COMPLIANCE
Human resource support A factor to consider is the level of oversight the EOR provider has over the employees. As time zones vary, employers may not have constant interactions with employees; assisting as and when needed is crucial for employees in new regions. Transparency The employer must ensure charges and fees are disclosed before signing the service contract. Additional fees disclosed later aren’t a sign of an efficient EOR partner. Unique selling point for employees EOR providers, who will consider the local rules and regulations, can offer benefit packages to employees to entice them. Some benefits include healthcare, retirement / pension perks and insurance, but employers must ensure their employees receive the ideal benefits package. Employees are an integral and crucial part of any company. Maximising employee experience and ensuring employees are content and well looked after will benefit the company by assisting them in expanding their global footprint. Simultaneously, this will mitigate the risks associated with international employment, and motivate employees to go above and beyond to contribute to the company. As time progresses and the world around us evolves, so do the capabilities and flexibilities of EOR providers. EOR is revolutionising global expansion, and companies are pushing the boundaries of how they can achieve it with their innovative solutions. n
new region is costly and complex. When an employer has many employees to hire in a country, an entity will be more economical. Still, when hiring in long-tail regions, employers must find a more economical option, such as an EOR provider. Picking the correct EOR for your business Though the benefits are clearly abundant when using an EOR provider, companies must ensure they select the right provider for their business, keeping in mind what's best for their business and the employees they wish to hire. There are multiple aspects to consider when picking your EOR provider; here are just a few of the basic ones: Area covered by provider The first step in determining the appropriate EOR provider for your business is to ensure the providers' geographical reach aligns with your company's business expansion plans. Compliance knowledge and client history An EOR provider's experience and track record of clients provide a baseline for companies looking to use their services. An EOR provider with a vast client history may also be knowledgeable in compliance due to their experience in the industry and could easily adapt to the company's prerequisites. Other solutions offered The range of services offered by the EOR provider must also be factored in when
choosing your ideal provider. Companies may be looking for a one-stop solution to all their EOR needs, but not all EOR partners provide the same services. Services such as payroll management, background verification, onboarding, offboarding, time and absence management, document repository and employee dockets may not be provided by all EOR partners, and companies must mindfully determine which provider can satisfy their requirements. "Maximising employee experience and ensuring employees are content and well looked after will benefit the company by assisting them in expanding their global footprint" Centralised dashboard One hassle of employing in a new region is being unable to keep track of employee data and information. However, a centralised dashboard allows employers to keep up with all their employee information in one place. A human resource information system will enable employees to accumulate all their employee data in one location and permit employers looking for specific information to have easier access.
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| Professional in Payroll, Pensions and Reward |
Issue 97 | February 2024
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