How Employer of Record (EOR) Services Can Help Your Business Grow
Companies of all sizes are often faced with major challenges when it comes to scaling their workforce in a manageable and cost-effective way. This can be especially tricky when dealing with international hires, where there is a complex web of local labour laws and regulations.
Employer of Record (EOR) services like Atlas can help you navigate this and ensure that all your employees are being employed in compliance with the relevant laws. In this article we will discuss the benefits of using an Employer of Record service, and how it can help your business in the long run.
Employer of Record Services: What Are They and How Can They Benefit Your Business?
An Employer of Record (EOR) is an organization that manages the legal, HR, tax and local compliance responsibilities of your employees in any country that you don’t have an operation in.
It acts as the legal employer — onboarding, managing, and paying staff on your behalf. An EOR hires the employees in the new country under its local business entity and takes on all the legal risks, while the day-to-day tasks of your staff remain under your control.
EOR services provide businesses with a cost-effective solution for managing their employees and streamlining the hiring and onboarding process. This type of service is ideal for businesses looking to expand their operations internationally while maintaining low overheads.
The responsibilities of an EOR partner often include:
● Candidate background checks
● Employment contract preparation
● Payroll services
This eliminates the need for businesses to establish their own payroll systems and hire payroll personnel in every country they hire people in, saving time and resources. Additionally, businesses can outsource additional tasks to the EOR firm, including:
Employee benefits administration
Tax compliance
Risk management
In some cases, employers can also leverage EOR services to provide employees with special benefits, such as health and travel insurance, or remote working capabilities. Atlas breaks down the different benefits per country.
The advantages of using an EOR service include lower administrative costs as well as increased flexibility. An EOR service can quickly and easily scale with the growth of a business, providing the flexibility needed to expand operations.
Additionally, working with an EOR service means that you never have to worry about compliance with employment laws in countries where you may not have the expertise or resources to do so.
To learn more about the services and benefits contact us today.