Today, the international market has seen an increase in the number of hires. While cross-border hiring is becoming pretty easy, it’s still unfortunate that finding the right Employer of Record (EOR) partner is a little bit daunting.
One factor every organization needs to put into consideration when hiring international talents is the “Employer of Record”. With EOR, your company can easily hire good employees globally and engage with them without any risk of violating local country or state employment laws.
In case you’re new to the term “EOR,” this post is all you need to understand everything you should know about it. As you read on, you’ll also discover why hiring Remotify as your Employer of Record partner is worth it.
What exactly is EOR and what can it do for you?
EOR or Employer of Record is more of a third-party entity that helps your organization to supervise its onboarding and administrative HR activities. With the right EOR partner, such as Remotify, you can easily hire remote workers from any part of the world without necessarily having to establish different entities in various countries. The EOR partner will take care of this aspect, as they have many legal entities in different countries, where you can recruit new talents.
So, here’s a burning question; what exactly can you expect from an EOR?
The simple answer is; an EOR, such as Remotify, can assist your business in many areas.
- First, the right firm can assist your organization to handle legal compliance for your remote work team members.
- In addition, an EOR can assist you with payroll processing for your remote employees in different countries.
- Onboarding of new talents, record maintenance, payroll management, health insurance, and tax filing are a few other services you stand to benefit from hiring the right Employer of Record partner, such as Remotify.
Is hiring an EOR worth it?
As long as you have an interest in hiring good employees in different countries for remote work, then hiring an EOR is certainly worth it. By working with an EOR, your business (irrespective of its size) will be able to employ and pay employees in various countries affordably and quickly.
In case you don’t know, hiring outside your country has many issues. For instance, in the Philippines, one issue your company will certainly experience is a lack of legitimacy as well as the records of employment.
With the aforementioned issue, these employees won’t have access to various social benefits and tax compliance in the country. Furthermore, this issue can deny your employees the ability to build their financial records, the right way. Unfortunately, without the right financial records, it’ll be hard for your employees to apply for bank loans, buy a new home, or even a car. With Remotify, this doesn’t have to be an issue for your Filipino workers.
That said, below are a few key reasons why hiring Remotify or your preferred Employer of Record partner is worth it today:
- With EOR, your remote employees will have access to basic social benefits in their countries.
- Hiring a reliable EOR will help you save a lot of time on some tasks in your organization. Some of these activities include onboarding new employees in different countries, commissions, processing individual taxes, and reimbursement.
- With the right Employer of Record, such as Remotify, you’ll get up-to-date records of your employees in different countries.
- One major problem that organizations experience with hiring from different countries is the ability to meet and maintain legal compliance for each country, where their employees operate. With Remotify, you can easily reduce the international regulatory and compliance risks of your clients.
Factors to consider when hiring an EOR for your organization
When hiring an Employee of Record for your company, you need to ask a few important questions to ensure you pick the right firm. Below are a few essential factors that influence the choice of the right EOR in 2023:
- First, you need to start by checking and confirming that the firm you’re looking to hire has local expertise and international hiring experience. You can confirm this by asking the firm this question; does it have experience and great knowledge of the target country’s local laws and business culture (such as Filipino work culture)?
- Another important question you need to ask is; does the Employee of Record have experience working with a similar company as yours in the target countries?
- It doesn’t end there; you should also do your due diligence by asking to understand how the EOR plans to help you secure your client data.
Why hire Remotify for your business?
Today, Remotify is one of the best firms you can rely on to take care of your employee needs in the Philippines. With many years of experience and a full understanding of the Filipino work culture, you’ll certainly not go wrong with hiring us. Interestingly, our EOR services are affordable and will certainly help you save costs while you work with different talents in the Philippines and other countries of your choice.