Any rising company would do well to broaden its global reach. A global employer of record can support you on your path to expand into new international markets by helping you hire international talent.
Well, what is your thought? Is it legally possible to hire international employees through employer of record?
Yes, EOR can handle everything, including processing payroll for your employees who are employed abroad and ensuring legal compliance.
However, the main services include employee onboarding, record maintenance, payroll, tax filing, commissions, health insurance, and other employee benefits for your business.
Employer of Record Can Hire International Employees Legally
Employer of record enables corporations to effectively and legally engage with talent in a new nation or state without the need to establish a local entity or run the risk of breaking local employment rules.
Pre-employment screening, drafting and managing employment contracts with employees, filing visa processing and complying with immigration laws, processing payroll and deducting taxes, administering benefits, and administering severance agreements are some of the services that fall under EOR service.
Henceforth, all of the above tasks must be carried out in accordance with the applicable labor, tax, and benefit laws of the nation and location where the employer is located or is conducting business.
The market for Employer of Record is anticipated to grow to US$ 6604.4 million by 2028 from US$ 4299.1 million in 2021. Can you believe it?
Explore Why Is This Service Necessary?
There are a number of potential advantages to using an EOR solution, whether locally or globally:
Speed up global growth: With an EOR, you can swiftly hire a staff in new international markets, create new revenue streams, and connect with new clients.
Efficient operations: Employer of record services reduce the need to establish businesses abroad, which results in substantial savings since EOR firms just get paid for hours done.
Mitigate global risk: EOR greatly lowers their clients’ compliance risks by delegating these tasks to professionals like lawyers and accountants. Encouraging immigration collaboration: Foreign travel to and from several countries may be required while starting a business abroad. In order to avoid legal issues with your host nation, hire a local employer of record who is familiar with immigration rules.
Drawbacks on Utilizing A Record Employer
Less Control: The employer must rely on the employer of record to enforce any claims or legal actions based on the written contract between the employee and the EOR. Simply put, you have less power and authority over your employees.
Organizational culture changes: Hiring through an EOR and onboarding a worldwide workforce may change your usual workday and workplace culture because having someone else recruit individuals on your behalf is a relatively new notion that many companies are unfamiliar with.
Temporary Limitation: Due to the constantly changing nature of international law, it is advised that before collaborating with an EOR, you confirm whether these limits and limitations apply to your nation.
To Sum Up
An employer of record assumes responsibility for ensuring that the employee in question is onboarded smoothly and in compliance with all applicable laws.
With Payrollbangladesh, we provide instant access to global employment. In just three days, we’ll assist you in hiring from a vast talent pool and integrating your potential employees.
Additionally, we offer appropriate benefit packages, secure and timely payments in foreign currencies, and of course, complete compliance.
