The human resource function is one of the most labor-intensive processes in the modern business function. Regulatory rules require extensive levels of skill to maintain requirements for each candidate, taxes vary by city and state, and labor rules require that you stay on your toes 24/7. It’s not a job for the faint of heart or the untrained.
But an employer of record (EOR) organization can eliminate the legal risk of hiring and maintain staff. Companies like FoxHire can manage all parts of the employer/employee relationship so that your business can focus on clients, products, or other areas that will help you grow. How can working with the right EOR help your business? Here’s how.
What Can an EOR Like FoxHire Do for My Business?
An EOR like FoxHire can serve as the employer for any contract workers you have. EORs can handle everything from health insurance and payroll to workers’ compensation and unemployment insurance. If you’re looking for an EOR, make sure they offer the services you need to keep your business running smoothly. This could include:
- Administration of employee benefits
- Background checks
- Employee onboarding paperwork
- I-9 and E-Verify filing
- Invoicing clients (if you’re contracting your employees to another business)
- Processing timesheets
- State and federal taxes
- Unemployment insurance
- Workers’ compensation
What to Look for in the Best EOR?
The entire idea behind an EOR is that these organizations help your business by freeing up the time you would spend handling employee HR functions. But many EORs have manual processes that can actually make more work for your teams, not less. Look for an EOR that has automated the systems you use. FoxHire, for example, has a simple online hub where our employer clients manage all HR-related functions. We’ve automated all of our systems to help you work smarter. This saves you time and money.
How Can an EOR Save Me Money?
There are many hidden costs associated with human resources. An EOR handles functions such as hiring and termination, compensation and benefits, payroll, and more. Each of these tasks requires a salaried employee with some HR training to handle. But there is a bigger area where an EOR can improve your business.
Compliance with regulatory rules for labor and taxes is ever-changing. This places risk on your organization. If you fail to keep up with any of these rules, you are at risk for costly compliance fines that can cost you thousands of dollars. Not to mention the damage to your reputation. An EOR can eliminate this risk.
This is a particularly important benefit if your organization is considering hiring employees across state lines. Tax rules and labor laws can vary down to the municipality the employee lives and works in. This is a bigger issue now that many employers have gone remote with their workforce. It’s a great benefit; now, you can hire across state lines, which helps broaden the talent pool. However, it adds increasing layers of difficulties for your business, which must be set up to conduct work in the state where the employee is located. That’s a huge benefit of a national EOR like FoxHire.
Talk to our firm today about how we can help you win at the HR game. We have an excellent track record and are standing by to serve you.