What is EOR service?
An EOR (Employer of Record) happens to be a third party that is responsible for managing the recruitment of full-time workers on behalf of your company. It will enable you to recruit, manage, and also make payments to the employees in an easy way. A global Employer of Record will be taking care of everything from payroll processing to legal compliance for your staff working in various nations.
Advantages of Employer Of Records
There are tremendous advantages of employing an EOR service for scaling up your business. Some of them are listed below.
1. Accuracy
There is a possibility of making errors while handling the HR activities on behalf of your company. This is due to the fact that you need to handle complicated calculations while doing so. Moreover, it is quite difficult to figure out the origin of these errors.
Fortunately, you will be capable of putting an end to the conventional payroll processing approaches by hiring an Employer of Record for handling the HR functions. An in-house team within your company has other accountability as well, and therefore, it will be a better option to go for an EOR service.
Apart from avoiding undesirable errors, the EOR company will also help you to provide greater precision in virtually everything such as computing the working hours, deductions, paid time offs, generation of reports, employee benefits, tax filings, and so forth.
2. Concentrate on your business
A reliable EOR company will allow you to concentrate on the core of your business while getting rid of the stress of payroll, taxes, benefits, and so on. Even though these functions are essential, they can turn out to be quite overwhelming as well as expensive if not performed properly. Employing the services of the EOR Company will allow you to emphasize other essential aspects of the business.
3. Simplify legal payroll management globally
Legal implications are associated with recruiting remote workers and this will depend largely on the country itself. For instance, there can be a huge difference when it comes to taxation rates, and you will find it tough to monitor all the requirements given that laws are changing from time to time every year.
An EOR company is going to remain updated with the regulations of the states for making sure that their customers observe compliance with the regulations of the state concerning staff welfare, taxation, as well as retirement benefits.
4. Affordable operations
It will be imperative for many companies to set up physical offices for fulfilling their global operational specifications without EOR firms. However, an EOR service will aid in eliminating the requirement of setting up companies overseas which will translate to considerable savings due to the fact that EOR companies will be paid only for the hours worked.
5. Compliance
A company might find it quite tough to keep up with the continuous changes made to state and federal regulations at present. Fortunately, an EOR firm will be serving as an HR function and will ensure that you are compliant and that you won’t need to face any costly penalties which might creep up if not implemented legally.
Do write us at reach@husys.com or Call Us at +91 7204012636 for any queries regarding EOR or Employer Of Record Services.
