A little over three years ago, the world stopped and went into global lockdown. All this was due to a pandemic that engulfed the entire world. No one would think of any positive opportunities coming out of this. But three years and a few vaccines later, we have a new corporate setup, i.e., work from home or remotely. With that, the need for the best EOR services arrived.
How can Best EOR services help a business owner?
The new key opportunities led to other various employment possibilities. Now employers are engaging more freelancers, contractors, and contingent workers, and remote employment, too, is at an all-time high. All these changes are happening with good reason.
97% of employees want to work in WFH setup/remotely.
Opening up your workforce to remote work means you can choose from a wider talent pool and enjoy the benefits of a globally diverse team. There are economic advantages to it.
You get to:
- Hire teams in affordable cities
- Say goodbye to overheads like relocation costs.
- The flexibility of the employees from working anywhere in the world.
But there is a catch.
It’s traditionally not easy to hire people based in different locations because of different jurisdictions. Unique regulations and labor laws govern it. That is where the best EOR services come in.
Wait, wait, wait! First, what are EOR services?
What is an EOR service?
The main features of being able to employ internationally without setting up a legal entity. But there are other advantages of working with EOR:
- Explore new markets and test the market capability of products
- Access to the greater talent pool
- Hiring people in hours rather than days
- Time saved on recruiting and employing the H.R. department and personnel.
- Lower risk of liability.
- Gain local compliance and benefits.
But is it not sounding familiar to PEO, a professional employer organization?
It is. But there is a minor discrepancy. In PEO, the PEO is a co-employer. It can happen when you have decided to settle the operations in the given country. I am getting confused. Here is a guide on when not to use EOR services.
When do you not need the Best EOR services?
Scenario 1: You don’t need a payroll company when you are looking for someone to handle
- timesheets,
- salary calculations,
- cutting checks and
- directly depositing funds for your current employees.
You are not looking for EOR. Rather you need a payrolling service rather than a payroll company.
Scenario 2: If you want to hire direct and permanent employees from the start.
An EOR service is not the right fit for you. In the EOR service setup, you can easily transfer contingent employees to full-time employment under your management.
Scenario 3: if you are looking for a more hands-on hiring experience, then EOR services are not for you.
Every employer wants to have a strong connection with the new hires and hopes to have much control over the hiring process. You will not find that in EOR services.
One of the best parts of partnering with the best EOR services is that the stress and work of hiring are out of your hands. But this can also be the stress if you want to be an integral part of the process.
Scenario 4: the business owner already has a recruiting and built-out H.R. department
They have primary responsibility if you have already invested in a robust recruiting department. It recruits, onboard, and manages employees. Then there is no need to use EOR.
Scenario 5: Does the EOR company offer a solid portfolio of Global benefits?
When companies hire top international talent, the best EOR services consider the type of coverage and benefits it needs to offer. Can the EOR partner provide full health coverage and pension packages? Can the partner customize the benefits packages and coverage levels available for employees?
It is important to offer attractive health insurance, life insurance, and other various coverages to international employees while meeting their business needs.
While discussing the don’ts, let’s talk about the work allocated for EORs in the organization.
Reasons Behind Partnering With The Best EOR Services
When a company undertakes an employee under its wing, it assumes responsibility for employment tasks, costs, and liabilities associated with having that employee as a member of its team. Not all organizations want to handle these obligations.
If your business operates in multiple states and countries, it can be the best advantage for your company.
Partnering with the best EOR services offers time and cost savings advantages, reduced co-employment risk, and greater workforce flexibility.
Time savings
Temporary labor isn’t something that any specific resource owns. It burdens managers who spend time on laborious administrative and payrolling tasks. Not to add an onboarding process to the temporary labor while making them acquainted with the company culture.
Outsourcing the above activities to one of the best EOR services, like MME, frees up your time for internal resources to pursue more valuable business objectives. Also ensures a more consistent and compliant engagement process for the worker. Paperwork is not your headache anymore.
No longer do you have to track down candidates to submit information. With the help of EOR service, these responsibilities are not your responsibility.
Cost savings
Conversely, liberating your H.R. managers and talent acquisition resources will save costs. While allowing H.R. managers to dedicate themselves to more value-producing activities will boost the company’s bottom line. Flippantly, outsourced best EOR services offer low rates.
Only a few percentage points more than the statutory cost. The alternative can be significantly less expensive than doing the work and employing H.R. in-house.
Reduced co-employment risk
There is a legal angle in working with an EOR partner for indirect hires. Your payrolling provider will take ownership of employee classification efforts. At the same time, protecting you from expensive misclassification findings and liabilities.
MME payroll services also offer everything with mitigation from sensitive co-employment issues. Not only will EOR free up your time for more internal resources. But also, it will lessen concerns from your legal/H.R. team by taking responsibility for employment liability.
Greater flexibility
The EOR services partnership gives your organization the advantage of the ‘try-before-you-buy’ model in case of talent. Let us give you an example:
Interested in onboarding a talent but unsure if it is the right fit? You can choose to payroll that worker before deciding whether to bring them full-time or not- or release them after completion of the project. Most of the best EOR services offer payroll transitions.
Transition a worker to your employee at no cost.
Perks and benefits
Mandatory benefits like vacation days and paid maternity leaves vary from one country to another. For example, in India, it is 26 weeks or six months. But in the U.S., it is 12 weeks of maternity leave. In countries like France, you are entitled to 16 weeks to 26 weeks.
It is where the best EOR service will discern the right possible solution and disburse the benefit to your employees. At the same time, keeping their statutory rights in that location in mind.
Ongoing compliance
Your EOR’s responsible for remaining compliant with local labour laws even if changed or updated. For example, as of 2023, paternity leave policies have been updated per E.U. law. Fathers are now entitled to 10 working days off.
The pay will be equivalent to the sick pay. Parents are entitled to flexible work options. These changes will be updated for you by your EOR partner so that you can offer these benefits to your employees in that geographical location.
Termination protocols
Diverse laws and union rights have a say in severance pay, notice periods, etc., So you must shuffle cautiously in termination. The best EOR services will help you in this regard. They will guide you with the right protocols and in a compliant manner.
For now, we can think of these many benefits. There is still more. We will add it when necessary. But for now, there is something obvious.
The best EOR. Services will help in expanding new territories across international borders. The sign of a good EOR service is to put up and running in a new country as quickly as possible.
What are the top 11 EOR services?
Every EOR service brings something different to the table. Here are all the details you need to choose from the 11 best Employer of Record services in 2023.
MME
MME offers impeccable employers of record services. It alleviates the infrastructure concerns from your head with the responsibilities associated with these tasks. But let’s know more about MME.
MME Is an ISO 9001:2008 certified company that provides top-notch H.R. services. They offer comprehensive support in PEO, EOR, remote hiring, payroll outsourcing, and various customized H.R. solutions. With a skilled team to back upon, they design solutions to meet unique client requirements.
The best EOR service allows you to hire anywhere worldwide by serving as the legal employer. So now you don’t have to establish a legal entity for the same. It would offer services for one or more employees. The number is not a problem.
They want to be a leading and trusted global provider of comprehensive H.R. solutions. Aiming to deliver exceptional services to clients across industries. In the process, continuously adapting and innovating to meet evolving market needs.
Key Features
- They continuously monitor market needs and provide solutions accordingly.
- They provide solutions with expertise, dedication, and an innovative approach.
- Seamless recruitment, staffing, and H.R. services
- Fostering long-term relations and mutual growth
- They have continuously evolved and made themselves adaptable to current market situations.
- Since 2008, they have expanded their focus on hiring.
- Initially, their core expertise lies in engineering. But now, they are global leaders in other sectors like healthcare and education.
- Through consultative and personalized recruitment approaches, they are recognized as employment brands.
- In 2011, they introduced professional employer organization PEO services, employer of record EOR services, remote hiring, payroll process outsourcing, resume writing services, and H.R. counseling.
- Served 2000+ clients/ companies till now. Hired 75,000+ candidates globally.
MME Review
Professional Service
“I’ve been working closely with M.M. Enterprises for close to 3 years now and enjoyed quite a professional service regarding the timely provision of quality <candidates with the appropriate professional and personal attributes.”
Mr. A.Jaffer
Saudi Arabian Client – Pharma
Rippling
Rippling is more than an EOR service company. With that, you are also getting H.R., Finance, and I.T. But let’s stick to EOR and why it is number 2 on our list of the best EOR services 2023.
They provide benefits and ensure compliance, and handle employee events like leaves and maternity/paternity leave with ease. Rippling ensures compliance during promotions and terminations. They provide real-time visibility in net pay and taxes.
Therefore giving complete control over payroll processing. The best part is? The EOR is based upon native HRIS. It helps you scale up, establish your local entity, and transition your employees to your entity in just minutes.
“Overall, Rippling has simplified many aspects of the work life and made it easier to stay organized and on top of my HR-related tasks.”
-G2 REVIEWER
Key features:
- Onboard international employees and freelance contractors in 90 seconds.
- Pay workers in their local currencies.
- Therefore eliminating the hassle of conversions.
- Automatically file and pay taxes.
- Streamline your H.R. data with payroll. Outlining the hours, time off, deductions, and more.
- Use one G.L. integration for global expenses. Saving hours in the reconciliation of each month with payroll and expense data.
- Automatically synchronized to the general ledger.
- Securely offload payroll tasks. Therefore defining which roles have access to payroll data and admin privileges.
- Automate any international payroll process with custom workflows.
- Also, notifying people of important changes and automated administrative tasks. For example, like reminding me to pay the bonus.
- Design policies that cater to country-specific employer benefits.
- Offer equity when needed.
- Automate every payroll processing work. Right from global compliance work, including minimum wage enforcement, overtime enforcement, leave enforcement, and global compliance training.
- Report all employee data in one place.
- Manage H.R., I.T., and finance under one umbrella.
Papaya Global
Papaya Global is an EOR service that is best suited for large organizations. Rather than bootstrapped ones. Due in large part to its steep price. They offer services in 160 countries. Papaya Global offers tools such as hiring, onboarding, workforce management, multi-currency payments, and benefits administration.
They can run H.R. services for both employees and contractors of your company.
Key features:
- Automated payroll
- Safe and simple global payments can be in local currency/ crypto.
- Integration with HRIS, expense management, and other payroll processes. Like time and attendance, ERP, and financial software
- Dedicated customer manager.
The only con is the exorbitant pricing. But if you can afford it. Then it is one of the best EOR services in the industry at this moment.
Pricing: $770/ month/ employee
Deel
Deel is an established company that offers EOR services. They offer services in 150 countries. Allowing the company to scale quickly and expand its global footprint.
Key features:
- Onboarding and offboarding
- App management
- Compliance management
- Streamlined payroll
- Integrations with other H.R. services and platforms
- Invoices automated
Missing features:
- No customization of benefits packages
- Document localization is restricted. Like, Deel can’t generate invoices in English only.
- Pricing starts from $49 to hire contractors.
- Additional features will have additional costs.
- Altering employment contracts or service agreements. Often requires a supplement.
Remote
Remote is in the fifth position of the best EOR service provider. It specializes in remote teams and employers of remote workers, as the company’s name suggests. Offering a modern platform with H.R., payroll, and benefits features for remote employees.
The biggest advantage of Remote is that they own fully all the legal entities in the countries they cover. Thus allowing clients and employees to work directly with Remote. Rather than relying on third parties for hiring and employee management.
Key features:
- Payroll support with 100 currencies in 180 countries. There is no extra charge levied for the interchange of currency.
- Benefits management for health insurance, stipends, ESIPs, and one-off benefits like moving bonuses.
- Ironclad I.P. protection in all the countries.
- Free EOR services for refugees.
- Self-serve onboarding management tools.
Pricing starts from $ 599/ month/ employee.
Missing features:
- Flexible payroll processing.
- Dedicated support staff for nonenterprise plans.
- Payroll and onboarding cutoff deadline on the 11th of each month.
- Email support is only for international teams.
Panther
Panther started as a platform for paying contractors around the world. Therefore expanded to become one of the best EOR services providers for global teams, from running payroll to offering benefits to staying compliant with local employment laws. It has done it all.
Panther promises a one-stop shop for global hiring. But as a newcomer in the field, Panther doesn’t have many features to offer. It applies to full-time employees hired under Panther’s EOR service.
Key features:
- One-click payroll for the entire team with customizations.
- Compliant contracts
- Automated invoicing
- Benefits administration
- High-quality customer representative
- Local currency payroll processing.
Missing features:
- Check to print
- Payroll deductions management
- Fewer features amongst the competitors
- They need to brush up on their communication skills, as there was a lot of back and forth when changes needed to be made.
Pricing: free plan available for up to three contractors. But $49 per contractor per month.
Oyster H.R.
The seventh best EOR services offer EOR services in 180 countries worldwide. The offerings are similar to most EOR companies. You are getting hiring, compliance, payroll, and benefits support worldwide.
Oyster promises top-notch services so that you can focus on core operations. But there is a problem.
It is based upon many countries, therefore, giving international employment. Also, that comes with the heftiest price. Oyster isn’t integration friendly. So you may struggle with your existing tech. Therefore having a problem in managing the global workforce.
Key features:
- Compliant hiring and payroll in 180 countries.
- It is mediated through partnerships with local entities.
- Single source for contracts and documents.
- Streamlined global payments following local currency.
- Customizable benefits package.
- Dedicated customer representative
- Easy-to-navigate interface
- Discounts for refugees and small enterprises
- Transparent pricing with flat rates for employees.
Missing features:
- Zero integration with HRIS software or other H.R. software.
- Never time tracking with employees.
- The benefits package is based on paid add-ons.
- Payments in local currencies are delayed.
- No native timesheet.
Pricing: it starts from $499 /month/ employee.
Globalization Partners
Globalization partners offer AI-driven international payment platforms. Reasons why it is in the 8th best EOR services. The technology is still in its nascent stage. It combines H.R. services and global payroll. Users can make international hires in more than 180 countries.
They help global businesses recruit, hire, create, and store legally compliant contracts and pay employees and contractors in their local currencies. But this is not your EOR if you have a US-based HQ. You will need a local entity and platform for your domestic workforce.
Key features:
- Instant payment in crypto or Venmo
- Partnership with ADP for payroll and H.R. services.
- International recruiting.
- Benefits administration internationally
- Local compliance and tax support
Missing features:
- Domestic Workforce
- Learning management
- Pricing is not transparent.
- With priced additional features
- Two months advance payroll is mandatory.
- Only for international employees.
Plane
Plane manages international payroll, benefits, and compliance for US-based companies seamlessly. Making it easier for companies to hire employees and contractors. A single cloud-based platform for onboarding and payroll processing. Support payments for contractors in 240 countries.
The pilot formerly handles employment paperwork, compliance, tax withholding, and more of the hassle of managing a global workforce. They have a transparent flat fee, making affordable EOR services on the list. Makes them slightly less feature-rich.
Key features:
- Local compliant contracts.
- Global payroll processing.
- Taxes and compliant laws.
- Immigration assistance and onboarding.
- Dependable customer service.
- U.I. comes with a learning tutorial.
- Integration with popular H.R. software.
Missing features:
- Customizable workflows.
- Advanced H.R. features.
- No mobile app.
- Uses third parties for background checks.
- The process becomes complex and risky.
Pricing: starting from $ 299 per employee per month.
Velocity Global
Velocity Global is an EOR service known for support in immigrants, business travellers, and anyone else doing business in a new country. One of the reasons why it is on the list of best EOR services. They offer transition support for ex-pats and business travellers, visa support, and global payroll.
They are proud of onboarding, payroll, document handling, benefits administration, and compliance features. It is a well-known EOR in this industry. But have some missing features, like the inability to pay in cryptocurrencies.
Pricing is another major issue as it is not transparent, requiring prospective customers to call for a personalized quote.
Key features:
- Global onboarding with support in visas
- Creating and documenting compliant contracts.
- Global payroll in 185 countries.
- Benefits administration
Missing features:
- Cryptocurrency nonpayments
- Pricing is not provided online.
- Freelance plans don’t include compliance
- Payroll deposits are required with proof of funds.
With this, we have come to an end. But we still have advice for you.
Parting Words
Workforce flexibility and cost savings will continue to remain high. The prevalence of employers of record services should expand in the years to come because of the above two reasons. Due to the generation of time-saving and employment liability, EOR service will benefit you. If you are looking for a proven work solution, we advise you to read the above blog and make a decision.
It will not only help you in everyday tasks. But help you in becoming a global leader and master of your own time.
