And if you want the best of both worlds, AYP offers PEO solutions too.
EOR stands for Employer of Record, a third-party organisation that does hiring and payroll on behalf of businesses. They take responsibility for all formal employment tasks, and enable businesses to legally hire overseas workers in another country without setting up a local entity or risk violating local employment laws.
This means that an EOR easily enables your company to hire, onboard, and manage your employees from whichever part of the world that they are based in. And now that we’ve got the basics down, here are three EOR innovations that add value to your company and may be additional reasons for you to work with an EOR like AYP today.
1. Data Security
In an age where almost everything lives on the internet, it is unsurprising that data security is a top priority for most companies. After all, you wouldn’t want a security breach and have all your company’s confidential information being disseminated without your knowledge.
To tackle this issue and address company concerns, many EORs have come up with ways to doubly ensure data security.
They use different strategies to make a more targeted effort to secure files on-premise and the cloud. A number of EORs even go a step further to provide you with access to their legal and technical team, who are able to identify and close up any possible gaps.
2. Streamline Hiring Process
With EOR innovations, your company can finally wave goodbye to a manual hiring process, which can be mundane and tedious for your own HR department to carry out. EORs deal with employment and recruitment, so they are the industry experts capable of helping you save time and cost in this area.
EORs can introduce the use of data, Artificial Intelligence (A.I.), and even algorithms to streamline your hiring process.
You can do effective backgrounding on potential hires, efficiently schedule online interviews, and seamlessly onboard new talents who want to hit the ground running on day one.
3. Convenient Payroll
Payroll can get complicated, especially when your company has established entities all over the world and uses different currencies to run business. But an EOR can help you handle all of these tasks without problems.
It is an EOR’s responsibility to make sure that your employees are paid correctly and on time, so they have the expertise and tools to make that happen. From automating payroll to currency conversion to metrics usage, EORs can get your payroll running very smoothly each month.
4. Introducing AYP, an EOR and PEO Solution
AYP Global Pay is a single digital platform that offers both Professional Employer Organisation (PEO) and Employer of Record (EOR) solutions.
With a single dashboard, you can easily access all the HR features that your business needs, and that includes the perks of working with an EOR and never worrying about tasks like payroll again!
And with AYP Global Pay covering all bases when it comes to managing your business, you never have to worry about anything HR-related again. Ready to let analytics, data, and algorithms help you improve your HR processes?
Learn more about our platform by scheduling a demonstration
1. 5 Things to look at before Considering an EOR
2.You Should Transition Out of Manual HR Processing
3. 6 Tips for Onboarding New Employees from Different Countries