There are companies that aren’t too driven and ambitious when it comes to global expansion, however, it’s safe to say that they represent a minority. On the other hand, there are those (a majority) that aspire to scale beyond domestic borders.
Precisely, in these instances, the desire for a creative, skilled, and resourceful workforce arises. Recruiting a foreign worker isn’t always simple because there are lots of rules and regulations that a company must comply with.
But that’s exactly when EOR (short for employer of record) comes into play. If you’ve never heard of it before, and it piqued your interest a bit, then this guide today is going to provide you with all the useful information, so stay tuned!
Leveraging Local Expertise to Expand Your Global Employment Solutions
01. You Do Need To Deal With Various Legal Intricacies
Those of you who decide to expand internationally must rely on the expertise of somebody who is perfectly with the law and all its complex and confusing sides. This mostly refers to the local help that is situated in the brick-and-mortar places. For instance, if Singapore is currently the market you want to target, then it would be logical to consider hiring the services of EoR for Singapore to complete the services on behalf of your firm. So what are they going to do then?
Besides doing certain tasks for you, they are going to offer professional and reliable customer support too! Furthermore, with their assistance, you can expand your team by adding new members to it.
So how can this be executed? By allowing them to behave as your legal entity. Companies that legally hire people from different countries are obligated to set up local entities within the borders of their workers’ home counties if they want to adhere to the law the right way.
However, if you decide to hire the services of EoF, you won’t need to worry about any of these things because they act as legal employers which means that you do not have to. Instead of wasting your time waiting for the local government to give the green light to the legal entity applications, you can start your search for skilled and experienced candidates, and, concurrently, hire them.
02. They Can Help You With Human Resources Management
Everyone who has ever dealt with a global workforce will tell you that it’s far from smooth sailing which can particularly take a serious toll on your HR team and its energy. However, if an Employer of Record decides to “take over” this burden, then things are going to be dramatically simpler for your HR department.
You do not need to worry about their resourcefulness and effectiveness since they are capable of doing a variety of different tasks, like employee benefits, employee contract terminations, payroll, and many other things.
By making use of EoR, you are allowing your HR sector to focus on other important aspects of your organization which will positively impact its progress and overall growth.
03. They Can Help You Have The Best New Workers In Your Team
A lot of businesses these days are yearning to have an international workforce for numerous reasons. First and foremost, having them on their team, it means that they will have the opportunity to work with people who aren’t part of the home market.
Now, in order to grab the attention of these talents, companies must be very prompt and efficient, and, at the same time, provide various alluring compensation and competitive packages. If that’s what you want to do too, then you can make use of the Employer of record, because they can help you out with both of these things.
04. They Are Cost-Effective
As a business owner (especially a seasoned one), you probably already know how demanding, time-consuming, and, sometimes, draining running a firm of any kind can be, because there are so many aspects of it that you need to focus on.
That’s particularly the situation with entrepreneurs who are prioritizing international growth and who are constantly focused on launching some inventive things. These people barely have enough time to stop and think for a brief second, let alone anything else.
But then, if they put their trust in the hands of EoR, they’ll be able to decrease the workload at least for a little bit. For example, if you collaborate with these professionals, then you won’t need to worry about tax payments and filing because they are the ones who will pay and file taxes both abroad and domestically on your behalf.
There are so many benefits of joining forces with the Employer of Record services, however, today this guide concentrates on the most essential ones, and it’s up to you to decide whether collaborating with them is a good idea or not.
