Employer Of Record Market Will Reach USD 6794.5 Million By 2028 With A CAGR Of 6.9% - Valuates Reports

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10 May, 2022, 20:30 IST

BANGALORE, India, May 10, 2022 /PRNewswire/ -- Employer of Record Market is Segmented by Type - Aggregator Model, Wholly Owned Infrastructure Model, by End User - SMEs, Large Enterprises. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Business Operations Category.

Employer of Record Market size is projected to reach USD 6794.5 million by 2028, from USD 4235.8 million in 2021, at a CAGR of 6.9% during 2022-2028.

Major factors driving the growth of the Employer of Record market are:

Factors like the ability to easily expand your business into foreign markets, low-cost human resources, no requirement for local incorporation, immigration compliance, guaranteed local compliance, and no additional payroll taxes are expected to drive the growth of the Employer of Record market.

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TRENDS INFLUENCING THE GROWTH OF EMPLOYER OF RECORD MARKET

The ability to tap into foreign markets is one of the first and most significant benefits that businesses will notice after hiring EOR services. Businesses can easily hire a remote workforce from anywhere in the world using EOR, and this move will greatly accelerate the growth of their company.

Employers of Record are excellent partners for small businesses looking to expand because of the above. Larger companies, on the other hand, can benefit from EOR, particularly if they need to find a local workforce with market experience. This factor is expected to drive the growth of the employer of record market.

A small business owner may want to wait until the company begins to grow before hiring a full-time HR team. When it comes to hiring new employees, EORs can step in and help businesses save money by allowing them to use their HR professionals at a lower cost. This factor is expected to drive the growth of the employer of record market.

Furthermore, Payroll processing for your global team can be complicated due to different payment methods, bank charges, and currency exchanges. Employee payments are managed by an EOR according to your payroll schedule. Payroll taxes, deductions, and returns are handled by EORs. They also send pay stubs to your employees and let them choose from a number of different payroll options.

EOR helps eliminate the cost of local incorporation. Companies can hire foreign employees on their own, but this requires forming a local entity, also known as incorporation. This process can take a long time and cost a lot of money, not to mention the costs of hiring professionals to handle your legal and accounting tasks to ensure everything is legal.

EOR is already a legal entity capable of dealing with the nuances of local legislation around the world to ensure perfect brand protection and cost containment. EOR can help with payroll, employment, and immigration issues in the host country, as well as act as a liaison between your company and employees.

EOR also provides Guaranteed local compliance and Immigration compliance. This in turn is expected to further drive the employer of record market growth. The EOR will be familiar with local labor laws and nuances, ensuring that both US and foreign laws are followed. Businesses can lower the risk of fines and compliance violations by working with an EOR.

Another advantage of hiring an EOR is that they always ensure that when hiring remote employees, appropriate working culture or practices are implemented. Providing a pleasant working environment and a secure location attracts more candidates. The hiring process will be much easier for employees because EOR integrates on a local level. They will, however, consult with you about your wishes and requirements. This is expected to further drive the market growth.

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EMPLOYER OF RECORD MARKET SHARE ANALYSIS

Based on region, North America is expected to be the most lucrative region. The United States is one of the most popular business destinations, thanks to its highly productive workforce and position as a global leader in research and development. However, due to complicated and contradictory laws, expanding into the United States can be overwhelming. These complicated parts can be handled by EOR, and companies can begin doing business in the United States within days.

Based on type, the Aggregator model is expected to be the most lucrative segment. In the aggregator module, one company acts as the umbrella organization, and each country's employment is subcontracted to local providers. These (usually small) providers aren't built to scale, and there's a good chance they won't have the legal, tax, or HR expertise needed by a public multinational company outsourcing its global legal infrastructure.

Based on end-users, SMEs are expected to be the most lucrative segment.

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Market By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

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Key players

  • Adecco
  • Randstad
  • Aquent
  • FoxHire
  • Infotree Global
  • Safeguard Global
  • Velocity Global
  • Globalization Partners
  • Shield GEO
  • Acumen International
  • Elements Global Services
  • Papaya Global
  • Universal Hires
  • CIIC
  • Links International
  • New Horizons Global Partners
  • Sky Executive

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