Let’s look at the top 5 industries that could benefit from hiring a PEO or EOR company for their global expansion.
The global market is constantly changing, meaning demand for new services and industries is always in flux. To stay ahead of the competition, keep reading to find out more about the top 5 industries that could benefit from a PEO or EOR service for their international expansion.
1) Pharmaceuticals
One of the largest industries in the world, pharmaceutical revenues in 2022 totalled $1.46 trillion. With substantial developments in drugs and medicines over the last few years, and the importance of vaccinations during the Covid-19 pandemic, the pharmaceutical industry is becoming more crucial than ever to people’s safety and health. Hiring experts from around the globe and encouraging cooperation is vital to the continued success and growth of modern-day pharmaceutical companies. Since health and safety standards differ depending on the location, it can be tough for pharmaceutical companies to navigate the difficult laws regulatory bodies put in place. An EOR or PEO company can help guide a business through the legal procedures, and ensure that businesses remain compliant – both at the initial hiring stage, and in the long-term.
2) Manufacturing and Construction
The best EOR and PEO companies provide extensive services for their customers, ensuring that everything from HR management to payroll is taken care of. For large construction and manufacturing companies, outsourcing the management of time-consuming employment processes allows for the streamlining of their businesses. This means they can spend more time focusing on their international project completions, resource planning, asset production and distribution. This gives them an edge over their competitors who face extra pressures to keep up with ever-changing international regulations. Collaboration is also key for construction and manufacturing companies, and expanding into new territories can be just as beneficial as maintaining streamlined operations in existing countries. New opportunities abroad can be lucrative for manufacturing and construction businesses, since international collaboration allows access to a much wider pool of skilled workers, knowledge, and resources. However, there are often many legal hoops to jump through which can seem daunting, and delays or complications can lead to deadlines being missed. With an expert EOR company like Leap29 to help, the whole process is quick and hassle-free.
3) Technology
Providing network infrastructure, cyber security, and data analytics for global networks is no easy feat. The technology sector is an expanding and highly competitive market, which is why a PEO or EOR service is so important for companies looking to hire internationally. Sourcing professionals from across the globe can limit time and resources which could be better spent elsewhere. Businesses who hire through an EOR or PEO company can apply themselves fully to their work without worrying about the hurdles of international hire. Data management is also simpler with an EOR or PEO company to assist. Implementing and upgrading to new systems can often slow businesses down. Allowing the handling of employee information to be managed by an outsourced PEO or EOR company can make the process of modernisation simple and easy.
4) Renewable and Non-Renewable Energy Generation
The energy sector is unique, not only because it involves companies which produce consumable fuels, but also because it includes businesses responsible for the construction and maintenance of energy-related equipment and services. In the energy sector, time and money are valuable resources. Demands for a more sustainable future and the transition to renewables require investment in energy infrastructure and talented specialists to assist in developing and implementing new technologies. Making sure your company has the right people for the job can be a slow and expensive process. Hiring an EOR or PEO company to find you specialist team members saves a huge amount of searching and processing time, enabling businesses to focus on building their workforce quickly and efficiently. Companies can scale their workloads as teams grow and develop, ensuring they are making the most out of their experts.
5) Service and Retail
Whether your business is just taking off or already internationally established, providing goods and services requires excellent communication, and nowhere is this more important than in the retail and service industry. Employing talented individuals to provide their valuable skills and knowledge is vital to the growth of any business in this sector, as companies rely on their workers to bolster their success. An EOR or PEO service for the retail and service industry creates opportunities for dialogues between international clients and workers without any of the stress. EORs bridge together businesses and clients from across the globe, meaning companies can provide their world-class consultancies, education, and customer services to a multitude of people and places without taking on the difficulties of onboarding new members of staff.
Why Choose an EOR or PEO Service?
Of course, PEO and EOR services aren’t limited to just these sectors! Our experts have helped hundreds of companies to expand internationally, and with 20+ years of experience, you can trust Leap29 to manage your expansion, make sure you stay compliant, and keep the costs down on your next business venture. If you want to know more about our PEO or EOR services, contact us today to get started.
