31 Jan In 2023, How Will Employer Of Record (EOR) Be?
December 20, 2022 (Eicra) – Previously, Panther provided Employer-of-Record services. But we soon came to the conclusion that most businesses just cannot afford it. It’s pricey, sluggish, and annoying. So, we finally made it simple to hire people internationally by creating a contractor management tool.
When you uncover top talent abroad, you can hire them under contracts that are consistent with local laws, pay your entire staff with a single click, and avoid the drawn-out EOR procedure.
Previously, Panther provided Employer-of-Record services. But we soon found that typically these just make things worse rather than better. Things like compensation adjustments, hiring speed, & termination are frequently just too slow and difficult for fast-paced businesses since all EOR services are constrained by the workplace environment in the nation they are being used in.
With EORs, finding a job throughout the world is never as easy as "with a few clicks. Because of this, and with good reason, the majority of companies dislike their EOR suppliers. So, at Panther, we’ve created a new model. Our offering benefits two audiences:
- The 90% of international hiring that is made possible by contractor agreements.
- The portion of present EOR recruiting that could be done via contractor agreements more readily.
Let's examine each of those:
90% of all global recruiting is made possible by contractor agreements: This is a sizable market that is neglected by subpar contractor solutions. Panther has developed a solution that enables businesses to hire, pay, & manage contractors in more than 150 countries.
Employer of Record (EOR) Industry Demonstrating Impressive Growth
2022 – 2028
US$ 4299.1 million
US$ 6604.4 million
In fact, businesses may now pay everyone at once, hire people using contracts that comply with local laws, and soon assist their staff in enrolling in benefits like health insurance.
However, it’s seldom as simple as it seems; it’s expensive, and the drawn-out procedure itself drives away a lot of excellent talent.
In actuality, most businesses could use our contractor solution to outsource some of their FTE hiring. For businesses as a whole, it’s significantly quicker & much less expensive.
For the talent themselves, it’s equivalent to full-time employment because to the things we’re building, such as stipends and benefits.
Can you do that, please? Frequently, yes. Although misclassification concerns are significant, most businesses can eliminate them by simply abiding by local regulations.
The regulatory & labor law requirements that must be met when hiring full-time staff are frequently more numerous and severe than these requirements.
In conclusion, Eicra’s approach is the ideal option for businesses to make the majority of their recruits abroad. And we’re concentrating on this remedy rather than pursuing EOR, which we are aware is overly difficult and frustrating for the majority of its users.