As the world starts to leverage the possibility of a global workforce, it is important to expand your business to new frontiers. The issue with this, though, is you can often end up in a legal quagmire as you try to handle the different demands of each region you hire from. This is where an employer of record service can help you.
This article will expand on the idea of what an employer of record (EOR) is and the benefits they offer when you plan to grow your business across the globe. Read on to find out how Bradford Jacobs is perfect for this and what they can do to get you the people you need, no matter where they are.
Easier Payroll Processing
Transitioning to a global business model can be hard due to the many different legal and taxation systems in different countries. Despite this, you still need to make accurate and timely payments to your employees. Employer of record services can handle this for you and take the weight off your shoulders.
They will have the expertise and the tools to handle real-time tracking and handling of individual employee payments. Leveraging employer-of-record benefits like these means you only need to make one simple payment. They will then have everything they need to handle all the details for you.
Employer of record services lighten the administrative burden on you. This means your international workforce can continue to focus on the things that matter instead.
Employee Contracts Management
Another employer-of-record benefit is their ability to handle legal issues without you needing to hire a lawyer. They understand a diverse workforce may need to handle laws and regulations from across the world. As such, they have all the tools to do so.
Such a service will have the legal expertise to give you advice on how to create or format the perfect contract for any region. They may even be able to create it for you, saving you even more time.
EOR services tend to handle many employees for different companies. As such, they will also have a centralized management system for contracts. This means contract transfer and processing will occur without delay.
They will also have a digital storage solution available for you to check on contracts at any time, helping everyone understand a new hire’s role. If there are questions about the contract at a later time, this will be available to both yourself and the employee. This will clarify both your responsibilities and theirs.
Bringing on an EOR can help you tap into a global talent pool as they often already have several people available who can start working for you. Even if they don’t, they will have an efficient global recruitment process that can find the people you need at the drop of a hat.
With an EOR acting as your point of contact, they can help you overcome and understand early cultural barriers. Even issues such as 13th-month pay and other obligations will not be an issue for you, as you will not be the one handling such payments.
They can offer you an inclusive workforce that ensures you have a diverse set of minds capable of working on problems in different ways. If you work in a creative industry, this is even more important and can have tangible benefits.
Bringing people onboard from other cultures is not always easy, though. Cultural differences may prevent the process from going smoothly. These include local customs, corporate traditions, and even minor language differences.
An EOR will act as a unifier, creating a shared company culture through onboarding new hires. This process will not only include teaching them about your corporate policies. It will also aim to help them understand how to act in the culture your company exemplifies, to avoid social faux pas.
HR Compliance and Risk Management
It is not only payment regulations you need to pay attention to when hiring globally. International labor laws will have different expectations related to things like:
- Break periods
- Employee monitoring
- Labor dispute processes
An EOR can make sure you understand what you need to do to adhere to these. At the same time, they will do their part to handle issues such as disciplinaries and employee terminations if necessary. This mitigates the risks for you and protects you from potential litigation.
If you have concerns about your codes of conduct or HR policies, you can talk to the EOR to help you craft them. They will both have templates for such documents to help you, as well as advice on how to fit them into your own company culture.
Cost-Efficiency Across the Board
Employer-of-record companies reduce the admin your company needs to handle in general. This will reduce the amount of work you are doing and remove the need for a larger HR department. This can translate into real savings as you continue to expand.
An EOR can help with this even further with predictable invoicing and transparent fees. This reduces the likelihood of unexpected global expansion costs, reducing the risks you will face as you enter such an arena.
The money you might spend in an international hiring market might be high if you handle it yourself. By using an employer of record, you can optimize the budget you put aside for such a process. You can end up saving money due to the presence of:
- Streamlined HR processes
- Automated payroll solutions
- Reduced legal liabilities
- Transparent scaling options
- Reduced cross-border payment fees
- Efficient hiring processes
With all these, you can expect an EoR to be one of the best options for your budget long-term as you start to grow.
Finding an Experienced Employer of Record
Expanding into the global arena does not need to be complex. This is why Bradford Jacobs is the leading service when it comes to being an employer of record. They don’t simply help you cross geographical borders, but they also ensure you get the best team members with the training to fit your needs.
Our experts are ready to learn more about your business and offer advice that matches your needs. So, what are you waiting for? Talk to us today and learn more about what we can do for you.