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Business News/ Companies / News/  Andersen to have 10% of future hiring from India

Andersen to have 10% of future hiring from India

Andersen is also in the process of launching a new arm, Andersen Consulting, which will also tap into the pool of Indian professionals

Mark L. Vorsatz, Global Chairman, Andersen CEO. (Photo: Company website)Premium
Mark L. Vorsatz, Global Chairman, Andersen CEO. (Photo: Company website)

NEW DELHI: Global tax, valuation and financial advisory firm Andersen will scale up operations in India to tap emerging opportunities in sunrise industries and will have at least 10% of growth in its global headcount from India, Mark L. Vorsatz, global chairman and chief executive officer of Andersen, said in an interview.

Telemedicine, education and cyber security are major areas of future growth in Indian industry, Vorsatz said. Andersen is also in the process of launching a new arm, Andersen Consulting, which will also tap into the pool of Indian professionals, Vorsatz said.

Vorsatz said the group has presence in 174 countries and continues to grow. Rakesh Nangia, chairman of Nangia Andersen LLP, that is a member of the Andersen global organization said that the only two markets where the organization was not geographically present were China and Japan, and that talks were on to set up presence there. “We will be there too shortly," said Nangia.

Vorsatz said the opportunity India offers is unparalleled. “India has been a high growth market for us," he said, adding that the organisation had seen strong growth in markets like Nigeria too.

“I used to say that if I spend a dollar, I would spend in New York City. Today if I have two dollars to spend, I would spend my first dollar in Silicon Valley and I would spend my second dollar in India. Because I think, the demographics and the growth potential of the economy here in India are unparalleled in the world," said Vorsatz.

Vorsatz said that telemedicine and cyber security were key areas where India will witness huge growth and the country offered massive advantages in terms of educated workforce and labour market. The cooperation between India and the US and geopolitical factors were also favouring India. “You see more and more US companies that have left China… we see more and more companies expanding in India," he said.

Vorsatz said that he would not be surprised that at least 10% of Andersen’s global increase in headcount would come from India. “If you look at headcount, I would expect that organically probably 10% of our growth in headcount will come out of India, globally. I don’t mean that in back office services. I mean frontline value services."

“I think what we will see in the next five or ten years is a geometric growth of inbound investment," he said. The opportunities in India are less labour oriented and more knowledge oriented, he said.

Andersen in the US was founded in 2002 by 23 former Arthur Andersen partners under the name WTAS. In 2014, WTAS announced it had acquired the rights to the brand name Andersen and would rename itself Andersen Tax. In 2019, Andersen Tax became Andersen. Vorsatz co-founded the firm under the name WTAS in 2002. “We are a global organization. Our partners think globally and act locally. That approach has enabled us to grow quite rapidly because today we have presence in 174 countries," said Vorsatz.

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Gireesh Chandra Prasad
Gireesh writes on the Indian economy, government policy, regulatory developments and trends in the business landscape. His areas of reporting include finance, taxation, company law, bankruptcy code, competition law, financial reporting and auditing. He also covers federal policy think tank NITI Aayog.
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Published: 11 Oct 2022, 03:50 PM IST
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