The Benefits of Global PEO/Employer of Record Services for Expanding Businesses
Technology like the internet has changed the way that the world works. It’s made it possible for creating a global economy that makes it easy for all businesses, no matter their size, to expand beyond their local area. Small business owners may be under the impression that it’s too complicated to hire employees around the world to help them in the operation of their business, but that’s where an Employer of Record also known as Global PEO, can come into play.
What Is an EOR?
An EOR, Employer of Record, is a service that works with a company to help companies to Expand, Onboard, Manage & Pay their employees worldwide through a single provider. EOR services typically include tasks like payroll, benefits, HR & legal compliance with employment laws, and risk management. As an owner of a company that employs these services, you still can manage and supervise your employees, but don’t have to handle the other tasks associated with them.
Benefits in Using an Employer of Record Company
An EOR company offers a lot of benefits for stateside businesses, but adding in the global component is where it shines. For companies that hire employees around the world to work for them, staying compliant with foreign employment laws can be a nightmare. It can be so complicated that you may avoid the benefits of having employees in other countries for your manufacturing or different global needs.
Having an EOR service on your side allows you to start hiring and managing employees in foreign jurisdictions right away rather than taking the time to go through the operational requirements to set up shop. The service typically already has boots on the ground and can start right away. It also stays current on any changes in employment law in the locales where your expansion occurs.
AN EOR also ensures that you will get better rates for any benefits that you pay out to your employees, domestic or foreign. Your buying power as a new business is not as significant as a EOR’s, so you can benefit from having this additional negotiation edge.
Take the hassle out of growing your global business in today’s global economy. Get the help you need without having to jump through the red tape that comes from hiring globally. Learn more about Employer of Record/Global PEO today by contacting Elements Global Services.