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Using Employer of Record (EOR) Services to Diversify your Business

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Using Employer of Record (EOR) Services, business

When it comes to diversifying your business, you may be interested in hiring fresh talent from abroad to fill a number of positions. There can be many benefits when doing so, but the process can be complicated and require compliance with a number of legal requirements for both the hiring location and your own.  If you don’t know where to start with the legalities, methods of recording payments and more, working with an Employer of Record (EOR) can help you to achieve your goals simply, affordably and with compliance in mind.

What is an employer of record (EOR)?

An employer of record (EOR) works via global employment protocol to assist with payroll, taxes, local law compliance and more. As the primary focus is hiring and HR, you can minimise your efforts and negate the downtime that can come with attempting to tackle these aspects yourself.

In traditional cases, businesses can be required to undertake the complicated process of setting up local entities to hire employees in other countries, but an EOR removes this necessity while providing you with everything you need to access a wider talent pool.

What is the role of an EOR?

Acting as a legal employer on your behalf, you can expect typical HR services, alongside the knowledge and expertise to seamlessly integrate remote workers into your business. Some of the key roles include (but are not limited to):

  • The ability to legally hire full-time workers in a host of countries
  • Run the necessary payroll protocol
  • Define and execute benefits administration for foreign workers
  • Manage international contractors
  • Define stock options for international employees and distribute them responsibly

What are the benefits of hiring an employer of record?

When you want to expand and diversify your business to reach new audiences, having access to a global team can improve your market insights and better target the demographics you want to connect with.

As they will have extensive knowledge and the right skill sets to perform the processes involved with hiring and managing international employees, you will be able to better dedicate your time elsewhere.

There can be a host of tax benefits when hiring abroad and an EOR can streamline your current HR management, which can be more cost-effective overall.

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