With the increased influx in organizations opting to employ and manage a remote workforce, either because of the pandemic—work from anywhere is the new work from home—or the need to find niche resources on distant shores, the global employer of record (EOR) is taking center stage as the go-to solution to help manage the remote workforce.
The EOR has evolved significantly from a checklist solution that supports local hiring into an entity that significantly impacts employee experience and talent retention. Having a payroll provider with the right global payroll technology do double duty by serving as your EOR service provider can yield several key benefits. Let’s take a quick look at them:
- An efficient global payroll compliance solution is critical for an EOR to ensure compliance with local tax laws and regulations. This allows you to stay compliant on a global scale with minimal effort.
- A permanent establishment with a local address, subsidiary, and bank account is mandated for the management of local payroll and EOR.
- A comprehensive technology supporting—in addition to global payroll processes—an integrated ancillary HR solution ecosystem, including time worked, absences, and benefits, allows better control and governance.
- ESS/MSS options provide the ability to treat an employee as—not merely an employee on paper—but as an employee on par with regular employees.
- Integrated reporting provides a truly holistic view of the overall workforce, including both regular employees and those managed by the EOR
- A single solution reduces overhead costs associated with managing a separate global payroll and EOR service provider.
- Use of a single provider increases data security across global payroll, HR, and EOR processes
In short, technology is as critical to the success of an organization’s global payroll strategy as it is to the organization’s international EOR game plan. Therefore, having a partner that brings on board a genuinely global platform with a comprehensive technologyand holistic global EOR capabilities is like getting the best of both worlds! Talk to Neeyamo!
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Neeyamo is a leading platform-based global payroll and HR solutions provider focused on delivering global HR, payroll, and EOR services to multinational organizations across more than 150 countries.