What are Employer of Record (EOR) services?
Expanding your business globally can offer tremendous opportunities for growth. However, navigating the complexities of international employment while maintaining compliance can be challenging. That’s why many businesses opt for a powerful HR solution to streamline this process and empower their global expansion - the Employer Of Record (EOR) services.
In this article, we will explain what EOR services are, how they can benefit your business, and what criteria you should consider when choosing the best EOR partner for your needs.
What are EOR services?
An Employer Of Record (EOR) is a service provider that acts as the legal employer for your remote or overseas workforce. An EOR handles payroll, benefits, taxes, and local compliance on your behalf, allowing you to hire, manage, and pay employees across multiple countries seamlessly.
With the assistance of an EOR, your company can effortlessly expand operations into another country without the hassle of setting up a local entity, which can be costly and time-consuming. This leaves you free to focus on your core business operations, secure in the knowledge that your global workforce is in capable hands. EOR services usually operate in the same country as the business they employ workers for.
How do EOR services benefit your business?
EOR services offer a wide range of valuable and strategic solutions for businesses seeking to expand their operations globally. Some of the services that EOR provides include:
Access to local talent
EOR services help you gain access to a vast talent pool. Businesses can facilitate the hiring and onboarding of local talent, ensuring compliance with immigration and work permit requirements.
This allows businesses to tap into the skills and expertise of qualified professionals from around the world, enhancing their global workforce capabilities.
Payroll administration
Running payroll involves complex calculations, tax deductions, and currency conversions. EOR service providers handle all payroll-related tasks, ensuring that your team members are paid on time and in their preferred currency.
Additionally, they navigate local tax regulations and withhold the appropriate taxes, sparing you from potential tax compliance headaches.
Managing compensation and benefits
With a range of benefits packages tailored to local standards, EOR services provide a competitive advantage in attracting and retaining top talent. These benefits can include health insurance, retirement plans, vacation policies, and more.
EOR services also ensure that your employees receive fair and equitable compensation, taking into account the cost of living and market rates in each country.
Work permit and visa
EOR services can help you seamlessly navigate the process of obtaining work permits and visas for your foreign employees according to the local requirements.
They handle the procedures for document preparation and application, i.e., business quotas, work permit, temporary residence card, business visa application, and others. This saves you time and money and reduces the risk of delays or rejections.
Risk mitigation and compliance
EOR services can help you mitigate risks by ensuring that all employment-related matters, including contracts, benefits, and terminations, are handled in accordance with local laws. This helps protect your business from potential legal and financial liabilities, such as lawsuits, fines, or penalties.
EOR services also keep up with the changing labor regulations and best practices in each country, ensuring that your business stays compliant and avoids any reputational damage.
Why Manpower Vietnam?
Manpower Vietnam is a leading EOR service provider in Vietnam with more than 75 years of global expertise. We understand the complexities involved in international expansion and offer tailored EOR solutions that enable businesses to power their core operations and access global talent pools.
Embracing cutting-edge technology, Manpower Vietnam’s EOR helps you expand globally by serving as the legal employer for your remote or overseas workforce.
We handle the entire HR life cycle and other employment-related administrative tasks, ensuring your compliance with local labor laws and regulations. At every stage, we prioritize transparency and provide you with complete control over the EOR process.
In addition to EOR services, ManpowerGroup Vietnam also provides a wide range of services and flexible solutions to suit the requirements of businesses, such as permanent recruitment, headhunting services, staffing, labor outsourcing, outplacement, payroll, RPO, HR consulting, and more.
Read more about our EOR Services and to explore other innovative HR/workforce solutions of ManpowerGroup Vietnam, reach out to Our Services page or input your contact information in the form below and we will get back to you soonest:
