8 Things to Consider When Choosing an EOR
8 Things to Consider When Choosing an EOR
When expanding your business overseas, there are some crucial things to consider when choosing an EOR, as having the proper HR process can make or break success. Staying up to date with foreign labour laws and sourcing new talent from abroad can be a complex task. Still, there is a solution: partnering with an Employer of Record (EOR) to assist you in managing it all efficiently!
But partnering with any EOR does not guarantee a successful expansion. Instead, you must select the perfect partner matching your business needs. To help you evaluate potential candidates, here are 8 things to consider before partnering with an EOR. Doing this research up-front will save lots of time and stress later on – so don’t miss out!
1. Knowledge and Expertise
When looking for an EOR partner to support your business’s growth, it is essential to consider how knowledgeable their staff are. Partnering with someone who already has a thorough understanding of the applicable labour laws and regulations in any given market can save you from falling foul of non-compliance issues – which could lead to hefty fines or reputational damage incurred by your company if left unchecked! An experienced provider will ensure that everything is kept on track so you can safely achieve your goals!
2. Transparent Pricing vs Hidden Fees
When looking at the things to consider when choosing an EOR, finding one transparent about their pricing is crucial. Request an upfront list of all related charges – from setup fees and taxes to termination fees or any markups they may add later. Knowing the actual cost beforehand can help you make informed decisions for both short-term budgeting needs and long-term planning across multiple departments in your organisation.
3. Efficient Customer Service
Having an efficient and knowledgeable Employee of Record partner is essential! When seeking one out, be sure to find a global EOR that offers dedicated account managers available around the clock. This gives you access to expert advice while providing timely support in your workforce’s local language.
An EOR partner that responds quickly will ensure better communication between your team members as they can easily reach out for assistance whenever needed without being redirected time after time on some chat box or guidebook website!
4. Case Studies and References
Finding a reliable Employer of Record that offers expert knowledge, transparent pricing, and efficient support is essential. Still, you must also ensure you choose an Employer of Record that meets your business needs. Look for testimonials on trustworthy sites and check in with references of existing clients already using the EOR’s services. This way, you can guarantee they have delivered as promised. Additionally, asking potential partners if they have worked on projects similar to yours can be hugely beneficial when making decisions – such questions include budget requirements, industry knowledge or the type of talent collaborated with previously.
5. Global Mobility
To ensure a successful Global Expansion, partner with an EOR that offers global coverage. This way, you can rest assured that they will provide the additional support necessary to hire talent in countries not currently part of your operations and avoid having to engage other services for each future country targeted.
6. Foreign Exchange Rates
With foreign exchange markets ever-changing, it is difficult to predict what will happen, and it may expose your business to unexpected costs. Finding a reliable global partner for currency exchanges can help you manage this risk and provide more financial stability with a transparent rate structure laid out in plain sight.
7. Accurate Quotes on Employer Burden
Navigating the complexities of foreign labour requirements can be daunting, and any inaccuracies in calculating employer burden may have severe legal and financial repercussions. When expanding into new markets, partnering with a global EOR pre-vetted by third parties for accuracy is critical to ensure compliance and safeguard your business from potential risks.
8. Workforce Solutions
No matter how your business and its needs grow, there’s a global provider who can keep up. From managing international contractors to setting up foreign entities with their payroll services – one seamless platform has you covered for all of your distributed workforce requirements. Find that partner today, and never worry about searching or finding multiple HR providers again.
With a single global payroll service, you can reduce the cost and complexity of managing your international workforce.
With an unrivalled level of expertise, Bradford Jacobs are the perfect partner to help you hire and manage international staff. Our EOR solution allows businesses to access a global workforce with guaranteed legal compliance easily. Contact us today to find out how we can support your business expansion!