What is employment risk, and what are those risks? Employment risk applies to both employees and employers when legal employment is formed. Whether it is a blue-collar or white-collar job, every job comes with a risk. By definition, employment risk is a risk that is inherent in an employee’s job or work site. This is where employers come in to provide employees with insurance and other perks to ensure the employees’ well-being. While employee risk management includes ensuring both mental and physical wellbeing, protecting employees’ labor rights, and preventing any of those rights to be violated by the employer are also included as part of the employees’ risk to manage.
Global Trends
Job scammers, or can be identified with a more professional term is “Cyber criminals”, appear when they trick victims to believe they are doing a dream job that resolves the victim’s difficult situation. This matter has happened for a long time yet modern technology made the scam more delicate and lucrative. They can disguise themselves as legitimate employers, fake a company website, and create fake job recruiting on online job platforms that have high user traffic rates. A victim of the job scam can face the following situations as consequences:
Employer Contribution
If you are hiring a Taiwanese talent from abroad, what kind of social insurance do you need to pay for them? Social insurance in Taiwan is calculated by salary intervals so it does not have a fixed percentage for the numbers. Let’s take a look at what is the cost for hiring a Taiwanese talent from the following highlights.
Compliance
t is not uncommon for many businesses to resort to third-party services to provide them with the extra hand to handle payroll. However, there are numerous outsourcing services related to payroll that offer other human resource management services payroll. To name a few, in this article we will be comparing an accounting firm, payroll agency, and Employer of Record (EOR).
Compliance
To the employers and enterprises, there are some other factors that need to be taken into consideration when hiring overseas talent, aside from just international bank transfer. And truth to be told, perhaps your ability wasn’t even part of the equation as to why the overseas company couldn’t proceed with the employment this time around. If anything, they highly respect your value that they will not proceed with the employment process without providing the rest of the employment package such as social contributions and other relevant benefits that are required under the local labor law.
Compliance
EOR and PEO do, however, have certain distinctive features that employers should consider before deciding which service they should use for HR management. We have talked about Employers of Record and how it can support expedite your business expansion overseas in our last post. In this section, we will elaborate more on Professional Employer Organizations so that you can better understand their differences.
Interview
Carol Chen, from Taiwan, runs the Facebook fan album of 100,000 followers named “凱若 MiVida Carol” or directly translated to “My Life by Carol”. Nineteen years ago, she wanted to spend more time with her children and give them a better life. She started her own business at home and became an entrepreneurial mother. It’s been eight years she is relocated to Europe. Now, Carol lives in Spain with her husband, daughter and son, and is ready to publish her fifth book, meanwhile being the CEO of a Food and lifestyle brand”MiVida”.
Global Trends
Your employees are just starting their journey with your organization. They are just as excited as you to embark on their new journey as you are to welcome them to be part of the team. Before the pandemic, your new hires will come to the office for their first day and finally meet their colleagues for the first time, get introduced to the whole department, and have a little tour of the office before they get to know their role better on the training. But it’s not like that to onboard your remote team.
Interview
Having joined the company during the pandemic, up to this day, Shu-Qiao has not once conduct the work at the office. Shu-Qiao also shared that she went through all of the onboarding process and initial training online. “Everything was done remotely, including signing the legal paperwork to proceed with my employment and the first month of initial training.”
Interview
Currently, Sherry is working for a German e-commerce team which she always refers to as a Blackforrest company. Ever since day one, the company has been providing the option to work remotely while keeping teammembers connected through establishing rutines and virtual communication. In spite of the distance and time difference, Sherry has been able to stay close enough to all of the business stakeholders to make critical decisions and keep projects running smoothly.
Interview
Woomanpower – Women’s Power Academy, lead by Sherry, who has a background of senior headhunting consultants, and Elsa who is also an author of “Give up 22k, jump in Singapore!”. These two women co-founded an online academy exclusively for women. The academy was officially launched in 2021.
Compliance
When entering a foreign market, as a business entity or employer, you might find your competitors to be in the same market as you. Therefore, it is likely to become a war for talent. When you need to get talents onboard with your company as quickly as possible, Employer of Record (EOR) is the perfect solution to help you get up and running quickly while continuing to plan for your future brick-and-mortar company.
Digital Culture
Not long before the pandemic hit and put the majority of the workforce to practice remote working, half of the population of software developers have already been working remotely. Therefore, it is less troublesome for software developers to transition to a remote working setting in comparison with the other departments. However, with the recent social distancing restrictions that have been lifted, many companies demand their employees to conduct their work on-site. Most of the management teams are still not very inclined to hire remote workers due to various reasons.
Global Trends
One of the biggest myths of remote working is that employees lie around in their room watching Netflix or having a Monday brunch instead of working on their share of responsibility. But the truth is, the benefit of remote working is that remote workforce is now able to do all those while maintaining their working performance. On-site employees are able to show up from 9 to 5, five days a week, and yet they are most likely struggling to optimize their productivity compared to the remote employees.
Compliance
Are you planning to expand your business globally as you grow your team? When considering international expansion, many businesses assume that the only way to achieve this is by setting up their own physical company entity abroad. However, setting up an entity can be time-consuming and complicated. Employer of record (EOR) services can be considered as an alternative to help you achieve this goal without all the hassles.
Global Trends
Counterintuitively, with the backlog in resignations, the number of burnout workers is increasing. With the vaccine starting to become widely available earlier this year, it indicates that the economy will start to recover. As burnout becomes one of the predictors of resignation, many workers decided to take their time off this year despite the bounce back in the economy.