1.Expand your business through employer of record
1.1 What is the employer of record?
Employer of record is basically a service provider that stands on your behalf to legally hire workers and then dispatch personnel to work for you according to a service agreement between the parties (employer of record provider becomes a nominal employer on your company’s behalf). This simplifies the process of business expansion, allowing you to immediately hire a professional employer organization to handle sales, market research and other creation activities without spending too much costs, time and effort to set up an entity.
What is employer of record? – What does business need to know?
>>>Read more: The Role of professional employer organisation in Recruitment and Small-Medium Enterprise Development
1.2 Why choose a professional employer organization or employer of record service?
1.2.1 Flexibility in business expansion
Professional employer organization and employer of record services provide customers with great flexibility when faced with business expansion or staff freeze. Hiring professional employer organization workers helps ensure you can quickly scale before you jump into action. This is especially true in the case of business expansion. When expanding a business to foreign regions, recruiting personnel under a professional employer organization agreement is at least 50% cheaper than setting up a legal entity to hire workers.
1.2.2 Minimize operation cost
This approach saves costs and eliminates administrative fees to maintain the operation of the legal entity. Most importantly, choosing a good employer of record/professional employer organization service provider will save you time by immediately hiring workers and eliminating the stages of human resource management, visa application, employee insurance, salary, retirement and pay taxes, so you have time to focus on growing your business.
2. What is the difference between professional employer organization and employer of record?
Hiring under professional employer organization and employer of record agreements are pretty much the same, except for two things: The employer of record method will put a portion of your business and employees on its payroll, while the professional employer organization will take over the entire workforce and provide all HR services and functions for your business. You can keep the employment contract if you choose professional employer organization, but when working with employer of record, the employer of record will keep the labor contract and the two parties cooperate according to the service provision agreement.
3. Outsource professional employer organization/employer of record to business expansion and growth
Interested in building an effective business expansion strategy? Business growth strategy can work when you use professional employer organization/employer of record services. So how can professional employer organization/employer of record help your company Expand Business and Expand Market?
3.1 Enhanced HR Management
By utilizing the services of a professional employer organization/employer of record, you can establish efficient procedures and processes for HR administration. These organizations offer expert monitoring services and ensure compliance with regulations through comprehensive policies and guidelines.
Employer of record can help your enterprise grow faster
3.2 Streamlined Human Resource Management
Access payroll records, employee benefits, HR data, and leave/sick leave reports without the need for dedicated internal staff. This enables you to efficiently manage these aspects of HR without the added burden on your workforce.
3.3 Fostering a Positive Work Culture
Collaborating with a professional employer organization/employer of record can contribute to improving your company’s culture and work ethic, making it more attractive to the right talent. This, in turn, enhances employee productivity and positively impacts your business’s expansion in the market.
3.4 Cost Reduction in HR Administration
By partnering with a professional employer organization/employer of record, you can leverage their expertise to create economies of scale. They will oversee benefits, payroll, and HR matters, effectively reducing administrative costs. This allows you to allocate resources towards business growth and expansion.
4. What do S4B’s employer of record services include?
S4B employer of record services encompass a comprehensive range of offerings. These services cover various aspects related to employment and ensure smooth operations for client companies. Some key features of our services include:
4.1 Preparation of Labor Contracts
The organization takes care of the labor contract preparation process, ensuring that all necessary clauses and provisions are included to protect the interests of both the employer and the employee.
4.2 Management of Pension Fund-related Matters
S4B handles pension fund-related issues, ensuring proper administration and adherence to regulatory requirements. Additionally, we provide workers’ compensation insurance, offering protection for employees in case of work-related injuries or accidents. This coverage provides peace of mind to both employers and employees, allowing them to focus on their respective roles without concerns about potential liabilities.
S4B’s services extend to accurate and timely wage calculations for employees. We maintain employee salary records, ensuring transparency and accuracy in the compensation process. Similarly, the company manages and calculates annual leave, ensuring that employees’ entitlements are correctly tracked and allocated.
4.3 Employee/Employer Contributions
The services include managing employee and employer contributions, facilitating seamless payment processes and compliance with applicable regulations. In terms of employee well-being, we also handle statutory employee sick leave calculations. S4B maintains records of sick leave and unpaid leave, ensuring compliance with local regulations and providing necessary support to employees during times of illness or absence.
SMART SOLUTION FOR BUSINESS COMPANY LIMITED
- Address: Unit 602A, Tower A, Handi Resco Office Building. 521 Kim Ma Street, Ba Dinh District, Hanoi
- Tel: + 84 24 3974 4181
- Email: service@s4b.com.vn
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