Hiring in a new, foreign country can be challenging, particularly with your status as a new employer on the market adding to the already competitive recruitment field. Employee benefits can help your company stand out and attract that all important top talent. Here's how a PEO can provide employee benefits and help you recruit and retain employees on a global scale.
The Importance of Employee Benefits
First things first, it's important we address the significance of providing employee benefits. While an established company name, salary, job title or description and location may entice an employee to apply for your company, employee benefits could be the difference to what makes them accept the job and stay at your company. And, it's not just new employees that benefits are vital for. If you're asking your existing employees to relocate with you to a new country, then your employee benefits are crucial in encouraging them to take the plunge with you.
Managing Global Benefits
Securing employee benefits in your own country can be challenging enough, but, navigating foreign policies can make securing employee benefits even more challenging.
Firstly, as a new business unfamiliar with local cultures and business practices, it may be that your existing benefits are not held in as high a regard in your new country.
Secondly, negotiating such benefits at a competitive price and by the best provider can be extremely challenging as a new, unknown business.
This is where a global PEO comes in.
Can A PEO Provide Employee Benefits?
Put simply, yes. A PEO or an EOR can provide employee benefits on your behalf thanks to their authority as a manager of numerous businesses and due to their extensive knowledge and experience in a vast range of countries worldwide.
There are different types of benefits a PEO can help you secure.
Different countries have different laws for different employee benefits. For example, in the UK all businesses must offer a workplace pension by law. Meanwhile, legal employee benefits in Singapore differ depending on the time an employee has worked for a company, their salary and the type of employee, e.g., permeant, temporary or contractor. Navigating each company’s legal benefits can therefore be understandably challenging.
A PEO can help you ensure employees are getting the benefits they are legally entitled to from holidays to pensions, no matter which country you are operating in.
Optional Employee Benefits
While it is essential you comply with law enforced benefits, there are endless benefits to providing additional, optional employee benefits.
A PEO can help you negotiate benefits such as private healthcare, life insurance, gym memberships, retirement packages, childcare assistance and so much more. A PEO’s global status and the number of employees they manage for varying companies means that they can leverage employee benefits at competitive prices whilst also ensuring benefits are managed compliantly and are sustainable for your company.
While a PEO can provide employee benefits, there is nothing to stop you offering additional perks such as remote working or flexible hours. Whatever employee benefits you offer, a PEO can write these into your employment contracts to ensure clear and compliant communication with employees.
Additional benefits really help your company stand out as an employer, especially in a new, unfamiliar market. Meanwhile, happy employees mean a more successful global expansion for your business.