Global HR consulting firm Mercer is ready with a solution that it says would meet the needs of outfits in India and elsewhere in the Asia-Pacific region. Mercer claims that companies utilising this service can save at least 25 per cent of costs.
Tom Jacob, global head (compensation co-sourcing), Mercer, told Business Standard that the compensation co-sourcing service allows companies to outsource their compensation-related functions.
"The service is now available in India, one of the few countries outside of the US where it is being offered. The market is ready for such a service as the economy is booming and organisations are expanding."
Other countries where the service is being launched include China, Hong Kong, Singapore and Australia.
"The company is targeting all business organisations with a size of at least 400 people, and the strategy for India will be to focus on creating a business function exclusively for the compensation service," said Jacob.
The company, which currently has 19 clients in the US for the service, is hopeful of adding more to its tally by 2007.
"The number of clients should go up to at least 100 and a substantial number will be from the two fast-growing countries - India and China," he said.
Mercer will also have a dedicated team of 15 consultants for the practice in India, which will be based in New Delhi. The company, however, ruled out focusing only on some of the biggest employers in the country like some public sector undertakings comprising banks and insurance companies.
