What is an EOR (Employee of Record)? Get Hired with it?

Author: TASC Outsourcing
May 23, 2022

Employees in the post covid era demand flexibility in how and where they work and seek a better work-life balance. Professional employer organisation (PEO) makes it possible for employees to enjoy flexible schedules and locations with the stability of a fixed income. Being hired through an Employer of Record (EOR) puts you back in charge.

PEO/EOR companies provide their employees with access to better, more affordable benefits and streamline a lot of HR recruitment processes like payroll benefits, compliance, and worker’s compensation. Traditionally, companies fully outsource these services to a PEO service provider. Continue reading to learn how one can benefit from working with a company that hires you through an EOR. 

What is an EOR?

An Employer of Record (EOR) is a company that hires talent for its clients. They basically function as a third party, managing all the official processes from contracts, benefits management, and local payments for their clients. 

This empowers businesses to work with the best talent from all over the world, without the need to open a local entity in their employee’s market to comply with local labour rules and regulations.

Although this solution is mainly designed to match a company’s recruitment needs, it also comes with a lot of benefits, for international employees.

Work wherever you want

Even if the Coronavirus is almost eliminated from most regions, we are now more globalised and digitalised than ever. Thanks to the internet, evolving speed advancements, and reach, working remotely has become the need of the hour for employees. When employees were forced into the home office, many were wondering: why not take this a step further, and work wherever I want?

This is exactly what being hired through an EOR company looks like: an employee gets to choose who they want to work for and don’t have to limit themselves in their choice by sticking within regional or national boundaries. One can set eye on the most interesting and overall attractive employers in the world, and work with some of the most talented individuals in their field of expertise. All of this is probably without the enforcement to move halfway around the world and spend endless amounts of money on relocating and obtaining working visas.

Receive all the benefits

Employees working remotely usually have to manage their benefits themselves. That includes supervising their health insurance, taking time off, and calculating sick leave or maternity leave into their freelance rates. When working through an Employer of Record company, employees don’t have to do any of this, as they will be legally employed in their country of residence, and receive all the benefits they deserve based on the local labour laws.

Secure contracts

One of the biggest risks employees go through while working remotely and without a physical office to deal with is not knowing who will process their income. Freelancers generally work pattern is project base, which means before finishing a project in hand they need to find a new one. This hints that how stressful this process could be with no time for breaks and time off.

An Employer of Record company allows the employee to combine the freedoms of contractual work with the security of a steady income and a secure employer. The moment employees sign the official contract with PEO, they have guaranteed monthly income and all the aforesaid benefits.

Expert onboarding and remote working processes

Since PEOs co-employ a large number of employees at a time this enables them to harness the buying power reserved usually only for larger companies. Hence, with this strength in hand, they provide access to all such services to all their clients irrespective of their classification. Companies working with Employers of Record recognise the unique demands and challenges of remote employees very well. Successful collaborations always rely on the way communication is kept. Considering different locations and time zones, specific workflows and tools are made available that support the dispersed teams in working and socializing over a distance.

Additionally, working with a PEO streamlines the onboarding process with the expertise of nurturing the employee cycle in a different location and under different government laws. Mobilising employees or deploying them to a specific location can be challenging for the internal HR team, whereas an Employer on record will accomplish the employee’s needs when starting a new remote position as well as the demands from a hirer’s perspective.

Currency of choice

Exchanging currency in your desired currency is a hassle from high exchange rates to currency availability and to additional administrative work. This is being taken care of when working with an EOR company, you become in charge of your payment. You get paid in the currency that is best for you, with no additional rates or any of the hassle of moving money around.

To conclude, PEO organisations such as TASC makes it easier for organisation of all level ranging from start-ups to multinational organisations to hire remotely and provide premium HR and recruitment services and benefits to employees on the ground. We are currently an Employer on record for 3000+ employees in 68+ countries, we scout and deploy for all roles. Get in touch with us now and get hired for your dream job.

Register now, free of cost!