Are you looking for a better way to manage your employees and hiring processes? If so, you should explore employer of record services.
An employer of record (EOR) can help you hire international employees. They can execute office services for you, including payroll, employee benefits, and regulatory issues.
They provide outsourced services you don’t have the time, resources, or expertise to tackle yourself. If you’re interested in watching your company grow without the restriction of borders, EOR solutions may be the answer.
Here’s a guide to the many benefits of employer of record services.
Duties of an Employer of Record Service
An employer of record will help employ international workers on your behalf. For example, if your company is based in the U.S. and you want to hire an employee from France, an EOR can assist you.
EORs can perform a variety of HR and legal services, including:
- Hiring full-time employees from outside the country legally
- Handling employee benefits for international employees
- Running payroll for international employees
- Managing international contractors
- Distributing stock options for employees across national borders
With an EOR solution, employers can hire talent from other countries without setting up a local entity, which is expensive and time-consuming.
An EOR can help you employ workers from other regions or states within the country. For example, a Texas-based company can use an EOR to employ workers from Montana.
Whatever your hiring needs, an EOR can be of service.
Use an EOR for Hiring All Positions
Companies are realizing that remote workers add to the value of a company. Hiring remote staff helps you capture overseas talent without the limits of borders or immigration policies.
An EOR allows you to attract the best employees with an attractive benefits package. It shows top talent your company is interested in long-term engagement and values all employees.
Here’s a look at what EOR companies can do for their clients.
Dealing with employee payroll can be overwhelming and time-consuming. An EOR can set up and manage international employees’ payroll, direct deposits, payment schedules, tax contributions, and more.
They deal with all payroll matters as well as bookkeeping services related to these employees.
An EOR can manage medical, vision, dental, and other location-specific benefits for employees. They can also oversee 401(k)s and other savings plans, flex spending accounts, sick leave, paid time off, and other benefits.
HR and Legal Services
Let EOR handle compliant hiring and your company’s onboarding practices. They can manage employee classifications, tax filings, statuses, registration, and other functions, according to local laws.
EOR services include dealing with short or long-term disability, family or medical leave, and employee performance evaluations. They can manage termination negotiations as well.
Advantages of Employer of Record Services
As a business owner, you want your company to continue to grow. Let an EOR handle employee processes while you focus on running your business.
Here’s how an EOR can benefit you.
If you’re wanting to scale your workforce globally, an EOR is an invaluable service. Finding and hiring new international candidates takes time and effort.
With global employees, dealing with onboarding, tax issues, labor laws, and more is a headache, to say the least. It can take months.
Save yourself time and frustration and let an employer of record take care of it all.
Setting up a local office or subsidiary is expensive. Avoid this and a myriad of other costs with a flexible and cost-effective EOR service.
It’s a cost-efficient service, particularly for small businesses. You don’t have to support finance, HR, or legal services internally.
This saves you money, time, and stress.
Employer of record services can help you stay in compliance with local employment regulations. You can relinquish the burden of international employee regulations and avoid dealing with penalties, fines, license issues, and sanctions for non-compliance.
Global EORs can help alleviate these worries and offer the support you need to contend with complicated international labor laws and hiring processes.
Lower the risk for your business with an EOR. They carry the majority of compliance risk.
Your employees are on their payroll. They deal with day-to-day payroll processes and the risks associated with international employees.
You can enjoy culturally informed hiring, effective onboarding, contract drafting, and more without the added risks of compliance.
With EOR solutions in place, you can have peace of mind. Having these services at your disposal means you have a partner providing the technical and administrative services required to manage a global workforce.
This allows you to focus on core business functions and grow your business.
Is an EOR Right for Your Business?
Businesses of all types and sizes can benefit from an employer of record. If you run a small or medium-sized company, an EOR can provide legal, financial, and HR expertise.
This frees you from these tasks to focus on core objectives and other business demands. It also prevents you from having to spread your in-house team too thin.
Larger companies appreciate the expediency and expertise of an EOR. Whatever the size of your business, you can feel good about working with certified professionals with years of experience in their respective fields.
Choose the Best Employer of Record for Your Business
Whether you want to hire one international employee or thousands, an employer of record can provide the infrastructure, experience, and expertise you need.
Global expansion begins with an Employer of Record. An EOR service allows you to create global remote teams and explore and test new markets without setting up a new entity abroad.
Bradford Jacobs is a global employer of record company with years of international employment expertise. We would love to talk with you about meeting the unique needs of your business.
Contact Bradford Jacobs today to get started.