When you’re growing a business, partnering with an employer of record (EOR) helps boost recruiting and retention efforts and decrease liability. In this article, we examine the historic function of employer of record services and discuss how innovative approaches to EOR, like Impact Workforce Solutions’ Core2, support organizations of any size in their efforts to enhance their workforce growth strategy and drive quality-of-life improvement opportunities for employees.
What is a traditional employer of record?
An employer of record is traditionally a third-party entity that acts as the legal employer for certain employees and manages all the related basic personnel functions, such as:
- Processing payroll
- Administering employee benefits
- Filing taxes
- Processing time sheets
- Terminating employment
What is the Core2 solution?
Core2 is an innovative and comprehensive EOR solution combining traditional services with employee management, retention strategies, and technology for complete oversight of your contingent workforce. Contingent workers are fully employed by Impact Workforce Solutions and enjoy a full benefits package, but function as a true subset of your “core” workforce.
When companies hire a contingent workforce, it’s not unusual for those workers to feel less connected to the organization than direct workers — who are directly engaged by HR — do. Feeling “invisible” in the workplace leads to low job satisfaction and higher turnover rates. Core2 was created to address this disconnect.
By placing a qualified, dedicated operations manager on-site full time, the Core2 solution provides not only the services of a traditional EOR, ensuring compliance and reducing liability, but also helps ensure your contingent employees are fully engaged and connected, with a focus on identifying skills gaps, creating opportunities, and developing efficient employment plans.
An improved employee experience boosts employee satisfaction and tackles employee attrition concerns head on. And when your employees are happy, they work smarter and harder, increasing productivity levels and positively impacting your bottom line.
The benefits of Core2
The Core2 solution’s tailored approach enables the contingent workforce to become fully immersed in your company culture and your overall business operation, so they feel a sense of belonging and a part of your organization’s broader vision and goals.
Clients find having a dedicated Impact operations manager on-site substantially reduces pressure and makes it easier to manage compliance. With dedicated leadership on the ground looking out for the best interests of both the company and the contingent workforce, your internal team can focus on other business-critical initiatives.
The Core2 EOR solution helps companies efficiently:
- Build a strategic workforce
- Improve retention and productivity
- Improve the quality of life for employees raising employee satisfaction
- Offload a huge administrative burden of contingent workforce management
- Mitigate risk and employment liability
- Create a lower total labor cost while keeping quality and productivity at peak
- Manage prompt, accurate payroll, and streamline accounting
While most EOR providers offer traditional services, the Core2 solution delivers that and so much more — effectively engaging with the contingent workers and enabling them to function as a true subset of your core workforce — maximizing retention, boosting output, mitigating risk, and providing significant savings over direct carry labor costs.