THINGS TO THINK ABOUT WHEN HIRING A SUCCESSFUL EOR FOR GLOBAL TEAM EXPANSION (Part 2)

You want to set up an offshore team in another nation, but you lack the resources and staff to manage their HR, payroll, and taxes.

What Should You Consider Before Selecting an Employer of Record?

Once you've determined that EOR is the best option for your company, apply this checklist to select the best EOR.

Global Exposure

Look to verify if the EOR services you are considering hiring are available in the nations where you want to hire staff, as not all EORs are the same.

If the EOR does not have a local presence in the regions where you are interested, it is probable that they will be unaware of changes in employment legislation or human resource policy. A new EOR in an inactive region may present issues when dealing with disputes, salary, leaves, and other compliance-related issues.

Data Safety

Check the EOR information to see if web communications are encrypted with the HTTPS protocol. Be certain that no sensitive information by like this is transferred on the standard. Before engaging into a partnership, you should also inquire about how many people in the EOR will have access to your workers' data and the consequences of the EOR mishandling data.

Plans and Prices

In two ways, the EOR may levy a service fee. It may charge a flat fee or a percentage of the employee's salary for each employee. Employee pay varies across workers, geographies, job duties, and work hierarchy, making the fixed model easier to manage.

You should also find out if there is an additional fee in addition to the service fee. Check to verify if the EOR sends out an invoice before the end of the month or the scheduled payment date. This ensures efficient time management and the avoidance of any delays or technical issues.

Choosing the Best Service

Several EOR firms offer full employee lifecycle services. It is entirely up to you whether you require merely EOR or want them to manage all of your remote hires' HR and administrative obligations.

If you don't have an HR department or if your in-house team is too resource-constrained to handle remote employees in other regions, it's always a good option to go with full lifecycle services.

Last Thoughts

It may be difficult to extend a firm offshore, and having the right personnel and talent management services in new frontiers may make or break your goals. It's not as difficult for them because of Employer of Record (EOR) services.

Related Resources:

USE A COMPETITOR SALES ANALYSIS TO GROW YOUR COMPANY

5 DIFFERENT WAYS TO IMPROVE BUSINESS EFFICIENCY

THINGS TO THINK ABOUT WHEN HIRING A SUCCESSFUL EOR FOR GLOBAL TEAM EXPANSION (Part 1)