In the past few years, Thailand has become a business hub for most foreign Investors. Multiple factors, including the supply of skilled staff in a relatively low pay scale, fantastic infrastructure, and the average cost of living, draw the attention of multinational firms in this southeast Asian country. However, setting up a subsidiary in the new location in compliance with local labor law and regulations makes some companies reluctant to take this risk. Here is the significance of the employer of record. It's a company that acts as a formal employer of your employees in overseas countries. This precious outsourced service significantly gives support to your company during its globalization.
Job interviews can be intimidating, especially if the prospective employer requests for a face-to-face chat online. Online interviews gained popularity after the coronavirus outbreak but they are here to stay. Although more or less same to in-person meetings, there are a few differences to be aware of. For example, depending on the kind of online interview, you may have to record your answers instead of having a live interaction.
Why Do Companies Need An Employer Of Record (Eor)?
Companies often keep an EOR in service to reduce all the complications related to market participation, administrative operations, employee benefits, and managing payroll for their global employees. An EOR has taken all the responsibilities and liabilities to restructure the company's competitive dynamics, which improved cash flow and increased saving. These savings, in turn, help your business to achieve its long-term term aim faster. The EOR mechanism best works in countries where their local entity is absent. On an international level regarding complex business scenarios, EORs help companies to occupy new markets and benefits more efficiently.
Responsibilities Of Employer Of Record
The employer of record handles all the functions of your business at the international level, including:
· Staffing and managing employees
· Doing background checks and screenings
· Arranging all visa and work permit to avoid any delay
· Processing complaint payroll
· Filing taxes
· Maintaining employee contracts
· Handling employees' compensation
· Handling certificate of insurance
· Offering benefits to employees
· Terminating workers
· Meets all the local labor laws for employees' protection
· Acting as an intermediary between the local government authorities and employees
Benefits Of Using Employer Of Record
Look At The Special Benefits Of Using An Employer Of Records:
· Save Time by speeding up HR, onboarding, and payroll issues
· Save money and major expenses with no need to maintain a local entity.
· Reduced risk of non-compliance with local laws and regulations
· Local knowledge, experience, and network help in global expansion.
With an established EOR, you don't have to worry about expanding your business in multiple places. Get rid of anything that could obstruct the conversation including email and phone notifications on the computer. Make sure no one is around when you are giving your interview.
Finally, yet importantly, do not stress too much. The online conferences are utilized usually in the first round because they save a substantial amount of money and time in addition to levelling the field for the applicants. The good news is there will be an in-person meeting most likely down the road, providing you the opportunity to create a more profound impression.
Whether you are a recruiter or a start-up business owner, getting an employer of record helps you hire classified employees, pay salary accurately, and handle all the employment issues without delay. Otherwise, you may face various consequences at the state levels. Make your global business operations successful with a professional company that provides an effective employer of record solution.