An Expat is an abbreviated term for expatriate and stands for a person who is temporarily or permanently living in a country and culture which is different from that of his upbringing and legal residence. This term is commonly used in the context of professionals sent overseas by their firms, rather than locally hired staff.
Ever since India became a part of global market, Indian economy has been growing by leaps and bounds to become the fourth-largest economy in the world in terms of Purchasing Power Parity (PPP). As a result, India has evolved into a hotspot for Foreign Companies and has positioned itself as one of the front-runners of Asia Pacific Region. Companies have been sending their employees from all across the world to carry out their operations in India.
As per Brookfield Global Relocation Survey, expats from around the world have ranked India as one of the most difficult international assignments, after China. Cultural and demographic differences in the workplace and in everyday life make the adjustments challenging for both executives and their families. Assigning employees to posts outside their home countries raises both strategic and tactical issues for global firms. Common problems that are faced by the firms include those related to job suitability, cost management, security of their employees. On the other hand, employees too come across certain complications such as cultural incompatibilities, language problems, and insecurity. As a solution, consulting firms in India can be of great help to these people seeking to carry on with their operations. The services that these consultancies provide include wealth management (income tax payment), outsourcing, risk management and to advise them on any matter regarding business matters that falls within their jurisdiction.
Thus the employees find themselves at ease and can focus on their work in a better way. Providing world class services at reasonable rates makes it acceptable to the companies as well who succeed in providing better job satisfaction to their employees.