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PERSPECTIVE ON GLOBAL EXPANSION THROUGH PEO SERVICES

PERSPECTIVE ON GLOBAL EXPANSION THROUGH PEO SERVICES

This is accomplished by the global PEO company hiring the client company employees and becoming the employer of record for compliance and tax purposes. Whilst a Global PEO manages and maintains a global payroll service and record keeping for the client employees, the client is able to direct the daily tasks of the employees, focusing on the key priorities that impact the business.
Four Benefits of Using a Global PEO:-
1) Flexibility A global PEO provider enables its clients to hire full-time employees (not contractors) risk free without having to set up a legal entity in the country they are looking to expand to. Instead of trying to manage the complexities of each country’s limitations on contractors, global PEOs allow firms to recruit and hire foreign workers that can get the job done, creating a stronger employment relationship and more stability than a flood of temporary workers could provide.
2) Local Compliance One of the biggest challenges for employers is understanding local payroll regulations, mandatory and non-mandatory employee benefits and local labor laws. That is, all the things you need to know and process in your local payroll to be in local compliance. Using an international PEO allows employers to sidestep these complex issues, placing the compliance requirements and international payroll in the hands of local experts. See this for the advantages of using an in-country EOR partner versus wholly owned infrastructure.
3) Cost Setting up a local entity i.e. a registered company in a foreign country is a time consuming and expensive process. With global employee leasing, international PEOs allow employers to hire local workers without going through the expense and hassle of setting up a local, permanent establishment. For companies, and especially growth start-ups set on quick global expansion there’s no better way to hire quickly and compliantly.
4)Time The preliminary findings from Papaya Global’ s 2017 Global HR Practices Survey point to one clear fact: the number one reason employers hire global talent is to create a global footprint close to their target market. And in instances where firms are seeking, time is of the essence. An international PEO gives employers an opportunity to leapfrog the competition, putting workers in place in a fraction of the time it takes to hire through more traditional means.

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SIMPLIFYING WORKFORCE MANAGEMENT

SIMPLIFYING WORKFORCE MANAGEMENT

Managing human resources (HR) and payroll functions is a crucial aspect of running a successful business. The seamless integration of HR and payroll services not only simplifies administrative tasks but also enhances accuracy, efficiency, and compliance. In this blog post, we will explore the benefits of integrated HR and payroll services and discuss how organizations can leverage this approach to streamline their workforce management processes.
Centralized Employee Data Management: Integrating HR and payroll services allows for centralized employee data management. By consolidating employee information, including personal details, tax information, benefits, and compensation, into a single system, organizations can eliminate redundant data entry, reduce errors, and ensure data consistency. This centralized approach simplifies the updating and retrieval of employee records, providing HR and payroll professionals with accurate and up-to-date information.
Efficient Payroll Processing: Integrating HR and payroll services enables smooth payroll processing. When HR systems and payroll systems are connected, employee data automatically flows from HR to payroll, eliminating the need for manual data entry and reducing the risk of errors. This integration streamlines processes such as calculating wages, taxes, deductions, and generating pay stubs. It also ensures compliance with local tax regulations and labor laws, minimizing the chances of non-compliance penalties.
Time and Attendance Management: An integrated HR and payroll system can effectively manage time and attendance data. By integrating time-tracking systems with payroll, organizations can accurately track employee hours worked, calculate overtime, and automate attendance-related policies. This integration not only saves time but also reduces the risk of payroll errors due to manual entry. It also enables better visibility into workforce productivity and facilitates the enforcement of attendance policies.
Employee Self-Service: Employee self-service portals are a valuable feature of integrated HR and payroll services. These portals empower employees to access and manage their own personal information, such as updating contact details, submitting time-off requests, and viewing pay stubs. By enabling self-service capabilities, organizations reduce the administrative burden on HR teams and provide employees with convenient access to their payroll-related information, fostering transparency and engagement.
Enhanced Reporting and Analytics: Integrating HR and payroll services provides organizations with comprehensive reporting and analytics capabilities. By combining HR and payroll data, organizations can generate insightful reports on workforce trends, labor costs, turnover rates, and other key metrics. These reports enable data-driven decision-making, identify areas for improvement, and support strategic workforce planning. Access to accurate and timely data empowers HR and management to make informed decisions that drive organizational success.
Compliance and Security: Integrating HR and payroll services helps ensure compliance with various regulations and data security requirements. The system can automate payroll tax calculations, generate tax reports, and facilitate timely filings. It also helps safeguard sensitive employee information by implementing robust security measures, access controls, and data encryption. This integration reduces the risk of data breaches and ensures the confidentiality and privacy of employee data.


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HOW TO REHIRE EMPLOYEES

HOW TO REHIRE EMPLOYEES

In the present uncertain scenario, the HR is increasingly adopting innovative ways of recruiting skilled manpower who deliver best results for the organization. One such method is that of rehiring former employees. Indeed, it sounds unbelievable! But, rehire has its own benefits. Primarily, the employee is familiar with the work culture of the company and will thus easily get attuned with the company environment. Moreover, the employee returns with enhanced experience, knowledge and adds value to the company. The HR personnel needs to keep in mind few points to ensure that the process of rehiring candidates turns out to be a win-win situation for both the company and the former employee. 1. Maintaining an Efficient Database of Employees: It is vital for the HR of your company to maintain an efficient database of employees. This should include all categories of employees such as on payroll, contractual, freelancer or even a consultant. You should have their updated contact details in your record so that you can keep them posted about the latest developments and any vacancies coming up in your company. 2. Formulate a Rehire Policy: The HR of your company needs to formulate a rehire policy in order to ascertain clearly the criteria for rehiring former employees. For instance, an employee who left the company due to violation of company policies, poor performance or due to allegation of misconduct will not be rehired again. In simple words, a list of guidelines has to be prepared to ease the process of rehiring former employees for your company. 3. Schedule an Interview before completing the Rehiring Process: The HR of your company should ensure that the former employee gets interviewed just like any other new hire candidate. In the interview, you can cross-check the reasons given by the former employee for making his exit from the company. In addition, you will get to know about the experience and knowledge that he has acquired during this time which would be useful to your company. 4. Reboarding: The reboarding process is the way of reintroducing the former employees to the ways in which the company has been functioning all these years since the employee left the company. Moreover, since the outbreak of Covid-19, several companies have reformulated their policies and procedures. The HR personnel would need to introduce the former employee to the following features of the company:


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