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Articles By emily fernancdas
What Is An Employer Of Record Eor? A Complete Guide To Eor
Submitted as: roshan Mayanglambam
Today, operating a business in a foreign country isn't necessarily a cost-intensive and time-consuming process. With the globalized economies and availability of advanced technologies, a foreign company can easily access global talent and hire remotely from multiple countries or a target location at reduced costs.
Before the COVID-19 pandemic, only a few players could take advantage by relying on international employees as a key workforce. The pandemic has brought a drastic change in the ideas and practices of international employment. Irrespective of how big or small, every business adopted cost-cutting measures to stay afloat in the cut-throat global market. One significant transformation that the pandemic brought in the business world was the rising acceptance of remote work setups.
With the increasing adoption of remote work across industries, it is believed by analysts that the remote work culture will stay relevant in the coming years. As Forbes mentioned, many companies would prefer working remotely, or at least in a hybrid mode to align with their employees' preferences for work design. Also, one major development seen during the pandemic is the increasing remote hiring by small & medium enterprises (SMEs) for their business operations. It's safe to say that the pandemic has a major role in accelerating the practice of hiring remote workforce for business needs.
Now, you may ask, “Is that easy to assemble a remote team and start operations quickly in another country?” The answer is “yes” if you know the market thoroughly and have all the necessary support to ensure a successful business operation. However, not every business has the same answer.
We'd say that hiring international employees today is relatively easy compared to a few decades ago. Technological advancements, favorable government initiatives, and rapidly evolving business ecosystems have helped ease international hiring. But, hiring remote professionals and employing them today still have several complications and challenges.
One major challenge of international hiring is businesses must ensure compliance with the existing employment regulations in that foreign jurisdiction. Setting foot in a foreign market requires adherence to various legal and compliance norms. It becomes more complex if a business aims at hiring remote talent from multiple countries as employment regulations differ significantly from one country to another.
This is where employer of record (EOR) services come into the picture and play a crucial role in your team expansion and operation strategy. EOR, as an expert service provider, offers compliance assurance and support to allow smooth hiring and seamless operations in the remote local market. It means that EORs enable a company to set foot in a foreign jurisdiction with zero complications.
For instance, EORs help Western companies hire the best professionals globally and employ them remotely in compliance with the employment laws of that specific country. This facilitates easy team expansion and smooth operations in a foreign country. The best part of employer of record (EOR) services for Western businesses is that the services play a crucial role in filling talent gaps and shrinking talent availability in the West. Talent deficit is currently a major threat in the Western corporate world.(read
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Category : Business
