What Exactly Is Payrolling? Why Do I Need It?
Post by Chris Mefford May 23, 2024
What Exactly Is Payrolling? Why Do I Need It?
In 2024, many companies rely on temporary staff to manage fluctuating demands. While these resources are crucial for achieving revenue and production goals, they also increase the workload for human resources departments.?This?is where payrolling services, or?employer of record ?(EOR) services, come into play.
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What is an Employer of Record?
An employer of record is a third-party partner?that assumes the responsibility of payrolling?temporary staff. This?includes managing taxes, unemployment insurance,?workers’?compensation, and employee benefits,?thereby?alleviating these burdens from your company and mitigating co-employment risks.
According to recent studies,?the use of?Employer of Record (EOR) services?has?been on the rise, driven by the increasing need for businesses to manage international compliance and streamline their HR processes.
Specifically,?it's estimated that around 43% of companies are currently utilizing EOR services to manage their contingent workforce. This trend is particularly noticeable in industries where managing a global workforce and ensuring compliance with local labor laws are critical challenges.
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These services are gaining popularity because they allow businesses to hire and manage employees in different countries without?needing to establish?a legal entity in each location.?This significantly reduces the administrative burden and legal risks associated with international employment.
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Why Consider Payrolling Services?
For?companies that need contingent workers but also require their HR teams to focus on other critical business tasks, payrolling can be a strategic solution.?Here are five compelling reasons to consider payrolling or employer of record services:
By leveraging payrolling services, your company can efficiently manage its temporary workforce, reduce HR burdens, and focus on strategic business objectives.
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Need Help?
Whether you need expertise in?Employer of Record ?(EOR) services, Managed Service Provider (MSP ) solutions, or Vendor Management Systems (VMS), our team is equipped to support your business needs. We specialize in addressing worker misclassification, offering comprehensive payroll solutions, and managing global payroll intricacies.?
From remote workforce management to workforce?compliance,?and from international hiring to employee benefits administration, TCWGlobal has the experience and resources to streamline your HR functions. Our services?also?include HR outsourcing, talent acquisition, freelancer management, and contractor compliance, ensuring seamless cross-border employment and adherence to labor laws.?
We help you navigate employment contracts, tax compliance, workforce flexibility, and risk mitigation, all tailored to your unique business requirements. Contact us today at?tcwglobal.com ?or?email us?at?[email protected] ?to discover how we can help your organization thrive in?today's?dynamic work environment. Let TCWGlobal assist with all your?payrolling ?needs!
Director of Community Engagement with TCWGlobal
5 个月good to know the difference between Payrolling and Payroll
Solution Focused, Global Talent Consultant
6 个月great info!