The business landscape is quite competitive at the moment. So, global employment has become a necessity for businesses to stand their ground, penetrate multiple markets at a stretch and grow in the right direction. Hiring employees from different countries across the world is the first best step you can take towards establishing your global presence. You certainly cannot overlook a global employer of record if you want to put it into action effectively.
What is a Global Employer of Record?
A global employer of record (EOR) is an external party that helps small, medium and enterprise-grade businesses to onboard, manage and pay international employees without any hassle. It can take care of everything from legal compliance to payroll processing for your employees overseas.
Read on to know more about how a global EOR works and the amazing benefits it can bring for a business like yours.
Why Your Business Needs Global EOR
Global employee management is a vast arena. To understand how big it is, let us begin with a local business unit.
For a business operating in a particular location where the employees are confined to the physical workplace setup, HR management involves a lot of activities including payroll processing, managing deductions, handling employee benefits from special bonuses to healthcare insurance, tax filing and more pertaining to the local laws in place. Violating the social norms can cost big for the company concerned and no business owner will want that to happen.
When there are these many concerns that are to be taken into account to run a local business unit smoothly, global employee management is not something you can take lightly.
Yes, if you want to access global talents and hire them to work for your organization, you need to take into account the labor laws and tax-based regulations of each country concerned and pay your international employees based on the same. In other words, the same set of norms may not be applicable for all your international employees.
To add to the complexity of global human resource management, these rules and regulations may change without any warning based on the decisions made by local governments. Your company has to keep track of all these dynamics in order to manage international employees.
This is certainly more than chaos and this is where a global employer of record comes to your rescue.
How International EOR Works
As said earlier, Global HR management is a complex process and handling it on your own may open doors to numerous unnecessary hassles for you. Here is how an International EOR can eliminate them.
A global employer of record takes care of everything about international payroll processing on behalf of your organization. This includes setting up and managing deposits, taxes, tax contributions, payment schedules and handling other payroll-related functions. So, you don’t have to worry about keeping track of dates in connection with payroll processing. The global EOR makes sure your international employees receive their salaries right on time.
Next in the row is legal compliance. With a global EOR to take charge of the HR functions of your company, you don’t have to worry a bit about meeting the legal norms of countries across the world when you hire new international employees or paying your existing resources because the trusted third party manages it for you like you will if you have all the time to keep track of these updates.
The best part is, an International EOR can be your local entity in every country you want to expand your roots to and you don’t have to take the trouble of creating entities of your company.
Top Perks of Global EOR
Global HR management can consume a greater part of your valuable time. With a global employer of record in place, all the HR activities are automatically streamlined and you do not have to spend more time there.
More Business Productivity
You can invest more time in your core business activities which, in turn, fetches more profitable business opportunities your way. You can also take time to support your existing customers better which results in enhanced customer experience and improved satisfaction.
Global HR management involves numbers everywhere from payroll processing to tax filing. Given its vastness, a small mistake can create big trouble for you.
With a global EOR to take charge of the HR functions of your company, you are guaranteed high precision in every step of the way because flawless HR management is their core responsibility. So, there is no room for unintentional errors.
In global HR management, confidential information in connection with both the employer and the employees is involved on legal grounds. With hackers everywhere in the digital space, you need to ensure advanced security for the information involved in order to avoid data theft via cyber attacks.
A global EOR handles voluminous sensitive information related to numerous businesses like yours and will naturally have advanced security systems to safeguard data integrity at large. So, you can rest assured that your data is in safe hands away from prying eyes.
Why Multiplier is the Best Option?
Multiplier is a one of a kind technology-powered solution to hire, manage and pay international employees faster and easier than never before
Take no more trouble to set up your local entities in foreign countries! Yes, we are your local entity in every country you want to handpick the right human resources from.
While we help you find perfect hires from the global pool, you are still the mastermind. Yes, we give you 100% ownership of your international employees once the onboarding process is completed.
We know how tiresome and time-consuming it can be for business owners like you to cross-check legalities every time you go for an international hire or process payroll. Multiplier genuinely wants to remove the hurdle off your path. Our platform ensures 100% statutory compliance for you. No more worrying about legal policies. We keep an eye on them for you.
Our HR management process is completely transparent and you can monitor it easily with comprehensive, real-time reports.
Everything happens only after your approval. While we handle everything from payroll processing to tax filing on your behalf, the one-click feature of the platform allows you to take control over operations and signal us to go ahead with just a click.