In this competitive world, businesses are growing globally. The businesses are flourishing and achieving their desired goals. When we build a company abroad, the business often suffers the problem of hiring remote workers. It is getting difficult for the company to establish a local legal entity to cover all the activities like payroll and tax laws related to the company. This turns out to be costly and involves so much effort. So here you can take the help of the employer of record. You can easily get EOR service Canada and in other countries as well.
Basically, the employer of record (EOR) is the third party employer, legally and officially, of the workforce. The EOR helps manage all the functions but does not participate in recruitment but shows his involvement when the company selects the candidate. The main job of the EOR is to regulate the working of its customers, which includes wages, payroll management, tax deductions, social contributions, collective bargaining, and other related things. This helps the organization in every aspect and also helps them to focus on the other necessary things which will help the business to grow and flourish. The main job of the EOR is to manage and enable the on boarding of the prospect employees and provide a legal framework to ensure compliance. On the other hand, an EOR will not recruit the employees and does not give any legal advice to the organization.
Following are some of the benefits of EOR solutions:
- Easy international expansions- The EOR solutions will help you in recruiting the best international professionals to manage everything with all the legal compliance required. It will also ensure that the employees are hired in full visa and immigration compliance.
- Payroll- The employer of record will make sure to handle the payroll management. They will do everything keeping in mind the country’s law and will comply with it. They are aware of the payroll obligations, health insurance, and pension contribution requirements, and the alterations in the laws made by the government.
- Focus on day-to-day operations- running a business requires a lot of activities. Not only the operations functions, but there are many functions that are behind the scenes. But these behind the scene activities are also very important to keep the business running. An employer of record can handle anything from recruiting to dealing with taxes, freeing up small-business owners to focus on other critical tasks.
- Saves time- With EOR, you can rely on them to manage everything on your behalf. So this way you can manage and concentrate on other activities. This way, you save a great deal of time which you can, in turn, invest in effective business growth and development.
So above are some main benefits of hiring employer of record solution. If you are looking for EOR services, you can contact ‘ShoreWise’ as they will help you to discover a simplified yet efficient way to manage your international hires.