Employer of Record (EOR) services are rapidly gaining popularity across the professional world as a great way to streamline and simplify a business' processes when it comes to managing employees.
By utilizing EOR services, you can easily expand your business into new regions, streamline your onboarding and hiring processes, and manage employee payroll and taxes — all without having to worry about the complexities of local employment law.
EOR services simplify international hiring by removing the need for businesses to set up new local entities when expanding globally. Instead of having to invest resources in establishing new international entities, organizations can use their EOR partner to hire employees in new regions on their behalf.
The employer will still retain full control over the day-to-day management of these employees, but the EOR partner is responsible for work permits, visas, country compliant payroll and taxes, adherence to local laws, and other risks.
Atlas owns and directly manages more than 160 in-country local entities worldwide to support your expansion into new regions.
EOR providers can speed up your hiring and onboarding processes significantly by saving you months of compliance administration.
Through an EOR provider, you can commence operations in a new country within a few weeks. Say for example, if you need to hire a remote working team in China — you simply provide the EOR provider with the information of who you want to employ, along with remuneration details. The EOR then handles everything in the background such as navigating local laws and facilitating the hiring of the new employees.
Atlas can serve your hiring needs by providing a unified view of your international expansion strategy on its single dashboard. Furthermore, the platform tailors itself to your needs by recommending regions that suit your hiring goals.
EOR also makes onboarding new hires easier by streamlining the process. The EOR provider handles all the paperwork for onboarding new employees so that you can focus on running your business. Thus, EOR removes the cost, time, and stress of onboarding international employees.
Some businesses ignore the benefits of having a global workforce as they are put off by the complex processes and paperwork associated with hiring and onboarding international employees. EOR gives businesses more global flexibility by eradicating these challenges through streamlining the hiring and onboarding process.
Atlas makes onboarding new hires easier by streamlining the process. Our onboarding calendar sets out key delivery dates for each new employee and tracks all the stages in the hiring process, from making the job offer to gathering payroll data. The platform is automated so that tasks become checked off once they are completed and clients are sent email reminders if they neglect any stage of the onboarding process. This is beneficial for your new hire experience as nothing is left to chance.
When it comes to the important stages after hiring and onboarding, EOR services can also help, especially when it comes to managing employee payroll and taxes. Payroll legislation can vary from country to country so it can be difficult for organisations to remain legally compliant. For example, some regions require you to have a physical premises along with significant capital in a local bank account to employ people in the area. Partnering with an EOR means that you get to bypass these costly requirements while saving yourself significant time to focus on your business.
As for processing payments, every country tends to have their own unique payroll system which impacts factors such as how and when employees are paid and taxation. It can be a distraction for global businesses to keep track of these ever-changing payroll systems. EOR removes all these stresses for you and streamlines payroll by ensuring employees are paid in the correct currency and on time in their local bank account.
Taxation can also be troublesome for global businesses as creating a local entity leads to tax liabilities such as VAT, profit tax, and corporate income tax. Partnering with an EOR enables you to avoid the headaches of managing these liabilities.
The Atlas platform streamlines international payroll by removing manual processes. Our platform is transparent so that you track payments between Atlas and your employees, view country to country gross pay, and understand currency conversions.
At Atlas we believe that every organization should have the ability to thrive internationally. We envision a future where growth thrives across borders and cultures. Through our platform, we allow businesses to hire the best talent that suits their needs, wherever in the world that talent may exist.
To find out even more about how Atlas can streamline your business, request a demo from our team of experts today.