Introduction
A Professional Employment Organisation (PEO) is more than just an HR firm.
With a PEO, you can legally and easily employ employees who stay in other countries without setting up a local entity. You eliminate the costs and delays of setting up a structure, the need for legal knowledge, the need for local HR partners but also the risks of violating local labour laws.
Every company’s dream is the ability to hire workers from all over the world without worrying about their tax situation, wages and other legal and structural complexities that they only discover once they are engaged in the process.
With the increase in remote working, talent is now available and accessible from anywhere in the world. Employers increasingly understand their need to partner with a PEO to help them hire the right candidates and manage the administrative aspect of the future collaboration.
Attracting global talent advances the international development of every company.
More and more professionals in today’s society are interested not only in salary but are looking at benefits as well. Salaries vary from employer-to-employer but if you want to attract top talent, your company must provide a great workplace with excellent perks that will make them happy enough to stay around for long periods of time while earning more money elsewhere!
To attract and retain talents, it is necessary to offer a global benefits package. This paragraph discusses some of the best practices related to these policies as well as which ones you should use for your team members based on their location in order make them feel appreciated no matter where they are from or how much money that person makes with their specific company!
Which are the top benefits do employees are seeking?
Pandemic, wars and threats of any kind are daily spread from mass media; hence employees more than ever are looking for work-life balance and peace of mind.
In this new age of work, the most valuable benefit a company can offer is flexibility says “Rhiannon Payne author of The Remote Work Era”.
Top talents are looking for this kind of flexibility that allows them to work for objectives and not for useless hours spent in the office warming the seat.
Of course, the list of expected benefits is not limited to flexibility, but the three main ones sought by many are
- The type of health insurance provided by the employer
- The benefits and flexibility of working from home
- Personal development programs
After all we are talking here about top talents.
Think as the benefits offered as your distinctive element on the market
The culture of your business should celebrate self-care and encourage employees to take time for themselves. You can prove this by taking care of not just yourselves but also showing empathy with the needs we all have as humans!
Expats and Global Strategies for Businesses
Here is where PEOs express themselves to their fullest potential.
As said before, hiring talents globally supports international company expansion creating a solid starting point in a new market and at the same time reducing business exposure of living in just a country(market).
How can expats help your business?
Expats are often the key to your company’s success in new markets. They have experience that cannot be found anywhere else, and this is what will make or break you when it comes to competition!
Many people think that sending or having an employee abroad involves extra costs, which may be true through traditional expat management but will not be the case if you use PEO’s services.
– Expatriates are a valuable resource for any company – they bring a consistency and knowledge of the local culture that cannot be found anywhere else.
– Expatriates are the solution to the overseas talent shortage. Developing markets benefit from low labour costs, which often translates into a skills gap in the local workforce and can leave companies struggling when they need skills that are not readily available or affordable locally.
While expatriate staff provide this necessary talent sometimes at slightly higher rates than locals, there is no better way for your company to ensure that all bases in the developing country are consolidated
Although the onboarding of global expats provides many benefits if not carried on properly it also provides certain risks, such as: extra costs, legal and compliance complications, difficult relocation for talents.
To avoid these risks, it is important to ensure that your company gets the most out of hiring expatriates. If your company wants to expand internationally successfully, it should work with PEO services company
Yes, but what about costs?
Global Talent Acquisition should be done easily in a cost-effective manner. The PEO company manage all the country’s employment conditions based on labor laws, payroll and taxes.
The figures…
Based on a conservative estimate, research shows that the expected return on investment based on cost savings alone for PSI’s clients can be as high as 27.2%.
In addition, PEO services bring better KPI for your company such as:
- Lower employee turnover
- Higher rates of employee growth
PEOs deliver values to their clients in many different forms ranging from cost saving to greater efficiency and better Key Performance Indicators.
Conclusion
The value that PEO companies bring to their customers is significant and a growing trend. The new data from this year’s analysis confirmed many of the findings from previous NAPEO reports “National Association of Professional Employer Organizations”, including how PEO firms help attract and motivate employees and provide better business results for companies that choose to use PEO services for their international development.
