A Professional Employer Organization (PEO) is a company that provides comprehensive human resource (HR) services…
When hiring employees in Bangladesh, establishing a subsidiary or branch office is not always the best route, as it’s often a lengthy and expensive process. Hiring via a Professional Employer Organization (PEO), or Employer of Record (EOR), is a faster and often more effective option – especially when starting up in a new country.
Businesses seeking to expand into Bangladesh need to budget for supplemental benefits. These benefits can influence an employee to accept a position and to remain with an employer. Supplementary benefits in India can include :
- Special allowance
- Medical allowance
- Telephone or mobile phone allowance
- Leave travel allowance of concession (LFA)
- House rent allowance (HRA)
- Conveyance allowance
- Vehicle allowance
PayrollBD can assist your business by providing cost-effective India compensation outsourcing solutions. We streamline your global payroll and help you to source the most competitive benefits for your employees.
Employer Of Record For Multinational Clients.
An Employer of Record serves as a “go-between” for the employee and the client company when the latter expands to a new country without an existing footprint.
While the end client still manages the work and time of the employee, the Employer of Record is the local, legal employer, and handles all of the administrative and required compliance tasks. This includes sponsoring work visas, running payroll, withholding tax and social contributions, and ensuring all labor regulations are being met.
There are a number of reasons that you would use an Employer of Record when hiring overseas, including:
- You are new to the foreign market and not prepared to make a commitment of opening a branch office just for employment purposes.
- The foreign country has complex and unusual employment laws that are unfamiliar to your HR department.
- One of your strategies for global expansion is to outsource the employment and administrative functions.
- You are hiring remote workers in other countries, but still, need a way to run a local payroll for them.
Financial Management Services
Besides managing payroll and hiring client’s employees, the Employer of Record firm also takes care of all accounting needs of the client in the form of Financial management services as listed below
– For Individual Contributors and Managers
– TAX & VAT (for corporate & individual) management.
– General accounting.
– A/C receivable / payable.
Bangladesh Consultancy Service
We provide Employer of Record consultancy service in Bangladesh to all Compandben direct clients. We have worked jointly with Compandben working for more than 12 years now.
The services provided by the firm are
– Payroll Processing,
– Employment Services-sometimes called PEO services or employee leasing.
– Financial Management Services
– HR Services and Consultancy
– Recruitment / Placement Services.
Professional Employer Organization (PEO) and Employer of Record (EOR) services can provide valuable support to organizations in managing their HR and payroll functions.
A PEO can handle various HR functions such as employee benefits, payroll processing, tax filing, and compliance. An EOR is a third-party organization that becomes the legal employer of the client organization’s employees.
Both PEO and EOR services can help organizations save time and resources by outsourcing complex HR and payroll tasks. However, organizations must carefully evaluate each option’s benefits and costs to determine which one best fits their needs.