The fallout from the pandemic has made HR tech a priority, as companies search for quick and compliant solutions to current HR challenges. With 69% of US businesses anticipating that they will switch or increase their HR tech within the next two years, according to the 2020 HR Technology Pulse Survey, it is clear that HR tech is an investment that many companies are getting behind.
But, what businesses may fail to realize is that while the budget may be ringfenced to create contingency plans, attract world-class talent and implement Human Resources Information Systems (HRIS), that investment could be used to realize bigger, global goals – while still creating the desired agile workforce, in a single move.
Aligning HR tech with global strategy
Almost three-quarters of companies plan on increasing their HR tech budgets in 2020 to address urgent personnel requirements, with almost half expecting to focus on talent acquisition tools over the next two years, according to PwC.
Yet, only 15% of companies have aligned their HR tech with larger business strategies, according to the 2020 HR Technology Pulse Survey. So, while big budgets are being spent each year, companies are failing to marry their HR strategy with other ambitions, such as testing new markets.
When HR strategy and global goals are aligned and empowered with the right HR tech service or solution, any organization can create an agile global workforce that is responsive to the business landscape.
Finding the right HR tech solution
Finding the right solution for an expanding business can be tricky, as HR tech oftentimes focuses on a single area of expertise, such as payroll, benefits or employee lifecycle. However, the process of building a global team may benefit from working with a single-source solution that incorporates new hire onboarding, payroll, benefits, local legal requirements and taxes while enabling a company to hire in new countries.
However, any organization looking to expand into new markets where it lacks a local entity will need a more specialist solution such as Employer of Record to ensure compliant employment.
If chosen correctly, the service partnerships made today will empower the plans of tomorrow. They can enable a company to expand into new markets and support remote workers or teams on both long- and short-term projects, creating a truly agile workforce.
Creating global agility with an Employer of Record
HR tech services such as Employer of Record (EOR) can support workforce agility by providing a way to employ in countries where a company lacks a local entity. This means that an EOR supports both global expansion and talent acquisitions.
This is possible as an Employer of Record hires through its own legal entities across the globe, enabling employment in countries without the time, stresses or costs associated with incorporation. Elements Global Services even includes its world-class proprietary payroll tech, ApprovPay with its Employer of Record services.
By partnering with an Employer of Record, a business can remove the risk associated with expansion and guarantee its compliance overseas, while it focuses on its next move. It is the ultimate in global workforce agility.
For advice you can trust, speak with an Employer of Record
About Elements Global Services:
Elements Global Services is an award-winning HR technology & services company. Elements provides employment solutions in over 160 countries – covering everything from payroll, benefits, HR, local compliance to visa & mobility. Headquartered in Barcelona, Spain, Elements has a global network of offices and employees delivering innovative solutions to its growing customer base. Elements’ Direct Employer of Record model helps companies expand, onboard, manage & pay employees worldwide. Visit elementsgs.com or LinkedIn for more information.