Some businesses have limited resources to meet compliance standards and employ a new team when entering an overseas market. The expansion might be delayed, but companies can overcome it with the help of a Professional Employer Organisation (PEO, also known as an Employer of Record/EOR).
Partnering with a PEO to enter a new market helps an organisation to offload time-consuming legal, HR, and tax matters. Here is how a PEO like TG Group can ease your overseas expansion challenges:
Build a Remote Global Workforce
The PEO acts as the legal employer of your remote employees, allowing you to manage them on a day-to-day basis while giving them the same resources and tools, regardless of their location.
Tapping into the depth of a PEO’s talent pool enables companies to increase their team’s diversity and expand their presence in a new market.
Reduce Cost by Reorganising Workforce Processes
Hiring employees in a foreign country or territory through a PEO saves costs by streamlining workforce processes associated with onboarding, benefits, payroll, and compliance.
A PEO links the buying power of multiple employers together, so they can often negotiate more favourable rates and terms with employee benefits providers (insurance firms, etc.) than individual employers can.
Additionally, PEOs offer risk management services, helping companies identify and address potential liabilities before they become costly.
Stay 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 hamper 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, thus allowing you to focus on core profit-generating activities and reach new heights.
Overseas expansion can be complicated and time consuming, but partnering with TG Group’s expertise will help your organisation mitigate compliance risks to focus on business growth.
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