Global employment laws can be your biggest headache. Each new market comes with its own set of complex rules and endless paperwork that can slow you down and cost you big. That's where an Employer of Record (EOR) comes in.
What is an EOR?
An Employer of Record (EOR) allows you to easily build a global team. Imagine being able to snap up the brightest talent from around the world without getting bogged down by the hassle of legal paperwork. That's what an EOR offers. It steps in as the official employer, taking care of contracts, payroll, taxes, and the often confusing world of compliance in each country. This way, your business can grow internationally, all while staying on the right side of local laws.
Your team might sign their contracts with the EOR, but they're part of your business through and through. Behind the scenes, the EOR juggles the administrative circus of global hiring and employment, so you can focus on the big picture – growing your business.
Let's explore the top 12 situations where having an EOR makes life much easier for global employers:
1. When Expanding into New Countries
Entering a new market overseas? An EOR can ensure your expansion goes smoothly and compliantly by managing in-country HR and payroll. As your EOR, Teamed can help you:
- Onboard talent fast in the new country following local employment laws
- Handle in-country benefits, payroll, taxes and employment compliance
- Provide hiring best practices tailored for the new market
- Offer localised HR support
This avoids delays from setting up your own entity while still giving you access to top local talent.
“Employing abroad actually became much easier than recruiting in the UK! Straight forward and without a hefty price tag.” Julia Mardell - Classic Folios
2. Managing a Remote, Globally Distributed Team
If you have a remote workforce spread across multiple countries, managing HR and payroll yourself can become chaotic. With an EOR, you have a single point of contact for unified HR across borders.
As your EOR, Teamed can:
- Onboard international employees swiftly, ensuring compliance
- Handle payroll, benefits and expenses in multiple currencies
- Provide HR support tailored to local laws in each country
- Offer advice on global mobility support when employees relocate
This creates uniformity across your distributed workforce and frees you up from HR logistics.
3. For Short-Term Projects Overseas
Does your company need to hire overseas contractors or staff for a short-term project? An EOR allows you to do this quickly without having to set up your own local entity.
Teamed can onboard and manage in-country employees just for the duration required. You avoid getting tied up with long term operational presence.
4. During Mergers, Acquisitions or Restructuring
M&A deals and restructuring often involve integrating employees from different geographies, which gets complex fast. An EOR can smoothen out the process by:
- Transitioning and onboarding international employees with minimal disruption
- Ensuring payroll and benefits continuity during the change
- Handling any localised compliance requirements
- Providing transitional HR support and communication
- Management of TUPE for the transfer of employees
Teamed has managed global workforce integrations for multinational companies during times of change.
5. For Risk Mitigation and Compliance
Staying on top of ever-changing local employment laws across countries is an uphill task. This poses major compliance risks as your company scales globally.
Partnering with Teamed as your EOR provides built-in risk management. Our in-house compliance experts ensure you are always abiding by the latest regulations in each country. Just focus on your business while we handle staying legally compliant!
“Thanks to Teamed, we swiftly sorted multiple HR compliance requirements challenges for our new hire in the US, and were able to onboard them smoothly. Super-efficient service with limited involvement on our end!” Kleodora Brahimi - Velez Managed Services
6. To Access the Best Global Talent
The right talent can be hard to find, and global teams usually outperform local ones. By partnering with an EOR like Teamed, you get support to:
- Access expert partners to source professionals with niche skill sets from anywhere in the world
- Assess international candidates effectively
- Navigate global work permits and visa sponsorships
- Onboard top talent from different countries seamlessly
This allows you to build well-rounded teams with diverse global perspectives.
7. For Significant Cost Savings
Setting up your own entities and offices internationally involves high costs. An EOR reduces expenses by:
- Eliminating the need for physical overseas presence
- Providing flexible hiring as-needed instead of large fixed overheads
- Handling HR, payroll and compliance cost-effectively through economies of scale
- Option to have a Local Directorship
- Local bank account for smooth financial transactions.
Teamed offers access to global talent pools with minimal operational costs and investment.
“…Teamed has been incredible. What's remarkable is that they didn't really charge us any extra fees for the extra work involved. Yes, there were some additional costs, but the value we received was easily a hundredfold. It's been a truly worthwhile investment.” Shivani Phull - Pixelynx
8. For Faster Hiring and Onboarding
In today's skills-scarce environment, hiring quickly is key. However, the traditional process of onboarding international employees can take months.
The areas an EOR can support you in:
- Localised, streamlined hiring following in-country best practices
- Compressed onboarding timelines - as fast as 24 hours!
- Swift visa and work permit support required
This agility lets you staff up global project teams on-demand.
9. For Web3, Blockchain and Next-Gen Technology Companies
In the rapidly evolving arenas of AI, blockchain and emerging technologies, businesses face unique challenges that demand specialised understanding. These industries don't just move fast — they're redefining the future of work, and a one-size-fits-all approach doesn't cut it.
Services an EOR can provide for blockchain and next-gen technology companies include:
- Onboard talent from anywhere to build globally distributed teams
- Provide flexible contracts suiting project-based work
- Remain legally compliant as regulations evolve
Where Teamed gives you an extra edge is:
- Access to expert partners to support you sourcing specialist talent
- Simplifying payroll in the currency of the future — crypto — handling it with as much ease as traditional currencies.
- Ensuring your operations stay ahead of the regulatory curve in blockchain and AI, adapting to the latest legal changes as swiftly as the tech itself evolves.
“As a web3 company, we felt it was important to work with an EOR that understood us - in Teamed, we have that. Teamed get us and they get web3.” Anil Kumar - Lunganodes
10. Navigating Intellectual Property and Data Security Globally
Protecting intellectual property (IP) and ensuring data security are critical in the digital age, especially when your team spans multiple countries with varied legal frameworks. An EOR like Teamed becomes indispensable in these situations, safeguarding your sensitive information across borders.
Here’s how Teamed can assist:
- Support with IP agreements compliant with local laws.
- Support with stringent data protection protocols to meet international standards.
- Guiding employees through privacy policies, ensuring everyone is informed and responsible.
By managing the complex interplay of global IP rights and data security, Teamed supports you to maintain confidentiality and integrity, giving you peace of mind as your business grows internationally.
11. Navigating Downsizing with Dignity and Compliance
When market dynamics shift, sometimes businesses must make tough decisions about their workforce. An EOR helps to downsize with precision and care by:
- Assisting with sensitive exit procedures in compliance with local laws.
- Providing transitional support to both the company and the affected individuals.
- Reducing potential legal and financial exposures associated with terminations.
Teamed ensures that if you need to resize your team, it’s done professionally and compassionately, reflecting your brand's values and ethos.
“…Working with Teamed made a challenging time more manageable. They handled the complexities of downsizing across different countries with sensitivity and expertise, ensuring compliance every step of the way." - Shivani Phull - Pixelynx
12. For Scalability as Your Business Grows
As your company expands, so do your HR needs - but scaling globally yourself has challenges. With an EOR like Teamed, you get:
- The ability to hire overseas talent on-demand
- A designated HR manager no matter where you operate
- Flexibility to enter new markets without local setup
- Seasoned expertise as your workforce grows
This makes it easy to scale your business faster across borders.
Why Teamed is the Top Choice as Your EOR
While dozens of EORs exist today, Teamed stands out as the forward-thinking EOR purpose-built for modern global employers.
For starters, Teamed offers specialised support for blockchain, AI and other leading-edge technologies. We understand the unique needs of innovative companies building the future of work.
Plus, our platform is extremely fast - you get dedicated account managers and can onboard talent worldwide in as little as 24 hours! This agility empowers fast-growth startups and dynamically changing organisations.
Teamed also provides high-touch, personalised support. Our experts become an extension of your team, providing strategic advice tailored to your specific business needs as you scale globally.
In short, Teamed combines next-gen tech expertise with deep global employment knowledge. This powerful blend makes us the number one choice as your EOR in 2023 and beyond!
Conclusion
Expanding globally presents complex human resources and compliance challenges. Whether you're a startup entering new markets or a large company managing an international workforce, an Employer of Record is essential.
Teamed stands out as the forward-thinking EOR designed for the future of global employment. By partnering with Teamed, high-growth companies worldwide can access top talent globally and manage distributed teams efficiently.
Get in touch with our team today to simplify your global employment process — let's make it easy.
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