Businesses planning for global expansion should collaborate with an external HR partner, such as a Professional Employer Organisation (PEO).
Small and medium-sized enterprises (SMEs) often lack the resources to address compliance and HR matters in a new foreign market. Therefore, partnering with a PEO (a.k.a. Employer of Record/EOR) creates a solution by offloading time-consuming legal, HR, and tax matters.
Here are 3 Benefits of leveraging a PEO like TG Group’s capabilities and experience in specific countries:
Build a Remote International Workforce
Partnering with a PEO helps your organisation tap into an extensive talent pool and gain a foothold in a new market without investing huge capital.
The PEO will act as the legal employer of your remote employees, allowing you to manage them daily while providing them with the same resources and tools, regardless of their location. This is a great option for companies who wish to increase their team’s diversity and expand their presence in a new market.
Reducing Cost by Reorganising Workforce Processes
Hiring remote international employees through a PEO reduces costs by streamlining workforce processes associated with onboarding, benefits, payroll, and compliance.
By leveraging the collective buying power of multiple employers, PEOs can often negotiate more favourable rates and terms with employee benefits providers (insurance firms, etc.) than individual employers can.
Moreover, PEOs can help businesses be more cost-efficient by providing access to employee training and development programmes, which can help reduce turnover and boost productivity. Additionally, PEOs offer risk management services that help companies identify and address potential liabilities before they become costly.
Staying Agile and Vigilant in an Unfamiliar Market
A secondary set of risks will accompany every expansion into a foreign business environment. Unfamiliarity with the local regulations, especially when you do not have local HR resources or expertise, could be troubling and hinder your expansion progress.
With TG Group’s help to manage mundane HR tasks, companies can test new markets before scaling towards an all-out expansion and establishing a local legal entity. It is a simple way to start a team in a new market in the shortest possible time while focussing on core profit-generating activities and reaching new heights.
Business expansion in an overseas market can be complicated and time consuming. However, TG Group’s knowledge in local labour law regulations across 50+ markets will help your organisation mitigate compliance risks to focus on growth.
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