With post-pandemic changes in the HR Industry, we are seeing the demand for Professional Employer Organisations – Singapore PEO service and Employer of Record – EOR service to continue to grow in Singapore and Asia. While it has significantly dominated the massive call center industries in India and the Philippines, more companies from multiple industries are now exploring the engagement of PEO service firms to fast track overseas market entry and minimise cost in managing their overseas HR needs. A Singapore PEO service / EOR service firm is an outsourcing firm that provides the much-needed HR support for a company where it holds operations without a full office set-up either in Singapore or in the region.
Traditionally, PEO service covers support in managing payroll, tax administration and regulatory compliance assistance. In recent years, the role of PEOs has shifted with companies requiring more support overseas. Today, PEOs may be tasked to fulfil a bigger HR role and manage the overseas staff on a company’s behalf in the foreign country via co-employment models. It is also a critical asset builder for many companies as PEO service providers now offer talent acquisition and management services. Collaborating with the right Singapore PEO service providers enables companies to tap into the right resources that fits their organisation while operating in Singapore and Asia.
Aside from cost mitigation measures, here are mission critical ways the right Singapore PEO service firm help businesses to grow.
1. Speed to Market
Business expansion will always be on the checklist for business growth. With the help of Singapore PEO firm, a comprehensive human resource services can be made available to businesses that do not have a physical presence in Singapore or regional countries in Asia. This is especially useful for companies that want to dabble in a new market in Asia but aren’t ready to commit to opening an office. Doing business with accuracy and speed can give your company a competitive advantage.
2. Better HR Operation
A company that wants to go big needs to go big in managing its people too. With Singapore PEO service, businesses can have a better HR operation that does not only after the business growth but also for the employee’s well-being. This includes better work benefits that were once for large-scale businesses but are now made possible through a PEO, better compensation, hiring and more seamless HR administrative processes.
There are numerous statutory regulations governing employee benefits and the human resources profession in different countries and states in Asia. Your company must properly handle the following issues related to:
- Compensation for Workers
- Employee Security
- Human Resources Legislation
- Taxation Structure
A Singapore PEO service firms have extensive experience dealing with a wide range of compliance issues both in Singapore and in the regional countries. A reliable Singapore PEO service firms can keep your company out of legal trouble by ensuring that all HR regulations are followed.
4. Risk Mitigation
Minimising risks is a key for long-term success. Doing risk management ensures that your company is ready and doing all measures to protect your businesses from this risk. However, small businesses might be aware of the importance of risk management but most of them cannot afford to hire a risk management expertise in-house. One of the common risk sources is worker’s compensation and workplace safety issues: not being able to come up with proper policies, claims and planning on effective risk management might hinder your business success. With the help of a Singapore PEO service firms, you can have a dedicated risk management expert on-board on your team to facilitate and ease the burden to focus more on value-adding tasks. They are the people who are well-versed with the policies and laws that will help you stay away from business threatening risks.
PEO can ramp up your businesses regardless of the business size. It can assist businesses in increasing their success by providing personalised and tailored solutions based on the needs of the business. A large-scale company can leverage business expansion options without taking a larger risk in a simple and low-risk manner. Small businesses, on the other hand, can enjoy competitive benefits and compensations that were previously only available to larger groups, as well as onboarding expert people without having to pay twice as much, and having more seamless operations so that they can focus on growing the business. Whatever business sizes your company is currently in, PEO solutions can be an essential part of your expansion strategy.
Collaboration with a Singapore PEO service providers such as HRPlus Consulting is definitely a game-changer for companies with their head quarters in Singapore as the right Singapore PEO partner can support its clients/partners to grow their business quickly in the South East Asian or Asian region.