What Is The Role Of A Global Employer Of Record?

What Is The Role Of A Global Employer Of Record?

It was common to hear people say that “small world; getting smaller everyday” and this statement seems to ring true now more than ever. With the rise of high-speed internet and satellite connectivity, it has become possible for businesses to expand to the far reaches of the globe. Businesses are no longer limited to their immediate surroundings and expansion efforts no longer rely on being able to physically break ground in a foreign nation.

With this increased capacity to reach the global market, the global Employer of Records (EOR) position has become in high demand. If a company is looking to expand their global reach without spending the man hour to travel and establish their business abroad, they might easily do so by adding a global EOR position to their ranks.

Read on to decide if this type of expansion is right for your company, or you can visit Global Expansion for more information.

What Is An EOR?

A global EOR is an administrative role that allows for a company to manage employees that live elsewhere globally. The Employer of Records is essentially an administrative assistant that carries out your company proceedings oversees and manages the staff located in the country of your employee. Don’t worry, you are still in charge. Your company’s rules and policies are enforced by the EOR, as well as any human resources needs. This gives you a singular point of reference to check in with when you decide to hire talent globally.

Expanding To The Global Market

A global EOR will greatly benefit expansion efforts by saving you both time and money. Hiring an individual that is already familiar with a particular company’s labor and tax laws saves your company a lot of man hours in necessary training and educational support. Hiring a skilled EOR will allow you to integrate into a new global market quickly and efficiently without having to worry about litigation or committing any cultural offenses.

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No Micromanaging

Adding a competent global EOR to your administrative team will allow you to spend more time focusing on the direction your company is headed in and less time with the day to day concerns of your employees globally. You still retain control of hiring and firing, along with disciplinary actions. An EOR will manage employees, and assume all employer related responsibilities on your behalf such as payroll, national holidays and time off, benefits administration and tax compliance.

Decide How You Want To Expand

Approach your goals with a flexible mindset and consider an Employer of Records. Good business models make room for continued growth. Partnering with a reputable global EOR or service can be a cost effective way to take your business to new horizons both figuratively and literally.

Enlisting the help of an EOR may even be a good jump start toward breaking ground in another country if your business decides to go in that direction. An EOR will help to bridge intellectual knowledge on foreign policy to the group. The sky is no longer the limit; the whole world is!

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