The Five Benefits of an Employer of Record (EOR)
Here are five of the main benefits that companies are finding, through partnering with an Employer of Record service:
Increased Flexibility and Speed to New Markets:
Growing your people operations can be a slow and complicated process, especially when expanding into new countries and markets. Aside from the financial burden of setting up entities, the time and energy spent can eat away at your competitive advantage and distract focus from your core business.
With entities already established in the countries that you wish to expand into, partnering with an Employer of Record service gives you the flexibility to test new markets and hire new employees quickly. From onboarding new talent to managing payroll, an Employer of Record allows you to get set up and working within a matter of days rather than weeks.
Reduced Administrative Burdens:
Managing teams involves a lot of admin. Managing international teams involves even more admin.
However, with an Employer of Record service like Atlas, you can reduce the time and effort you need to commit to administrative tasks such as payroll and tax compliance. This is because your EOR partner will assume a lot of these responsibilities for you, ensuring that your teams are managed effectively and paid on time.
By outsourcing certain aspects of your business to an Employer of Record services provider, you can also significantly reduce your risk of noncompliance.
Partnering with an Employer of Record service means that they act as the legal employer in whichever countries you decide to hire talent in. This, in turn, means that they assume the responsibility of compliance with employment laws and regulations in those regions. This lessens the administrative burden of compliance on you, allowing you to take advantage of the skills of your international teams in full confidence and with peace of mind.
Widen Talent Pool:
In the current macroeconomic climate, many companies are finding it difficult to hire the best talent for their business.
Partnering with an Employer of Record service, however, opens up the world to employers, allowing them access to a global talent pool and build a team that traverses borders and time zone.
International Professional Representation:
One of the most-cited deterrents for global expansion is lack of knowledge and expertise about the business landscape or cultural nuance in these new regions.
With an Employer of Record partner like Atlas, however, you have an experienced team of local experts that are knowledgeable about the local laws and regulations in the jurisdiction where you’re setting up operations.
Atlas is one of the pioneers of the EOR model, combining its years of service expertise with its end-to-end HXM technology solution. Recently, Atlas has been named as an industry leader for Employer of Record services by NelsonHall and the Everest Group.
To find out more about Atlas’ EOR services and how they could benefit your business, request a demo from our team of experts today.