As an entrepreneur, you are juggling a thousand things simultaneously, and it can become stressful very quickly.
While juggling all these things, all you desperately want to do is focus on growing your business, building your brand, and profitability, and ensuring your stakeholders are happy.
The last thing you want to spend your energy on is worrying about the complex, costly, and time-consuming task of Payroll and HR Management.
This is where Employer of Record (EOR) Services can be a major pain reliever, and help boost your bottom line.
EOR Services is a form of outsourcing, or even offshoring, that allows you to transfer the administrative and legal responsibilities of being an employer, to a 3rd Party.
This means that you will be able to focus where your business needs you most while leaving Tax, Compliance, and Administrative tasks to experts.
4 Reasons why outsourcing/ offshoring to an EOR service provider might be the right move for your organization:
Maintain Compliance with Labor Laws and Regulations:
Staying up-to-date with continuously changing labor laws will not be your primary concern anymore.
EOR services can relieve that burden from the thousands of tasks you juggle as an entrepreneur. You will know that your EOR Service Providers are managed by experts, and you will face minimal issues, and majorly avoid the risk of costly fines, and penalties.
Save Time & Money:
Managing Payroll & HR in-house can become very time-consuming and extremely expensive.
With the right EOR Service Provider, you can reduce the time and resources spent on those tasks, and free your team up for more strategic thinking and projects.
EOR Services can often provide you with cost savings by leveraging economies of scale and expertise. (ie. offshoring to another country).
Reduce Risks:
Managing HR in-house can come with a lot of risks.
Compliance
Employee disputes
Legal Liabilities
EOR services can help mitigate those risks by providing expertise, scales of economy, handling legal and compliance matters on your behalf
Attract and Retain Talent:
Providing a comprehensive package is key to attracting and retaining top talent.
EOR services are effectively shared resources with another customer the EOR provider may be working with. In that scenario, you have much stronger negotiation leverage with Insurance companies, Schools, Apartments, and many other factors that can both reduce your expenses; and simultaneously attract and retain top talent.
When you are super competitive while offshoring to an EOR Service Provider, and cutting costs significantly, you are effectively creating one of the strongest Employer Branding campaigns for future and existing team members.
Enter a larger market for growth and expansion:
If you are trying to enter the US market and have digital services or products; you can hire a National Representative on the EOR Service Providers payroll with extensive B2B or B2C sales &/or marketing experience.
If you chose to offshore, it is important to know that there will be a learning curve to working with your team, in a potentially alternate time zone.
But the benefits will definitely outway the burden of waking up a bit earlier or going to bed a bit later.
At Spartan Services & Consulting, we offer EOR Services that can help you streamline your payroll and HR Process. Additionally, we will be significantly reducing your administrative burden.
Our team of experts has a combined 70 years of experience in Accounting, Labor Laws, Payroll, and best practices in Human Resource Management.
Author: Leo Khoury, ECRE CEO & Global Prinicipal Consultant
Executive Search, & Offshoring