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DALLAS, February 21, 2023 — Everest Group research suggests that 71% of organizations want to improve their geographical footprint; however, global expansion can be a complex and lengthy process, with organizations needing to navigate new legal systems, regulations, taxes, cultures, languages and more.
This has led to a seven percent growth in HR outsourcing adoption between June 2020 and June 2021. These trends, and others, are covered in our new GlobalHire-to-Retire Business Process Transformation 2021-22 RadarView. Platform adoption continues to be a key component in HR outsourcing deals.
For companies expanding internationally, failing to adhere to local labor regulations may result in fines, tax penalties, and other legal issues that hinder business and productivity. Follow this useful guide to develop global compliance protocols in any country. Reach out today to learn more about staying with globalhiring.
Global business leaders increasingly leverage International PEO as a proven, streamlined globalhiring option. NelsonHall’s recent report discusses the growing need for International PEO services and expects the global Employer of Record services market to grow by approximately 28.4% billion by 2024. billion by 2024.
But working with a trusted globaloutsourcing agency can ease the process. In order for companies to compliantly hire team members in countries where they don’t have an established presence, they must set up a business entity. Once your company is ready to grow internationally, the tasks at hand can be daunting.
Transforming from a startup to a global industry leader is a significant milestone for any business. From hiring top talent and staying compliant with local regulations, to intellectual property (IP) protection and global mergers and acquisitions (M&A), international expansion is complicated and difficult to navigate on your own.
Managed Services: Delving Deep Managed services refer to a comprehensive approach where an organization outsources certain tasks or functions to a specialized third-party company. These external providers, known as Managed Service Providers (MSPs), take full responsibility for the entire lifecycle of the outsourced function.
Start Searching for the Right Recruits First, decide if you should use internal personnel to recruit foreign talent or outsource recruitment to a local partner. Compliantly Hire Top Candidates Once you have chosen the ideal candidate, familiarize yourself with the labor laws in their country of residence to ensure compliance when hiring them.
HR, beware: Considering fixed-term employment contracts as part of your globalhiring strategy could expose your company to more risk than you can handle, both legally and financially. If HR is not versed in the nuances of local labor regulations, it may unwittingly put the organization at risk. Contact us today.
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