Employer of Record Service
The perfect business tool for our new world? Discover what CXC’s PEO/GEO/EoR service could do for you
If COVID 19 has taught business anything, it’s that we now need to do things smarter. Better.
That’s always been the key thinking behind CXC’s innovative PEO/GEO/EoR range of services, and in a post-COVID world it could be a game-changer for your business. In ways you’d never imagined. For example, this service makes it simple and easy to expand your business into other countries, with no hassles and no stress. It’s also the perfect solution for the coming world, where remote working looks set to become a new norm.
With an Employer of Record structure your company can hire anywhere in the world without the hassle of mind-wrestling with complex laws, taxes, benefits, currency exchange, or payroll issues etc.
The Meaning of GEO, PEO and EOR
So what do these three letter acronyms mean precisely?
A PEO (Professional Employment Organisation) is a third party service commonly used in countries such as the USA, where employment requirements can vary significantly between states. For smaller companies in particular, meeting all of these different rules is too complicated to tackle on their own, and so they will contract the services of a PEO.
Rather than assuming the full legal employment role, a PEO company co-employs teams alongside you, and as the employer of record for compliance purposes, the PEO takes responsibility for the administration of the payroll, benefits and HR support.
Popular in Asia, GEO stands for Global Employment Outsourcing, a comprehensive international solution that’s ideal for hiring employees abroad when you don’t have a branch or subsidiary in the foreign location.
The GEO structure utilizes ‘employers of record’ (EOR) in each country of employment – already set up and ready to onboard and payroll new employees. This streamlines the hiring process and ensures that employers are in compliance in the host country, where the GEO partner relies on their local partners and experts.
Offered as a service to many clients throughout Asia and globally by specialist workforce management entities such as CXC, an EoR is effectively an organization that takes over all the legal and administrative responsibilities associated with employing staff; including taking care of the onboarding process while simplifying your payroll, producing expense reports, taking care of tax issues, and setting up your employees’ statutory local benefits. In addition to payroll and onboarding, and extensive local knowledge, an Employer of Record can also support you with foreign exchange and in-country money movement, insurances and local laws and regulations, as well as arranging work permits and visas for expat employees.
When you need a GEO
The GEO service is a perfect fit for you if:
- You don’t have a local entity set up already
- Your company is just testing out a new foreign market
- Compliance and cost are major factors for your HR strategy
- You want to have global access to recruit top talent
- Managing risk is a priority
The GEO, through the EOR, literally handles every aspect of employment administration on behalf of the end client. And while there is a single GEO structure, there can be many EORs employing locally in multiple host countries.
“It’s been transformational tool for so many of our clients in Asia”, says CXC CEO Peter Oreb; “because it streamlined their expansion throughout the region and at the same time cut costs, risk and hassles”.
So if you’re considering expansion in Asia then you need to take a closer look – because it could be a real game-changer for your business. Especially in the post-COVID recovery world to come, where remote working looks set to become a new norm.
Hire anywhere in the world with an EOR and Remote Working
By combining the two – remote working and an Employer of Record – and you’ll never have to say no again to top talent unable to relocate. Your company can hire anywhere in the world without the hassle of coming to grips with complex laws, taxes, benefits, currency exchange, or payroll issues etc.
Do things smarter. Better.
Like to know more about what CXC’s PEO/GEO/EoR service could do for you? Don’t hesitate to contact us today!