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What is the Employer of record?
An employer of record is an external organization that is responsible for tax calculation, payroll, benefits, and everyday documentation of another business in a particular location.
It is a global employment service provider that aids in the hiring of employees legally in other countries. The EOR helps you to focus on your team and does your work of handling benefits, payrolls, taxes, stock options, and local compliance.
The EOR aids businesses in hiring employees in different countries. Using the EOR, the company can start operations in another country without the need to set up a local entity which can be costly and time-consuming or may take a long time to accomplish. Businesses can work with EOR and employ and pay the workers in different countries rapidly and affordably.
Employer of Record Services
The Employer of record services falls under the function of human resources and legal teams such as taxes, payroll, compliance, and stock options.
- For companies with no local legal entities, the Employer of record services allows them to hire workers legally in other countries.
- Other services include advisory services for companies looking to expand their teams into new markets.
- The EOR may advise the company on how to integrate the remote workers and how to develop a global compensation plan.
5 Key Benefits of Employer of Record services
On your behalf, workers are employed in another country by EOR. As an example, if the company exists in the United States and you want to hire an employee in France, this can be done by the EOR. Several legal and hr functions are performed by the employer of record, such as:
BENEFITS OF EOR SERVICES |
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1-Businesses can hire full-time workers in different countries in a legal way.
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2-Run payroll for other employees in other countries
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3-Manage the benefits administration for global workers. |
4-Handle the international contractors. |
5-Spread the employee stock options across the national borders. |
Top Companies That Provide Employer of Record Services
1. Oyster
It is a global employment platform to hire, pay and care for international employees, also providing the best team member experiences around the complete employee life cycle.
The whole process can be managed from the dashboard of oyster that permits you to check on your international employees, approve payroll, and view your compliance status.
2. Remofirst
It is also a global EOR service provider that is on a mission to provide employers jobs regardless of their geographical boundaries so they can easily access global talent. Remofirst managed to help you hire and manage full-time employees or worldwide contractors in 150+ countries, which cuts off the need to set up the local office in every country you want to get the talent from.
3. Atlas
The Atlas provides innovative companies the tools to compete in the global economy. They are one of the largest and direct EOR service providers believing that businesses must be able to employ whomever they want.
It is a technology platform supported by international experts that delivers adaptable services to companies that want to grow across borders. With their software, you can get on board the talent, manage compliance, and pay your worldwide workforce without the local entity needing multiple 3rd party providers
An automated, SaaS platform that delivers the end-to-end global workforce management solution that helps the recruiters to hire at the global level. They have features from onboarding to making cross-border payments in more than 160 countries. All types of employees are supported by this platform having all the management tools integrated and using innovative technology to remove errors and ensure compliance.
5. Remote
An automated, SaaS platform that delivers the end-to-end global workforce management solution that helps the recruiters to hire at the global level. They have features from onboarding to making cross-border payments in more than 160 countries. All types of employees are supported by this platform having all the management tools integrated and using innovative technology to remove errors and ensure compliance.
6. Multiplier
A worldwide employment platform for businesses searching for talent hiring anywhere globally. With their services, businesses expand into new markets 90% more rapidly than other companies through their network of entities in around 150+ countries.
You can hire international talent while complete legal compliance is ensured.
7. Foxfire
A complete range of Employer of record services is provided by Foxfire that also includes administrative, legal, financial, and insurance matters.
All employee personnel and administrative functions, including payroll, timesheets, and benefits administration, can be handled.
Services include employee onboarding, background checks, drug screening, and fingerprinting. Foxfire will also manage workers’ compensation, deal with unemployment claims and handle employee terminations.
8. Shield GEO
Businesses get assistance in entering the new market where they do not have a local entity. In more than 50 countries, the company helps clients where they handle all the aspects of employment and payroll. EOR services include managing the hiring staff and independent contractors, routine employee management, and other business-related jobs. Shield GEO helped with immigration, legal requirements, HR services, and getting visas and work permits.
9. Air Swift
For more than 40 years, this platform has provided global workforce solutions to the energy, process, and infrastructure industries. Their services include legal Employer of Record for clients in 60 countries globally.
These services include acting as a legal Employer of Record for clients in 60 countries worldwide. They hire the staff, sponsor the visa and work permits, and ensure all the local laws.
Read Also : What is AOR
