In a recent poll of economists, the World Economic Forum found that nearly two-thirds of the respondents believe there will be a recession in 2023. But here's the good news: many analysts expect a relatively mild and short recession.
According to the economic rules, we know that after every fall, there comes growth. Today, companies should look for innovative solutions to save costs but continue business activities and stay afloat. One of the solutions which can help is Employer of Record (EOR).
The global Employer of Record market is anticipated to rise considerably during the forecast period between 2022 and 2028. In 2021, the market was growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
According to MarketWatch, the global EOR market size was valued at USD 1277.18 million in 2021 and is expected to expand at a CAGR of 15.03% during the forecast period, reaching USD 2958.64 million by 2027.
With more companies embracing remote and global workforces, the complexities of HR and compliance have also increased. In this context, EOR has become an increasingly popular solution for businesses looking to minimize risk and maximize flexibility in today's rapidly changing work environment.
If you choose to partner with EoR, you can expect them to handle:
Employer of Record can be an excellent solution for companies during a recession in 2023 for several reasons, which we will explore below.
Firstly, an EOR can help businesses reduce costs while maintaining their workforce. During a recession, companies may face financial constraints and need to find ways to reduce costs. An EOR can provide a cost-effective solution as they offer various services such as payroll, benefits, compliance, and HR support, which can reduce the costs associated with hiring an in-house HR team.
On the other hand, EOR can help companies expand their business into new markets. As companies look for new opportunities for growth during a recession, an EOR can help them navigate the complexities of international markets by providing local expertise and support.
At the same time, an EOR can help businesses mitigate risk and comply with local regulations. During a recession, companies may face increased legal, and compliance issues, and the penalties for non-compliance can be costly. An EOR can provide local legal and compliance expertise, helping companies avoid risks and ensuring compliance with local laws and regulations.
Another key benefit of EOR services is that they provide a high level of flexibility. Companies can engage employees in any part of the world without having to worry about the legal and administrative requirements that come with it.
EOR services allow companies to focus on their core business functions while the EOR takes care of all HR and compliance-related matters. This is particularly important for companies with employees working in multiple jurisdictions or companies with limited knowledge of local employment laws and regulations.
EOR erases all recruiting borders, providing access to a vast talent pool to hire the best candidates regardless of location. Say “no” to any limitation due to regulatory and tax complexities.
Overall, Employer of Record services can be an excellent solution for businesses during a recession in 2023. By offering cost savings, local expertise, and compliance support, EORs can help companies to maintain their workforce and continue their growth in a challenging economic environment.
Today, ALLSTARSIT provides a comprehensive range of Employer of Record services that can be tailored to your specific budget and requirements. We are committed to putting our clients first, which is why we offer flexible contracts that allow you to choose the services that best suit your needs. Our contracts are adaptable, so you have the freedom to customize them as needed.
With our basic EOR package, we:
In addition to the above, we provide several supplementary packages that cater to your diverse needs:
More personalized attention
With ALLSTARSIT, you get a human touch. We provide personalized support and assistance from our experienced team, instead of relying on a faceless software platform.
Our EOR solution is a more cost-effective option for businesses looking to expand globally, being 50% cheaper than SaaS platforms.
More services included
Our EOR solution goes beyond just payroll and compliance. We offer a full suite of services, including recruitment, retention, benefits administration, and more to help businesses expand their global workforce seamlessly.
Our EOR solution is customizable, which ensures that the terms, benefits, and perks included in the contract are tailored to meet the unique needs of both your company and the employee.
Find out more about how ALLSTARSIT can cater to your global hiring needs by visiting our expertise page.