Every business dreams of going global, whether to explore new markets, tap into global talent, or try out different industries. However, hiring people across borders can be a challenging task. You have to understand local rules, taxes, and other legal details, and the whole process can take anywhere from 3 to 9 months.
Enter - Employer of Record (EOR) - the solution to all these problems. This solution streamlines the process of hiring international talent by shouldering the tasks of understanding local rules, managing taxes, and handling legal intricacies. Here's how it works: The global EOR service provider takes care of all the legal intricacies like immigration, payroll, and benefits for your team spread across different locations. Even though the EOR is the official employer on paper, you still have control over the day-to-day tasks like deciding pay, job duties, and managing performance. Furthermore, the global EOR also conducts background checks and helps you establish a strong presence in the local markets.
Without further ado, let's learn what an EOR is, jump into the functions of an Employer of Record, understand how it can help your business, and explore the checklist for bringing an EOR service provider on board.
What A global EOR service can help you with
A global EOR service can make global expansion much simpler. Let’s check out several key areas where it can offer complete support:
1) Quick Talent Onboarding
2) Termination and Offboarding
3) Risk Mitigation
Benefits of Engaging an Employer of Record (EOR)
When considering the advantages of teaming up with a global Employer of Record service provider, there are numerous benefits. Given that many businesses may not have the necessary resources or expertise to navigate international hiring while ensuring compliance, an EOR allows you to seamlessly bring in top talent from around the world and meet their specific local needs. Let's take a closer look at the benefits of an Employer of Record:
1) Cost savings
2) Talent retention and comprehensive benefits
3) Ongoing HR support
4) Lets you focus on core business functions
Checklist for getting an EOR service provider on-board
If you're ready to move forward, the next step is figuring out which Employer of Record is the best fit for you and how to make that choice. With so many EORs to choose from, each offering different services and costs, here are some things to keep in mind:
1) Transparent costs & communication
2) Experience & compliance
3) Track record
4) Help & support
Explore Global Opportunities with BGC Group's EOR Solutions
Let BGC Group guide your business through international regulations with our Employer of Record (EOR) services . With 18 years of experience and a track record of supporting over 2,200 employees, we're your trusted partner in handling employment law complexities. Contact us now for a free EOR quotation and start your global expansion journey today!