With companies that use a global PEO saving on average over $1,750 every year, they are a powerful force in the recruiting industry. They offer several boons over and above looking for new talent and can ensure you save a lot of money in the long term. So, do you understand their full range of benefits and how they can help your company move faster?
This article will delve into what a global Professional Employer Organization (PEO) can do for you. By the end, you should know what you need to do next to get high-quality talent into your company with the least hassle.
Ensuring Streamlined Global Expansion
Expanding is a major step in any organization’s journey. Working with a global PEO partner means you can start to expand past the borders of your own local area and find a plethora of hiring options elsewhere. Such companies can help you ensure this process is smooth and efficient.
Mitigating Risks
Expanding often comes with risks, such as awkward market fluctuations or changes in regulations. There might even be an issue with your own cash flow that demands you change how you expand.
A global PEO can either take on some of this risk or will have the experience to know how to handle it. As they often act as the Employer of Record (EOR) for workers, you can even step back from some of the workforce you take on if need be.
Increasing Scalability
As your business starts to grow, a global PEO can alter its processes to match your needs. If you need a sudden burst of growth, the organization can expand your numbers with hires already available to boost people working for you fast.
If you also find you need a little bit of slack, a PEO can take people off of the plate, shifting them to a different project or company. This prevents difficult HR issues from falling on your lap and allows you to focus on your business instead.
Ensuring Legal Compliance
If you attempt to hire workers from outside of your country, you are likely to hit up against several employment laws and limitations. A global PEO has experience in navigating these difficulties and can ensure you follow any new hire’s legal requirements. This will prevent complications that might impede your expansion further down the line.
Facilitating Remote Work
These days, hiring remote workers, especially those from other regions, can be a real boost. A global PEO can help you hire talent from a very wide job pool that includes people from many different countries.
Picking up talent to create an international team can offer many benefits. This includes increased innovation from people with a wide variety of backgrounds. If a team that can think strategically and creatively is useful to you, a global team might be exactly what you need.
Having the potential of a global workforce is also useful to get you the worker you need when you need it. With eight billion people on the planet, you can have the assurance there is always someone who fits your demands.
Handling HR Issues for You
Global PEO companies can handle the details of employee benefits. These include health insurance, retirement plans, or other extras a company might offer. This takes the difficulty of explaining enrollment, handling claims, and other issues off your plate.
The PEO can also ensure you do not feel the effects of any dispute. By allowing them to step in when problems occur and mediate or resolve issues, you never need to worry that things will be a problem. You can also have the assurance the company is handling the legal side of any such issues without you needing to contact a lawyer.
If you have issues with an employee’s output, you can even ask a PEO to discuss this with them. You might want to ensure you and the global PEO both have the same expectations of work at the start, but after that, they can handle the details.
Avoiding Complex Payroll Handling
When working with hires from across the globe, you might need to ensure people receive payment in the correct currency for their region. A global PEO will have the experience to handle this issue without you needing to follow them up on it. They can ensure workers receive their pay accurately and on time.
By allowing the PEO to act as the EOR, you can also have the assurance that you do not need to withhold different taxes for different workers. The PEO will handle paychecks and report taxes themselves, giving your HR (if any) more freedom to work on more important things.
Navigating Cultural and Language Barriers
Many PEOs can offer cultural training programs to ensure people work together without causing upset. This can include cultural sensitivity training for both your existing workers as well as any they bring on board to work with you. This can promote healthy respect, as well as inclusivity, in your workspace and prevent problems from developing.
Reducing Startup and Operational Costs
Working with remote workers from a PEO means you do not need to worry about the costs of things like office space and other infrastructure. While you may have an office, it will be much smaller and will come with a much smaller overhead.
You will also likely have a smaller insurance premium for your property. The PEO will handle things like workers’ compensation or healthcare costs for those outside your office. Thus, you only need to handle this for your local hires instead.
Working With the Best Global PEO Firm
As you can see, a global PEO offers many improvements over the standard method of hiring local talent for your company. If you have an interest in leveraging these benefits, you can always get in contact with a company like Bradford Jacobs to learn more.
We offer support and consultation for any company that wants to grow without traditional hiring burdens. So, send us a message and start your journey toward becoming a global company today.
