EOR For Both Employees & Employers: Check All Of These Questions Off Your List Now!

EOR is one of the most productive and cost-efficient human resource methods for your business. They grant you more time to direct your attention to business activities that truly deserve your focus. But what makes a great EOR and what should you ask yourself before becoming part of one or taking one on?

With that said, we’re going to find out what questions you should be asking when it comes to Employer of Record (EOR) so you can tick them off your checklist!

What Is An Employer Of Record (EOR)?

An EOR is a third-party HR service that maintains foreign entities (often remotely) and functions as legal local employers for international employees and team members abroad. They usually handle administrative tasks such as processing payroll, managing time tracking, enforcing worker policies, maintaining compliance with labour laws and taxes, onboarding new candidates, and much more.

This allows your business to save time, money, and effort from having to directly set up one or multiple entities in other countries. It also grants your business greater international outreach and serves as a catalyst for your global expansion plans.

To start, here are some of the most necessary aspects of EOR below:

• Protecting intellectual property
• Securing high employee retention rates
• Delivering service through remote OR hybrid means
• Automating payroll, taxes, compliance practices, and time tracking
• Conducting prescreening for past performances and project experiences

EOR Question Checklist

Both employees and employers can use this question checklist below to make sure they hire the right EOR service for their business. Not only do these questions inquire about whether the quality of the service is up to par but also whether an EOR is specifically suitable for your HR needs. Good EOR services should be able to meet most - if not, all - of these expectations. If they do, check each question off the list!

Is An EOR Right For You?

• Is risk mitigation, compliance, and navigating complex international employment laws a major concern for your business?
• Is your business seeking to streamline your workforce, reduce overhead costs, and maintain agility?
• Is your business seeking to free up time dealing with administrative tasks and internal resources for strategic planning and core operations?
• Is your business considering the transition to hybrid or remote workforces as a means to reduce costs and expand your talent pool?
• Will access to knowledge in foreign markets and a global talent pool give your business a competitive edge?
• Does your business require the speed and flexibility to scale your workforce and retain key talent to adapt to changing market demands?
• Does your business need to swiftly enter and exit markets without the delays associated with traditional entity setup and dissolution?
• Do tailored benefits packages for your employees play a crucial role in retaining and attracting top talent in your business?

Is This A Quality EOR Service?

• What is the service’s experience in providing Employer of Record (EOR) and localised HR support in multiple countries?
• What is the service’s process for recruiting and onboarding talent in different countries?
• What data privacy and security measures does the service have in place to protect sensitive employee information?
• How does the service ensure compliance with local labour laws, tax regulations, and benefits administration in each country you operate in / aim to operate in?
• How does the service ensure scalability and flexibility to meet your hiring needs for individual hires and/or large-scale recruitment projects?
• How do they handle payroll and benefits management for employees in various currencies and tax jurisdictions?
• Can the service provide guidance and support in developing a global workforce strategy aligned with your various business objectives?
• Can the service provide references, case studies, and/or previous client testimonials showcasing their successful EOR and localised engagements?

If you read this article until the very end and found it helpful, you can learn more about EOR at Hyred’s webpage, where we provide our very own EOR services as well! For more information or EOR advice, visit our Homepage now to set up a free 30-minute consultation!

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