What is EOR services
EOR stands for “Employer of Record” services. It refers to a business arrangement where an Employer of Record company acts as the official employer for a group of workers. In this arrangement, the EOR takes on various employment responsibilities, such as payroll processing, tax withholding, benefits administration, and compliance with employment laws and regulations.
EOR services are commonly used in situations where a company wants to engage workers but doesn’t want to take on the full legal and administrative burden of being their employer. The EOR becomes the legal employer on record while the workers perform their duties for the client company.
By utilizing EOR services, companies can focus on their core business activities while the EOR handles the administrative tasks associated with employment. It provides a convenient solution for companies that want to engage workers quickly in different locations or navigate the complexities of employment laws and regulations in foreign jurisdictions.
It’s important to note that EOR services may vary in terms of the specific services offered, geographical coverage, and pricing structures. It’s advisable to research and select a reputable EOR provider that aligns with your business needs and requirements.