India’s Core Integra, an end-to-end HR company working with a host of global companies, is gearing up for an ambitious entry into the UAE market, aiming to give a tech-driven make-over to human resources functions of companies across sectors.
Its suite of new-age tech solutions is aimed at helping companies save at least 30 percent on HR-related costs, besides cutting down 500-600 manhours per annum for a range of compliance-related activities.
The Mumbai-based company, which will be making its maiden overseas expansion, is also looking to set up a regional headquarters in the Gulf country to oversee its aggressive growth plans in the Middle East, besides servicing its existing clients in the region.
Core Integra’s expansion move also coincides with the company getting mandates from some of the Dubai and Indian multinational companies for hiring and shifting white-collar employees from various Western countries to the UAE, a trend which is expected to catch on significantly in the coming months and years amidst global companies deploying various initiatives to save costs, including employee-related costs in the wake of growth uncertainties.
“We are quite bullish on the UAE market as it is widely seen as the next global growth centre, and the country is already seeing an influx of global and regional companies,” Mahesh Krishnamoorthy, Managing Director of Core Integra, told Arabian Business.
“Expansion of businesses in the country – and also in the region – will also trigger huge opportunities for tech-based make-overs, including in HR areas, and that is where we are positioning ourselves for,” he said.
Core Integra’s UAE and regional focus
The Core Integra chief executive said their company’s newly developed tech platform – RegTech – brings technology-based governance, risk, and compliance solutions to organisations – from large corporates to startups – across the industry verticals.
“This will lead to at least 30 percent cost reductions and significant – 500-600 – manhour reductions for companies and organisations,” he said.
Krishnamoorthy said the company is looking to launch its suite of technology solutions in the UAE once it streamlines its operations related to employee migration to the country and the region.
“For UAE – and the wider region – the immediate plan is to support talent acquisition, including global talent migration into the UAE and the region.
“This will help us connect with the business houses and leaders in this region, thereby facilitating a base for our other business verticals like HR operations, compliances solutions including RegTech platforms,” Krishnamoorthy said.
As for expansion in the region, he said they will begin with the UAE and intend to slowly expand to the region’s prominent markets like Saudi Arabia, Qatar, Oman and Kuwait in a phased manner.
Tech solutions for instant compliance, risk management
Krishnamoorthy said Core Integra’s platform enables company HR departments to carry out a wide range of functions, including automated statutory compliance management, risk management, regulatory compliance and audit software, optimising business performance.
“Currently, companies in the region resort to hiring consultants for each of these functions, incurring significant financial costs and time overruns,” he said, adding that their platform will enable companies to do all these activities just at the click of a mouse.
In addition, the Core Integra platform offers a comprehensive library of all laws and acts with an easy search mechanism.
“We just need to do some improvisations to bring in country-specific regulatory norms.”
Core Integra’s RegTech platforms also enable HR departments to take care of the entire range of areas in compliance such as compensation stack – aligned to the applicable acts and laws of various jurisdictions, mandatory employee benefits such as social security, gratuity, leave encashment and others.
The platform also ensures that dues are paid by companies on time and appropriate acknowledgement is kept on record for up to 7 years.
Similarly, employee grievances are addressed and records kept, while notices and inspections from authorities are responded to with substantiated evidence.
The platform features also include appropriate policies are designed on issues related to PoSH (Prevention of Sexual Harassment at workplaces), whistleblowing, etc and communicated to employees.
“Besides taking care of all these employee-related activities and social compliances, our platform takes care of establishment, factories and contractors’ compliances also,” Krishnamoorthy said.
The Core Integra chief executive said companies can either take the entire suite or solutions or module-wise as applicable to them.
“Our platform also is a ready reckoner for the industry participants to understand and check any labour laws and acts over mobile and web,” he said.
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