What if your recruiting firm could pull in a solid revenue stream from placing contract workers, without the hassle of handling payroll, benefits, taxes, or HR? That possibility is real if you work with FoxHire. FoxHire is an employer of record or EOR service. This blog will help you understand the possibilities inherent in a partnership with our firm.
An EOR takes the hassle and risks out of staffing. An EOR, like FoxHire, serves as the employer of record for contract workers. We handle all personnel and administrative functions, from payroll and timesheets to administering benefits, and filing all of the taxes associated with employment. Here’s what you focus on: Finding candidates and closing deals. FoxHire partners with recruiting firms making more than $500k in annual revenues. It’s a win/win for everyone, and it allows you to focus on one thing—which is building your business.
Understanding the EOR Model
While your contractors are outperforming work for a client company, you can continue to build more business. Behind the scenes, FoxHire handles all contractor administrative duties:
- Timesheet processing
- Weekly payroll
- Federal and state taxes
- Unemployment insurance
- Pre-employment verification
- Worker’s compensation
- Employment paperwork
- Benefits administration
While this service may sound costly, there is no monthly or annual fee. FoxHire earns a percentage of what you earn when the client company hires your contractors. We make money when you make money. The fees are personalized by the type of work the contractor will perform, the state, the environment where the work will be performed, and any miscellaneous placement add-ons from the basic service.
Given the cost of hiring an HR staff, this service more than pays for itself. However, the staffing firms placing contractors are more than generating enough revenue—and the amount you make placing contract workers is unlimited. Your profit per placement depends on your ability to negotiate high billing rates with your clients. For example:
- If you have just ten contractors working 40-hours per week for 52 weeks at an average rate of $12/hour, your annual profit will be $249,600.
Remember, we handle client billing, so we also take care of paying you and your contractors. Each week FoxHire direct deposits thousands into bank accounts around the country. You receive a detailed accounting of your earnings in an online Recruiter Portal.
We should mention that our work is seamlessly hidden; your name appears on invoices to the client. A partnership with FoxHire is the perfect match to your recruiting skills. While we handle the administrative tasks associated with hiring contractors, we do not perform recruiter. Delegating HR to an EOR frees up you and your recruiting team to focus on one job—finding the best clients and candidates to generate revenue for everyone involved.
Isn’t it time to focus on what you do best? Contact FoxHire—we can help.
