Many businesses want to tap into new markets in foreign countries. But they have a huge challenge; where to start. Don’t worry if your business is among them. An employer of record (EOR) has got your business covered.
It acts as a lawful entity for your business in different countries and jurisdictions. But what is an EOR? Read through the following sections to find the best solution to this common question and discover everything in and around EOR services.
What is an EOR?
If your business wants to take advantage of exciting global talent, it needs to hire international workers seamlessly and compliantly. The only way to do it easier and quicker is to partner with a top-rated global employer of record (EOR) service provider.
An employer of record (EOR) provides businesses with a reliable, efficient and compliant way to recruit and onboard new workers from anywhere in the world. The best part is that these businesses don’t need to establish separate legal subsidiaries in the countries they want to hire great talent from.
Key Use Cases for an Employer of Record (EOR)
An employer of record offers numerous important benefits for your business. Depending on your goals and unique needs and challenges, an employer of record solution can help target those markets and get you the exact team you need. Also, an EOR will offload several tasks from your HR team, allowing it to focus on important activities.
In most cases, your business will benefit from an EOR company when it comes to handling compliance risk and navigating the complex hiring and onboarding processes of the new foreign market. The five use cases for an EOR include the following:
- Tapping into a new market without having to establish a legal local subsidiary
- Hiring globally quickly and compliantly
- Faster transition to a remote workplace
- Easier and faster conversion of freelancers into full-time employees
- Providing more flexibility to employees
When Should You Partner With an EOR Service Provider?
Your business can only partner with a reliable and trustworthy employer of record company when it wants to achieve the following:
- Attract the best global talent from wherever it is
- Save time when recruiting in several locations
- Remain compliance with local labour, tax and payroll rules and regulations
- Expand in a more cost-effective way
- Explore new markets
- Facilitate an acquisition
The question “What is an EOR?” has been answered fully. So if you have decided to partner with an employer of record service provider, pick a reliable and trusted service provider.
