Employer of Record Services in Sri Lanka

When your business grows beyond a certain point, expanding overseas can be a lucrative and sometimes necessary factor to consider. International expansion provides a bevy of benefits such as access to a diverse talent pool with different skill sets, affordable employment, tax benefits, etc. However, expanding overseas is certainly a task that is easier said than done. An efficient way to overcome common pitfalls associated with international expansion would be to consider Employer of record (EOR) services through a third-party or partner company. 

EOR in a Nutshell

Employer of Record abbreviated EOR is an easy way to widen the reach of your organization globally without having to invest a lot of money in establishing local entities. This is facilitated by a third-party organization, that hires employees on your organisation’s behalf while dealing with things like taxes, legal, immigration, insurance, and ensuring all the regulatory requirements are met. The service provider deals with the employees and everything related to them. Basically, the EOR provider saves you the hassle, the excess cost, and does all the work for you.

Sri Lanka is a rapidly developing nation with a growing talent base. Harness the raw talent and manpower to grow your business. Below are some of the main benefits of using a partner in Sri Lanka as your EOR provider:

Cut costs – In the current COVID-19 climate the top priority for every business is to cut their costs and survive this pandemic. Using an agency in Sri Lanka as your EOR can prove to be incredibly beneficial when it comes to cutting costs. If you are based in the western part of the globe (ie-Europe) you can expect the same level of service and internationally accepted HR standards without compromising quality for a fraction of the price by engaging a reputed Sri Lankan EOR. 

Quick and Efficient hiring – Hiring can be very time-consuming and tiresome. An EOR partner can save you a lot of time and effort by managing the employee screening and recruitment process for you. You can count on your EOR since there is no shortage of experienced recruiters in Sri Lanka.

Administration – Administrative work often takes a major chunk of your time and resources when you are a business owner. Administrative tasks like payroll management, employee benefits management are necessary, but they can get a little tiresome sometimes. An EOR can handle such tasks on your behalf. If you are in Europe then you might even be able to get much better deals when it comes to negotiating with employees. Your EOR might be able to save you a lot of money. 

In Summary:  starting a remote business unit in Sri Lanka through a reputed Sri Lankan EOR can be a wise investment for your business especially during these difficult times. Sri Lanka can offer a competent and efficient talent base, with a sound technical and tertiary education, excellent command of English, international work experience at a fraction of the cost.

admin


James Harrison: James, a supply chain expert, shares industry trends, logistics solutions, and best practices in his insightful blog.