Businesses are always looking for ways to expand their business, through work practices, company brand, and increasing the number of staff employed. With expansion comes a number of other burdens, particularly in the administrative field. These very quickly take up time alongside growth of the business itself.
There’s a solution that makes it easy. An employer of record (EOR) can help with business growth in five different ways. Keep reading to learn how.
1. Long-Term Savings
An employer of record handles a wide variety of issues and matters for a cost that’s less expensive than it is to manage in-house. As EORs help many clients, businesses are essentially sharing these resources through the EOR, generating savings from software updates, HR training, and time dedicated to understand workforce compliance.
Hiring new employees, for example, is a good sign, but with it comes more paperwork and additional time to manage them. It means legal and regulatory changes, ongoing training regarding HR, adding to payroll, and other employee training regarding health and safety, workplace management.
Ensuring HR and payroll is in line with government standards is a time-consuming that takes time away from core tasks. EORs stay on top of these duties, allowing employers to use that time growing their business.
2. Added Value to Hiring and Staff Management
A growing business includes an increase to the number of staff employed. As a co-employer, an employer of record will hire and manage staff on behalf of the company. For businesses venturing into new markets, EORs understand the process in place to ensure correct hiring.
They’ll handle the interview process and training, to guarantee new hires meet the specific qualities sought by employers. Providing EORs this kind of pre-determined outline ensures the best fit and staff for a company to continue to grow with the necessary support and resources.
3. Avoid Mistakes
Mistakes have serious consequences with the Canada Revenue Agency, other government bodies, and generally cause an overall headache for businesses. An EOR makes sure a business’ payroll and deductions are error-free to avoid fines, penalties, and lawsuits.
With an EOR handling payroll, compliance, and related matters, they’ll ensure employees are classified as they should be, the business is in line with provincial and federal workplace standards, and all other necessary requirements are met. This keeps businesses on the government’s good side, and employees happy.
4. They Provide the Right Tools
Software eases business growth and expansion. It’s also expensive and requires constant updates. Working with an EOR means there’s no need to worry about forgetting to update software or searching for the right kind because they maintain the different platforms in order to do their job effectively.
EORs are experts trained in HR and payroll to make implementing easy as businesses grow. They have knowledgeable associates and offer additional perks, such as group benefits and discount insurance rates, which employers–particularly for small businesses, don’t always have access to alone. EORs provide support to deal with all kinds of situations and answers to any questions there might be.
Whether it’s a company with a small client base and limited staff, or a bigger company entering new territory, EORs cover many aspects so businesses don’t have to worry about remembering to keep up with software or ensuring access to appropriate benefits.
5. Peripherals Managed
With the time-consuming and tedious tasks covered, businesses can get back to focusing on strategy, marketing, and overall growth. It’s hard to manage core tasks when administrative tasks are taking up a significant part of the day.
Tax, payroll, labour, and employment are covered by professionals with the knowledge and time to research and understand these matters. When employees stay focused on core tasks and an employer of record handles the rest, businesses can ensure the best competencies are in place for business practice and expansion.