Globalization partners in India- As we know globalization means interconnectedness among countries through various relationships. And there are so many types of technologies available at present for expanding some things globally. But some people still want to connect themselves globally and they are unable to do that. So, therefore some companies give better facilities for connecting other businesses worldwide.
Now in this post on our best site, Gstportalindia will try to cover some websites which are providing globalization services. But before that, we will know what is globalization.
Contents of this post
What is the meaning of Globalization?
The word “Globalization” means interconnectedness among countries through various relationships, from business, geopolitics, and technology to travel, culture, trends, and the media.
According to WHO, globalization can be defined as ” the increased interconnectedness and interdependence of peoples and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people, and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.”
What are the examples of globalization?
These are the types of globalization that can be expended worldwide-
- Cultural Globalization
- Diplomatic Globalization
- Economic Globalization
- Automotive Industry Globalization
- Food Industry Globalization
- Technological Globalization
- Banking Industry Globalization
What do you mean by Globalization Partners?
Globalization partners mean the website-https://www.globalization-partners.com which is USA based platform. On this platform, any businessman can quickly unlock the potential of a global team. It helps companies build teams anywhere in the world in days instead of months. they have lots of expertise in global expansion.
Is globalization partners a good company?
Globalization Partners has an overall rating of 4.5 out of 5, based on many reviews left anonymously by employees. 92% of employees would recommend working at Globalization Partners to a friend and 85% have a positive outlook for the business.
What is the purpose of globalization partners?
It has the purpose to enable growth beyond borders and boundaries. this industry-leading technology and expertise break down the barriers to global business and enable opportunities for everyone.
What kind of companies are globalization partners?
Globalization Partners is a worldwide employer of record (EoR) for foreign employees. It onboards employees handles payroll and compliance, pays in-country taxes at the local level, and more.
Where is Globalization Partners based?
This has dual U.S. headquarters to serve you in Boston and San Diego, and regional hub offices located worldwide in Germany, the UAE, India, Brazil, Mexico, Singapore, and the UK. Globalization Partners is also the only global employer of record that is Privacy Shield certified for HR Data.
Services of Globalization Partners in India
Globalization Partners provides employer-of-record services for customers that want to hire employees and run payroll without first establishing a branch office or subsidiary in India. Your candidate is hired via Globalization Partners’ India Professional Employer Organization (PEO) in accordance with local labor laws and can be onboarded in days instead of the months it typically takes. The individual is assigned to work on your team, working on your company’s behalf exactly as if he or she were your employee to fulfill your in-country requirements.
Our solution enables customers to run payroll in India while HR services, tax, and compliance management matters are lifted from their shoulders onto ours. As a Global PEO expert, we manage employment contract best practices, statutory and market norm benefits, and employee expenses, as well as severance and termination if required. We also keep you apprised of changes to local employment laws in India.
Your new employee is productive sooner, has a better hiring experience, and is 100% dedicated to your team. You’ll have peace of mind knowing you have a team of dedicated employment experts assisting with every hire. Globalization Partners allows you to harness the talent of the brightest people in more than 187 countries around the world, quickly and painlessly.
Further faqs for employment in India from Globalization partners
Paying Taxes in India
By statute, employers in India contribute the following:
- EPF- Employee Provident Fund
- EPS – Employee Pension Scheme (only for government employees).
- EDL- Employees’ Deposit Linked Insurance Scheme
The employer and employee are obligated to contribute to the Employees Provident Fund (EPF), which is a mandatory savings scheme towards retirement benefits and pension. Employees contribute 12% of their salary to this fund, while employers contribute 13% (3.67%. as EPF; 8.33% as EPS, and 1% as social insurance). This percentage is based on basic pay and does not include allowances. This does not need to be negotiated with the candidate and is included in the estimated social security costs provided by GP.
India Payroll
Negotiating compensation packages in India can be relatively complex because employees are highly concerned about maximizing their take-home pay and negotiating for various allowances in addition to their basic pay. There are so many pre-tax allowances for employees in India that the amount of basic salary is often 40% of the total compensation package, which is composed of a multitude of allowances as well as the basic salary. We can help our customers and professionals calculate the appropriate allowances.
Hiring in India
Indian companies are hierarchical and decision-making is top-down. Negotiations can be very slow, especially if a relationship has not already been established. While Indians appreciate data and statistics, they also use their intuition and faith, and they value patience. Indians tend to have an indirect communication style. They try not to say “no,” so you need to watch for euphemisms such as “perhaps” or “possibly.” When trying to establish a rapport, feel free to talk about the latest news or cricket, but avoid personal subjects.
Salary inflation in India is enormous. Employees expect a title increase and a wage increase of 10-15% per year. If the increase is not given each year, the employee is likely to start looking for other jobs. Technology sectors have an exceptionally high rate of job-hopping.
Employees negotiate very hard for good job titles. There is a saying in India that is, “the better the title, the better the wife.” The job title is key, especially for young people that haven’t yet married because it is a matter of great prestige. Many marriages in India are still arranged and an employee’s job title impacts his or her entire life; many candidates will turn down high-paying jobs if the title isn’t sufficient. That said, we would also suggest being careful about “giving away” too much in the title. If you make an employee in India a director, it will connote great respect but then he/she might demand assistance and not do anything ‘beneath’ his or her job title. Very delicate!
Providing a great workplace culture is very important to Indian employees, as it is not customary to work from home, although this is changing, especially due to traffic in large cities like Bangalore, Mumbai, and Delhi. It’s ideal to find your candidate before finding an office space, lest your employee ends up commuting two hours in traffic each way to work each day.
When negotiating terms of an employment contract and offer letter with an employee in India, it may be useful to keep the following in mind:
Employment Contracts in India
Indian labor law is complex. As part of our best practice, we suggest putting a strong employment contract in place in India which spells out the terms of the employee’s compensation, benefits, and termination requirements. An offer letter and employment contract in India should always state the salary and any compensation amounts in Indian rupees rather than a foreign currency such as USD. The employment contract template is part of the service with Globalization Partners; no need to draft a separate template if you use our employer of record and PEO service in India.
Working Hours in India
The Indian work week is 40 hours, with a standard work day of 8 hours. Workers are entitled to 10.5 hours between work days.
Work hours should not exceed more than 50 hours per week or 9 hours per day.
Employees receive 10 paid public holidays. In India, the holidays vary by state (there are 30 different states), religion, and local customs. Therefore, the government does not stipulate what days the employee has to use as a holiday, but rather allows them to allocate the 10 public holidays as they see fit.
Vacation Days in India
The statutory minimum of paid vacation leave in India is 21 mandatory vacation days. We commonly see companies offering 21 days, but occasionally senior professionals may request more.
India Sick Leave
In India, the minimum entitlement of sick/casual leave is 12 days in total. Some employers provide unpaid leave for long-term medical issues, but this is not mandatory.
Maternity/Paternity Leave in India
Female employees are entitled to 26 weeks of maternity leave, the benefit can be availed by women for a period extending up to a maximum of eight weeks before the expected delivery date and the remaining can be availed childbirth. The employee is also entitled to a medical bonus of 3,500 Indian rupees. If the employee is a factory-level employee the leave is paid for by social funds from the government. Otherwise, the employer pays for the maternity leave.
There is no statutory paternity leave for employees in the private sector, only a few employers are introducing this benefit so far.
Health Insurance in India
Health Insurance in India is a mixture of public and private insurance. Some candidates may request an allowance for coverage. We recommend paying a taxable allowance in the amount of US$200 to US$400 a year to cover the cost of a private medical plan if you would like to offer supplementary benefits.
India Supplementary Benefits
Many employers in India also provide supplementary insurance. Globalization Partners can arrange supplementary insurance for your employees in India as part of our service offering.
Termination/Severance in India
Probationary periods are commonly used in India with 3 months being a typical probation timeframe. The maximum initial probation is 3 months, and then the employer can extend the probation for up to an additional 3 months.
Termination by either the employer or employee must be given in writing as per the employment contract. There is a 15-day notice during probation. The minimum notice period can be is 30 days. Payment in lieu of notice is permissible.
Retrenched workers (those that are terminated for any reason except as punishment inflicted by way of disciplinary action, retirement/superannuation, termination for continued ill-health, or expiry and non-renewal of the term of an employment contract) are generally entitled to 15 day’s wages for each completed year of service.
If the employee has served for five or more continuous years, they are generally entitled to a gratuity payment. Gratuity = Last Drawn Salary × 15/26 × No. of Years of Service
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