What is EOR service and what value does it can bring to your business?
Are you aware of the benefits an EOR service can bring to your business? Let’s delve into it together.
In an ideal labor market, companies would have a vast pool of talent to choose from when looking for the best candidates to fill their open positions. However, the reality is different. The size of the labor market largely depends on the size of your country or region and the specific skill sets available. Unfortunately, many labor markets face a shortage of highly skilled IT professionals.
This is where the Employer of Record (EOR) service comes in to expand your potential candidate pool. How does it work? EOR service providers handle the employment process on your behalf in the destination country, eliminating the need to establish a local entity or deal with associated burdens. Despite this, the employees still function as if they were your own, under your direct management. The EOR service provider takes care of various tasks, including creating employment contracts that comply with local laws, salary payments, tax deductions, and contributions to provident funds. They also provide essential services such as medical insurance coverage for employees and their families.
But there’s more to EOR services than the core functions. The best EOR companies go the extra mile by offering culture and wellness services. They understand the importance of small gestures that hold significant value for employees, such as sending welcome packages to new joiners or acknowledging important dates like birthdays and seasonal occasions. These tasks can be challenging for busy business line managers to execute, which is why a reliable EOR service steps in to handle them. By ensuring these special dates are remembered and taken care of, employees feel appreciated and valued beyond project deadlines.
Another valuable service provided by EOR companies is office space. They take care of local agreements and rental payments, offering full-time or shared arrangements. This is particularly beneficial because not all IT talent has an ideal workspace at home, and the energy that comes from frequent face-to-face interactions with colleagues should not be underestimated.
Now, it’s time to introduce the upcoming second part. Stay tuned for our next LinkedIn post next week, where we’ll explore the additional benefits of EOR services, such as recruitment and the ideal scenarios where EOR services can be a valuable fit for your business. Don’t miss out on discovering how EOR can help you find the best talent and streamline your employment processes.
With the strategic acquisition of HRWays and REMIRE under the S4 Digital Group, leveraging our expertise in selecting the best IT talent globally, we are now equipped to deliver that unparalleled EoR experience to our clients, at scale, and for an unrivalled competitive pricing.
If you’re eager to delve deeper into the topic, we encourage you to reach out and let us know. We would be delighted to provide you with further information.