Currently, businesses don’t care about the physical location of their employees as long as they deliver on everything agreed upon. However, hiring and managing a remote worldwide team isn’t an easy task. Many businesses use an employer of record to create a successful worldwide team without having to set up offices overseas.
An employer of record provides flexibility when it comes to scaling a top-notch global team. Most companies use an employer of record to support their worldwide business strategies. These companies look for EOR services since they offer many great benefits. So what are these benefits? By the time you complete reading this article, you will have enough information about:
- Challenges of expanding your business
- What an employer of record can do for your business
- Benefits of using employer of records
The Challenges of Expanding a Business
Expanding a business takes a lot of effort and time. As a result, a business faces many challenges as it grows, which include:
Talent Recruitment and Retention
Hiring new workers from different parts of the world who can meet all of your needs and requirements is a laborious process. Aside from publicizing vacant positions, you’ll need enough time to review many applications and shortlist the best candidates. You’ll also need to conduct interviews to find great talent. After that, there are rigorous onboarding processes to follow strictly.
Another challenging task is to retain your employees after hiring them. You must find the best ways to retain your incredible talent. If not, they’ll look for greener pastures elsewhere, meaning you’ll have to find ideal replacements once they leave.
Finding Support Services and Establishing Consistency
Owning and operating a successful business involves some important non-core functions such as payroll management, human resource administration, and many other operations that require outsourcing or more great talent.
On the other hand, successful businesses go the extra mile to remain competitive in their respective industries over the years. Customers only stay loyal when they’re sure they’ll receive the same product or service quality each time.
Most business owners find it challenging to get a dependable team to take good care of essential operations when they aren’t available. As a result, they lack the much-needed peace of mind anytime they’re absent from their offices.
What Can an Employer of Record Do for Your Business?
An employer of record can complete numerous tasks on behalf of your company, which include:
- Processing payroll;
- Filing taxes;
- Dealing with employee contracts;
- Onboarding new employees;
- Conducting background checks;
- Handling timesheets, insurance certificates, unemployment compensation and employee benefits, to name just a few.
Many companies would use their human resource teams for these types of responsibilities. However, in this ever-dynamic and increasingly-worldwide work environment, it makes sense for companies to use employer-of-record services.
Top 5 Benefits of Using Employer of Record Services
An employer of record solves the challenges that companies go through when expanding globally by:
- Offering compliance
- Ensuring effective collaboration and communication between remote teams
- Providing employee benefits
- Providing the infrastructure and technology required for remote work
- Developing effective plans and policies for controlling and supervising remote information technology teams
- Offering cost-effective operations
If you want to handle little liability and stress in operating your business, the decision to look for EOR services should be easy. How complex your insurance policies and payment schedules are and the number of jurisdictions determines what meets your needs better.
Outsourcing is cheaper, and most companies are taking advantage of it. If you want to save time and increase operational efficiency, an employer of record is the way to go.