An Employer of Record (EOR) is a third-party organization that takes responsibility for all formal employment tasks on behalf of another company. The EOR allows companies to legally and efficiently engage with overseas workers either in a new country or state, without having to set up a local entity or risk violating local employment laws. Hiring an EOR gives the client’s company the opportunity to manage their time more efficiently and effectively. Employer of Record is legally responsible for paying employees, including dealing with employee taxes, benefits, insurance, visa application, and sponsorship applications and a great many other transactions and operations concerning human resources. In businesses expanding market, also come across terms: Professional Employment Organization (PEO) and Global Employment Organization (GEO). A Professional Employment Organization (PEO) also known as an International/Global PEO, allows an enterprise to hire employees in a foreign market without the need of setting up a local entity. Although quite similar to an Employer of Record, a PEO is a service firm that generally offers a more comprehensive range of HR services. A Global Employment Organization (GEO) has properties of an EOR but is more similar to a PEO, in that it allows for the administrative HR burden to be removed from a client and instead be managed by a Global Employment Organization. Some firms take Employer of Record (EOR) business same as PEO and we abide this attribution in corresponding situation.
According to the new market research report “Employer of Record – Global Market Insights and Sales Trends 2024”, published by QYResearch, the global Employer of Record market size is projected to reach USD 7.21 billion by 2029, at a CAGR of 7.6% during the forecast period.
- Global Employer of Record MarketSize(US$ Million), 2018-2029
Source: QYResearch, “Employer of Record – Global Market Insights and Sales Trends 2024”
- Global Employer of Record Top20Players Ranking and Market Share (Ranking is based on the revenue of 2022, continually updated)
Source: QYResearch, “Employer of Record – Global Market Insights and Sales Trends 2024”
The global key manufacturers of Employer of Record include Adecco, Randstad, Aquent, FoxHire, Infotree Global, Safeguard Global, Remote Team (Gusto), Velocity Global, Deel, Remote Technology, etc.
In 2022, the global top five players had a share approximately 14.0% in terms of revenue.
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