Many companies are using employer of records services because of the many benefits they offer. Based on your business’s goals and challenges, an employer of record Canada can focus on those areas and help you complete some laborious tasks.
The main benefit that an employer of record provides is tackling the compliance and complexity risks of a foreign market. Here are five additional benefits that an employer of record provides.
Hiring Globally: Easy and Compliant
Remote work’s increasing popularity has eradicated geographical hurdles, providing much-needed access to tremendous global talent. As a result, companies are able to improve their diversity agendas, including disability, gender, origin and ethnicity, among others.
However, this system comes with various new challenges, including business compliance with a global workforce. With an employer of record, you’ll have the legal framework and information needed to ensure you’re operating compliantly according to the legislation in question.
Growing Without Legal Entities
Setting up local entities through registration and incorporation can be laborious and costly. That means you need knowledge and expertise about the new country’s legal characteristics to remain compliant. In such a case, a global employer of record might be a perfect option.
It’ll support your business by handling the host country’s immigration and employment requirements as well as the payroll. An employer of record links assignee and client-business, ensuring compliance through its expertise, system and network.
Converting Freelancers into Workers
Currently, most businesses benefit from an additional global workforce like freelancers. A significant percentage of these businesses convert freelancers to workers to have more power over working hours, avoid compliance problems and help reduce turnover rates.
Compliance challenges like misclassification can put your company at risk, leading to costly penalties. The best employer of record service can help you maintain this incredible talent, enabling you to achieve your long-term workforce goals and plans.
Transitioning to Remote-First
Most businesses are trying to explore the option of becoming hybrid or remote-first organisations. The covid-19 pandemic accelerated the remote work trend, with businesses planning to move to more flexible workspaces. However, this is a composite process that involves many changes within the company, especially in human resource-related topics.
On the other hand, compliance will also prove to be complicated, considering other countries’ legal frameworks, including data protection, social security, and labour and tax law compliance. An employer of record provides your company with the opportunity to try out this approach with a manageable number of workers. This would potentially lead to a stress-free transition.
Providing More Flexibility to Workers
Working from anywhere, anytime provides workers with flexibility, mobility and freedom. Maintaining your workers even if they want to move to another country for an indefinite time amount won’t reduce your turnover rate and can make your employer brand strong, attracting great talent in the process.
A good employer of record will support you throughout the process, handling payroll differences and labour law as well as other important processes.
You must consider various important factors when picking the best employer of record. These factors are value for cost, data security, customer care service and industry expertise. Find the best employer of record today and enjoy the benefits discussed above.