A Guide to Go-Live for Employer of Record (EOR)
What is the purpose of go-live for an Employer of Record (EOR) provider?
Go-live in general terms is the time it takes for something to become available. For an Employer of Record (EOR) provider, it’s the duration of time it takes to complete the financial and legal onboarding of their customers’ candidates they’re hiring abroad. During go-live, EOR providers are dealing with and taking responsibility for financial and legal work such as sponsorship applications, visa, payroll and tax withholding, compliant contracts, insurance, and benefits.
Go-live is the most important KPI metric for executives as it gives an overview of how an EOR provider is currently performing in the duration of time of onboarding and ensuring they are reaching their goals. This is essential as the better an EOR provider is in their go-live, the more successful the company will be at providing good service to their customers and having an exceptional team (most critical).
Go-live helps Employer of Record (EOR) in:
Quicker in hiring customer candidates abroad
Increase and optimize sales and revenue
Customer satisfaction with wait time
Coordinate a successful and proactive team
Issues with the slow go-live of Employer of Record (EOR)
The most common issue EOR providers run into is taking 2-3 weeks to complete the onboarding of their customer’s candidates they’re hiring abroad. The effects of slower go-live results in higher turnovers of returning customers and a slower overall company growth rate.
A high customer turnover can be costly and significantly impact a business’s ability to survive. Research shows that 80% of customers churn in the first 18 months after they start using a product or service. The reason this is such a devastating figure is that churned customers are much more expensive to acquire than new customers. This means you are spending more money to get back all the customers who left, and this cycle can go on indefinitely until you change you improve your go-live. When your customer retention rate is low in comparison to your competition, you might be missing out on some extra revenue and overall company growth rate. In particular, you could be losing lifetime value to a new competitor because of slow go-live.
3 common issues with slow onboarding for global employment using an Employer of Record (EOR):
Employees wait for the employer to finish their paperwork. This can be frustrating for the employee and make them feel like they're not making progress in their career.
Many different kinds of documents need to be signed by different people—and some of those people may be located in another country! When new candidates are looking at a company that has an Employer of Record system, they’ll have to wait for all those documents to get sent back and forth between offices.
Because this process takes so long, there's always a chance that something will go wrong along the way. If there's an issue with their paperwork or if someone doesn't sign it on time or if someone else doesn't scan it correctly… well then they could end up having trouble getting their new job!
How to have a faster go-live of Employer of Record (EOR) through onboarding?
Although EOR providers have a compliant onboarding, a common issue they run into is slow onboarding for their customers to hire applicable candidates from anywhere. EOR providers should look at their growth metrics and invest in a product that automates and processes onboarding more quickly.
To resolve the issues of slow onboarding while handling a customer’s candidate financial and legal documentation abroad, reach out to Kohomai. We are a no-code designer for automated onboarding for your platform.
Here’s what we offer EOR providers and company owners:
To create an engaging and seamless onboarding experience that enables stakeholders to complete their tasks
Automate all manual tasks and set an autopilot onboarding
Optimize maximal productivity and operational excellence
Enhance communication and collaboration efforts
We are dedicated to helping not only EOR providers but also gig platforms,
marketplaces, and FinTech in boosting productivity and automating manual & admin repetitive tasks for your team or company. That means you’ll have more time to focus on the most important part, the happiness of your customers and team!
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