How An Employer Of Record Helps Your Growing Business
Administrative Duties
As you grow your workforce, your payroll will become increasingly complex and time-consuming. An EOR can manage payroll and other back-end tasks such as workers' compensation claims and unemployment claims. Instead of hiring administrative employees, an Employer of Record gives you access to trained and experienced professionals who are deeply familiar with all back-end protocols.
Overseas Employment
Tasks such as payroll will become even more complex as your company expands into other countries. Payroll involves an in-depth understanding of the employment laws of the country you are expanding to, including maternity leave, worker holidays, termination causes, overtime, and other laws specific to the country or countries you expand to. Your American-based company is not likely to know all of the different laws and any mistakes can cause your company legal problems. With an Employer of Record you will have experienced professionals who know and understand local business guidelines and your EOR assumes much of the liability for implementing and administering these laws. Read How EOR Can Help You Expand Your Business to learn more.
Talent Retention
As your company rapidly grows, you will need to retain all of the employees you hire so that you can have a dedicated, dependable workforce. Many workers tend to stay on with companies not only because of the work they do or the wage they receive, but because of company benefits. An Employer of Record can handle health insurance, workers' benefits, maternity leave, sick leave, optical and dental insurance, and more. By having all of these additional benefits available and easy to access and process, your staff will be more loyal to your company.
Cost Efficiency
When your business is rapidly expanding, you may not have the in-house resources to support this growth. Outsourcing duties to an Employer of Record allows access to services that would otherwise be dealt with by HR employees or overseas workers but without the need to build or rent a physical office. Your company also doesn’t have to create a new role for employees performing the added HR duties that come with expansion, nor does your company have to pay for and spend the time on hiring and training more employees to perform the duties of the Employer of Record.
Want to learn more about how an Employer of Record works? Read What Are The Benefits Of Employer Of Record?
Wide Effect’s Employer Of Record Services
When your company is rapidly growing, you need to ensure that all legal compliance is being met, whether you are expanding overseas or here in the US. With Wide Effect’s Employer of Record services, you can ensure that your company is adhering to all legal requirements while also increasing worker satisfaction. With more than 60 years of experience and a team that is committed to understanding your business and its unique challenges and vision for growth, Wide Effect can meet your unique challenges and offer tailored solutions for all of your company’s backend needs. To partner with Wide Effect, call 1-262-298-0026 or fill out the online contact form.
