With the amazing rise of the gig economy, businesses have been trying adopting the new normal, the inclusion of diverse workforces from worldwide. No, not by individually establishing entities in different nations or leasing out GCCs, but with the help of EOR services. COVID has reaffirmed one thing, that humans can’t be just relying on a few age-old factors for their survival, continuous evolutions, inventions and innovations can only lead to a sustained life cycle.
Same applies with businesses, of course many have global presence, but at the cost of multi-millions, so what shall SMEs do in this course, it remains to popularly emerging services like EOR, to help them expand wings and acquire talent globally, without any local entity and complexity of local labour laws regulations.
Global Talent Acquisition With EOR
An EOR operates as a legal employer for a company to talent hunt, recruit, onboard and manage the workforce while providing complete access to the company in total control of its operations and how they utilize their team. The main idea is to eradicate the complexities of HR services like payroll, taxes and other labour laws pertaining to the particular nation, their visas, work permits, local benefit administration, onboarding and termination, and employment contracts.
Also Read: AI In Talent Acquisition – Everything You Need To Know
This becomes even more helpful when a company needs to hire worldwide, as the EOR being a local entity will make it easier to expand without any complications of labour laws, establishing its own entity and being compliant with other statutory norms and regulations.
The EOR will be there as a local entity handling all the legalities and hiring proceedings while the company simply pays to the EOR service provider and uses the team as per their needs focusing on its operations.
EOR Strategic Factors
EOR is the future of how employers have been hiring, how is this addressing challenges which earlier seemed like that they cannot be bypassed is discussed below;
- Reduced Risk
- EORs ensure all complete compliance to local labour rules reducing the chances of getting into legal complexities.
- Speed and Flexibility
- Speed and flexibility comes with EOR, as companies will be focusing more on their operations and could rapidly hire employees overseas and scale up or down their reach as required.
- Cost-Effectiveness
- EORs handle everything ranging from onboarding to payroll, benefits, and compliance, minimizing the need for spending resources on HR management and accounts internally.
- More Focus on Core Business
- Administrative tasks will be managed by the EOR, the company can emphasize on their core strategies and operations enabling them to achieve desired revenue and enhance quality of their services or products within the industry.
Why Recruitment Central For Global Talent Acquisition?
Recruitment Central excels in all three essential pillars of successful EOR services which have earned them prestigious awards in all three categories i,e, Best EOR Firm, Best Recruitment Firm, Best Workforce Management Platform. The Hassle-free onboarding and compliance management and streamlined hiring to find the right talent along with the end-to-end payroll and workforce solutions has helped thousands of businesses in Singapore to bypass staffing challenges and expand their teams globally.
We also conducted a survey about the awareness of staffing options in Singapore and below are the explained benefits which makes it a first choice;
Also Read: EOR vs. Traditional Employment: Key Differences
Some of the recent developments in the labours laws by MoM has introduced regulations which clearly that EORs cannot directly apply for any work passes for the foreign workers on behalf of overseas companies, which implies;
Key points about the Singapore EOR ban
- No visa sponsorship
EORs would only be able to hire local employees and cannot sponsor work passes for foreign workers employed under the overseas companies. - Local presence required
Foreign companies who need to hire foreign talent in Singapore must establish a registered local entity to request for sponsoring work passes. - Compliance with MOM regulations
Any attempt out of the conditions mentioned above by an EOR for getting visas for foreign employees working for non-Singaporean companies, would clearly be considered a violation under law.
Conclusion
Global talent acquisition has only been a dream for even large scale businesses, but high speed internet, the emergence of applications and technology to enable remote work has made that dream true. Oceans can hardly inhibit the relationships between different businesses from different nations. Collaborative working platforms, advanced HRMS and many other applications have made not only global talent acquisition possible, but feasible, and sustainable.
