Are you looking to expand your business into new markets?
A Global Employer of Record can help promote and protect your company as it expands into new countries. We are experts in the field of Global Expansion and can provide you with the resources you need to make your venture a success.
Our team of professionals has years of experience in helping businesses like yours grow and succeed in new markets. We understand the challenges that come with global expansion and are here to help you overcome them.
In this article, we’ll take a look at what a global power of record is and how it can benefit you as you expand your business to global markets.
What Is a Global Employer of Record (GEOR)?
A Global Employer of Record (GEOR) is an organization that helps employers employ people in other countries. The GEOR takes care of all the details, like making sure that the employees follow foreign labour laws, handling payroll and benefits, and providing HR support.
GEORs have a network of contacts in various countries who can help with the hiring process and other HR functions. They also keep up with changes in employment laws and regulations around the world to make sure their clients are compliant.
They are responsible for managing employee payroll, benefits, and taxes in each country where they have employees. This can be a complex and time-consuming process, so many companies choose to outsource this function to a GEOR.
Is an EOR the Same as a PEO?
No. An EOR is an employer of record, while a PEO is a Professional Employer Organization. An EOR provides employers with the benefits of being an employer of record. Your company doesn’t have to worry about administrative burdens and compliance risks.
By contrast, A PEO is a company that helps you with many things related to employment. This includes payroll, workers’ compensation insurance, and human resources management.
How Does It Work and What Are the Benefits for Businesses and Employees?
EORs are responsible for the employment relationship between the workers and a third-party company. This includes payroll, benefits, HR, and other essential services.
Expanding into global employment with a GEOR saves time and money, reduces risk, increases efficiency, and gives you access to a global talent pool. You can have peace of mind knowing that experts are handling your employment-related tasks.
An EOR helps manage the employment relationship between workers and a third-party company. They are responsible for things like payroll, benefits, and HR. They also set up and administer employee records, process payments, and handle tax filings and compliance.
First, it can help reduce the administrative burden on your company, as the EOR will take care of all onboarding and offboarding processes. EORs help with handling payroll and benefits administration, and dealing with compliance issues. All this can free up your time to focus on other aspects of running your business.
Second, it can help you reduce risks. You will transfer the responsibility of employment and management of foreign workers to a third party.
The third-party will be responsible for ensuring that all workers follow local labour laws and regulations. Your company will then be free to focus on your core business operations without the added burden of managing a global workforce.
Third, it can help you save money on HR costs. They will no longer need to hire people in-house to manage international employees. Businesses can reduce the risk of compliance violations or fines.
When to Use a Global Employer of Record
The decision of when to use a global employer of record will depend on a variety of factors specific to each company. There are some scenarios in which it may be advisable for a company to use a global employer.
- When the company is expanding into new markets and needs to set up payroll and benefits in those markets
- When the company has employees based in other countries and wants to streamline payroll and benefits processes across all locations
- When the company is facing compliance challenges or complex tax regulations in certain countries
- When the company wants to outsource HR and payroll functions to a specialist provider
How Much Does It Cost to Use a GOER Service and How Long Does the Process Take From Start to Finish?
The cost of using a global employer of record service varies depending on the size and scope of your business, the countries you operate in, and the specific services you need. But, as a general rule of thumb, you can expect to pay several thousand dollars per month for this type of service.
The onboarding process can take anywhere from a few weeks to a few months. To use this service, you will need to provide some key documents. They will file employment-related paperwork with the relevant government agencies in your country.
What Benefits Do Employees Get From Using a GEOR?
Employees can get help with human resources, payroll, and tax compliance. They can also get help with work visa applications and renewals.
Additionally, they can receive support in finding housing and health insurance. Global employer of record services can be a great resource for employees who are looking to work abroad.
What to Look For When Choosing a GEOR Provider?
The company should have a global presence with local offices in most major countries. They have a responsibility to make sure that the employee is being taken care of while on their international assignment.
This includes things like knowing how much money they should be making, what taxes need to be completed before leaving and coming back into the country. And finally, they should have a strong reputation for quality service and client satisfaction.
Grow Your Business With Global Employment Solutions
We have years of experience helping businesses like yours navigate international employment. If you need help with your HR process, we can help. Contact us today to find out how we can help streamline your HR process, integrate global Employer of Record solutions, and make it easier for you to do business in today’s global economy.
