What Is an Employer of Record And How It Can Help You Enter New Markets

09, February

By Cesar Jimenez* for staffingamericalatina   Today’s talent market is highly competitive, and companies ...

By Cesar Jimenez* for staffingamericalatina

 

Today’s talent market is highly competitive, and companies need to move fast if they want top employees.

 

It can be challenging to find and hire the best talent quickly while complying with complex labor laws.

 

The process of finding and hiring top talent is often slow and cumbersome. Navigating labor law complexities can be daunting, and many businesses are not flexible or adaptable enough to keep up with the changing market.

 

Utilizing an employer of record platform can help your business overcome these challenges. By working with a reputable provider, you can quickly access highly skilled talent without worrying about compliance issues. You’ll also be able to remain agile and flexible to stay ahead of the competition.

 

What is an Employer of Record (EOR)?

A worker’s “employer of record” is the company that serves as the individual’s employer for tax purposes.  

 

For modern organizations, the employer of record (EOR) refers to a third party that assumes the tasks and liabilities of employment. EORs manage many tasks, such as performing background checks, administering benefits, tax deposits, payroll processing, unemployment insurance, and more.  

 

The employer of record essentially takes overall employment and HR responsibilities while also assuming the liabilities that go along with them. An employer of record also facilitates their clients’ expansion by allowing them to hire individuals from anywhere in the world without needing to register their business there. As the legal employer, the employer of record is responsible for business registration in the states and countries where it operates.  

 

What does an Employer of Record do?

The employer of record is responsible for a variety of tasks, including:

● Payroll processing
● Filing payroll taxes
● Processing timesheets
● Creating, maintaining, and terminating employment contracts
● Employee onboarding processes for new hires
● Maintaining insurance
● Running various background checks
● Administering benefits for your global employees
● Handling worker’s compensation, health insurance, etc.

 

What are the benefits of using an Employer of Record?

● Test and expand into new markets
● Increase speed to hire and onboarding
● Access highly skilled talent outside of the home country
● Easily enter countries using an EOR’s tech-enabled platform
● Reduce compliance risks with labor laws and regulations
● Reduce misclassification risks
● Leverage the power of a global workforce

These professional back-office solutions help you build a productive team while allowing you to focus on the activities that matter most to your future growth.

 

 

 

 

*Cesar Jimenez is CEO of myBasePay

 

With trustworthy turnkey solutions, myBasePay serves as an easy-to-implement extension of your company that can quickly become fully integrated with your processes.  

 

By using myBasePay’s employer of record services, you can:

 

● Eliminate cash flow concerns with our up-front cash model to fuel your business. You fill requisitions and get paid. We’ll collect from your clients later.
● Leave the compliance concerns and liabilities to us. myBasePay takes on the risk involved with wages, taxes, benefits, discrimination claims, harassment claims, workers compensation claims, and more.
● Maintain complete visibility of the entire hiring process by creating a modern, in-house contingent workforce that puts you in the driver’s seat.
● Offer all of your contractors paid time off, health benefits, and more -giving you an edge over your competitors to win more deals and attract better talent.

 

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