Whether hiring new talent globally or opening a new entity, expanding your business can be beneficial in numerous ways. Unfortunately, expanding globally also comes with some legal hurdles and challenges that can convert your expansion into a fruitless vision. The best part is that numerous employer of record companies are available to ensure smooth expansion.
For example, employer of record Colombia legally hires excellent talent if you want to expand into this country. While your employer of record service provider is hiring, you still maintain the daily activities of your new workers. Are you not sure if an employer of record is the right option? Read on to discover when you should consider EOR services.
When Should You Consider an Employer of Record?
An employer of record can be the right option for you in two main scenarios, which include:
You’ve Never Hired Global Talent Before
You can use an employer of record if you are hiring international talent for the first time. If you’ve never hired before, it means that you’re new to the complexities and intricacies of things such as worldwide payroll.
Earning expectations vary widely from one country to another, and in some countries, you might find specific requirements or regulations you must take into account, including holiday compensation and yearly bonuses.
Researching such requirements, laws, and regulations will consume a lot of effort and time, and you’re more likely to make mistakes. Aside from helping you avoid making mistakes, an employer of record eliminates legal issues as it is legally responsible for your hiring process.
You Don’t Know Foreign Employment Laws
Hiring people in foreign countries means that you’re legally responsible for making sure their contracts fully comply with local labour laws. For instance, you need to include an up-to-date legal notice period when it comes to contract termination, which differs from one country or state to another.
You risk paying significant amounts of money in terms of punishments and fines if you don’t provide a valid contract. EORs will help you avoid any type of compliance issue. And what’s more? They’re lawfully responsible for contracts and all hiring processes, eradicating any danger for you when acquiring talent globally.
Don’t allow borders to stop you from acquiring great talent globally. And remember to hire this talent without breaking any law; you should partner with the best employer of record service provider.
Your employer of record service provider will help you reduce compliance risks while at the same time enjoying the many benefits that a worldwide workforce offers.