Making the decision to recruit an employer of record (EOR) can be a great investment for your business. You can entrust your human resource (HR) tasks and payroll services in the hands of professionals, leaving you to focus on more important aspects of your business. However, finding the right service and payroll service that best suits your business can be tricky. Luckily, we’ve developed some key questions you need to ask before joining forces.
Here at Payroll Worldwide, we act as an employer of record in Latin America, providing vital services to businesses in a range of industries. Our cost-effective solutions can help you develop a better functioning HR system, allowing you to build your business. If you’re considering turning to an employer of record service, read our handy questions below.
Do They Have Extensive HR Knowledge?
When getting to know a company, look at how long they’ve been in business, and try to understand the processes they put in place. A company with effective payroll processes and fundamental HR structures will be essential to your business, so you need to get to know exactly who you’re turning to. HR and payroll are different in each country, so you need a company with experience in your location.
From the onboarding process to recruitment and work permits, ask all the questions you need answered and are important to you. Almost all EOR’s will be happy to discuss their services with you if you book a meeting and give them a call.
How is Payroll Managed?
Do you have a specific method for your payroll? EOR’s will have successful processes in place that will help your business operate more efficiently, but if you need operations to take place in a certain way, discuss this with your EOR. Payroll contains sensitive information that needs to be protected at all costs, so it’s better that you understand the EOR’s services and methods before blindly handing this data over.
How Will They Keep My Data Safe?
As previously mentioned, payroll contains information about all of your employees, such as their address and wage. Any breaches in security can put your employees and business at risk, so you need to be assured that all data is being handled confidentially and professionally. Making sure payroll is correct is one thing, but keeping the data safe is crucial.
Make sure you examine an EOR’s privacy and security policies to see how they comply with both international and local data regulations. Also, ask about what measures are being taken to secure your information, such as their data recovery plan and where the data is located. As a professional employer of record in Latin America, your and your employee’s safety is of paramount importance, and we will always ensure that your data is protected from all potential security breaches.
How Much Does it Cost?
This is usually the big question that everyone wants to know; how much does the service cost, is it flexible and is it within budget? Some EOR’s charge for a flat service, others may be flexible depending upon what you require. Before diving in straight for the price, as tempting as that may be, it’s better to understand the quality of work you will be receiving before making a decision. All EOR’s work differently, and you may find that you like one company’s services and processes better than cheaper one’s.
Are They a Direct Employer?
Some EOR’s will be direct employers, others will use partner organisations with whom they will either put you in touch or who will communicate with you on their behalf. Direct employers will communicate with you themselves, providing expert knowledge on local payroll, law and taxes. Whilst partners may be perfectly capable, the quality of work may be diminished; if something goes wrong, you need to have clear instructions on exactly who to contact.
Here at Payroll Worldwide, we’re a direct employer of record in Latin America, providing an all-inclusive service to all of our clients. If you would like to find out more, please give us a call on 07469 892524, drop us an email at info@payrollworldwide.com or fill out our online form.
