Introduction
Establishing a distributed remote team in the Asia-Pacific (APAC) Region comes with challenges like hiring the right talent, managing their payroll, staying compliant with the local laws, amongst others. These essential tasks can be very time-consuming and expensive.
With an Employer of Record (EOR) in the APAC region, you can now have a team of your own without setting up a local legal entity. Skuad is an Employer of Record that helps you simplify hiring and compensation of full-time employees in a foreign country.
Key Payroll and Talent Trends in the APAC Region
The 2020 Deloitte Global Payroll Benchmarking Survey found several significant trends and variances throughout the world's regions, including APAC, North America, and EMEA. Here are some of the most important discoveries for Asia-Pacific:
- When employing managed services, the payroll cost per employee in APAC is USD 146, compared to USD 483 in EMEA.
- 82% of respondents execute payroll in APAC every month.
- Online pay slips are received by 92% of employees.
The Global Payroll Complexity Index also identified Asia and the Pacific as regions prone to payroll outsourcing, owing in part to sensitive cultural issues and complicated security rules.
Another payroll-related development that has been noted in APAC is the increasing significance of digital currencies. Experts also foresee a considerable increase in the usage of alternative payment methods in the coming years.
The Talent Trends 2021 report included new insights and market sentiment for industries that have experienced significant change in the recent year. The study examines key recruitment and talent-related focus areas in the Asia-Pacific region, such as digital preparedness, organizational design, flexible work, leadership, and diversity and inclusion.
The Asia Pacific Executive Talent Trends 2021 Report's Key Takeaways
- In 2020, female executives will fill 31% of senior executive positions.
- By 2021, 68 % plan to increase their investment in technology and digital tools.
- In 2021, 53% of firms maintained or increased the frequency and quantity of channels outside email.
- For four out of every five employees, working from home is equally or more productive.
How does an employer of record (EOR) work?
Skuad is an Employer of record in the Asia-Pacific, which serves as a Global HR Platform for companies looking to hire and pay remote talent. Partnering with an employer of record allows organizations to legally and effortlessly hire the best talent in the Asia-Pacific, without setting up a local legal entity. Skuad manages the hiring and onboarding of employees, runs payroll and provides statutory benefits, gives ongoing legal and HR support, and much more.
Skuad provides Employer of Record services in the following APAC countries:
Talk to our People Ops experts to discuss your requirements and see how Skuad can help. Book a demo today!
FAQs
What is an employer of record in Asia Pacific?
An Employer of Record (EOR) in Asia Pacific, is a third-party organization that legally employs your global employees without a local entity and compliantly manages payroll, taxes, benefits, devices, work visas, background checks and more.
How much does an employer of record cost in Asia Pacific?
The Employer of Record in Asia Pacific generally costs between $300 to $1000+ per month and varies based on the EOR you choose. For instance, the EOR provided by Skuad (A Payoneer Company) starts from 199 USD per employee.
What are the benefits of using an EOR?
An Employer of Record helps client companies with quick market expansion in new locations, locally compliant recruitment and management of international employees without a local entity, reducing administrative overload and handles onboarding, payroll management, taxes, benefits administration, insurance, devices, work visas, background checks and more.
What is the best employer of record in Asia Pacific?
Skuad, a Payoneer company, is one of the best employer of record for hiring in Asia Pacific. Partner with Skuad EOR to compliantly hire and manage payroll, benefits, taxes and more without a local entity.
What is the difference between employer of record and PEO?
An Employer of Record (EOR) becomes the legal employer of your workforce and manages payroll, taxes, benefits, compliance and more without a local entity whereas a Professional Employer Organization (PEO) co-employs your employees with shared responsibilities of payroll and HR via a local entity.
What is the difference between employer of record and staffing agency?
An Employer of Record (EOR) legally employs your workforce and compliantly manages payroll, taxes, benefits etc., without a local entity whereas a staffing agency only acts as your recruiting partner i.e., helping you find suitable talent for open positions at your company, without taking any responsibility for employee management and compliance as per local laws.
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