beginning to hire overseas workers, which is allowing these Indian conglomerates to tap into a whole new talent pool – and a wealth of potential new networking opportunities.
It makes perfect sense; expats in executive positions have the ability to sculpt Indian companies so that they are ready for international business deals. They can make the necessary changes to company culture so as to make it as attractive as possible to overseas investors.
Apparently, mergers and joint ventures are also becoming ever more popular and so the right management team is essential to enable two companies to smoothly integrate and make such an opportunity a success.
However expat executives can also act as a ‘bridge’ between their new employer and the contacts that the employee already has in place. Poaching a worker from a complimentary company can serve to open up communication channels between the two, and as a result may lead to profitable joint ventures or investment opportunities.
Lastly hiring expat workers can be the perfect solution to a local lack of talent. As Indian companies grow to resemble the multi-nationals of the USA or Japan, so new skills are being required; skills that recruiters are finding sorely lacking in Indian applicants. As a result, hiring expat workers who have experience within these larger companies in other countries makes perfect sense, and is an ideal way to ‘buy in’ skills that may take years for executives to develop naturally.
Right now a recent report suggests that between 15 and 20 percent of larger companies in India are looking to hire overseas talent for executive-level positions while this trend is expected to increase by up to 10% each year going into the future.
The future, it seems, is bright. Expats with considerable transferable business experience are recommended to keep an eye on India over the next few years as there are likely to be many exciting, career-defining opportunities for those in the right place at the right time.