- Overview:Burkina Faso
- Global PEO and Payroll
- Global HR Compliance
- Expand without a company set up
- Contractor vs. employee: which is better?
Global Employer of Record (EOR) in Burkina Faso
What Is a Global Employer of Record?
An organization that allows employers to hire employees in other countries is the Global Employer of Record (GEOR). The global Employer of record service provider handles all aspects of the foreign employment process, from ensuring compliance with local labour laws to managing payroll and benefits and providing HR support.
As a business expands into new international markets, it may need to hire employees in countries where it has no physical presence. An EOR, or global employer of record, is a cost-effective and compliance risk-free way to add employees in new markets without having to establish an entity in a foreign country.
What Services Does a Global Employer of Record (EOR) Provide?
The Employer of Record usually handles human resources-related issues regarding the global workforce. These issues include but are not limited to:
- Payroll and benefits management;
- Compliance with local tax rules (file & deposit) of the country where the EOR company is located;
- Handling employment contracts:
- Background, education, and other checks;
- Onboarding and termination processes, as well as employee’s compensation;
- Arranging visas and work permits for employees;
- Ensuring the working process is organized under local labor laws;
- Processing workers’ medical insurance and other benefits (day-offs, bonuses, and more);
- Process maps, employment guides, and other documentation.
Global Employment Burdens Acumen Global EOR Helps Alleviate
- Compliant hiring and payroll in 190+ countries
- Ongoing monitoring of legal, firing & firing regulations
- Tax & benefits guidance
- Continuous labour, tax, payroll, and immigration compliance monitoring & updates.
2. Risk Control
- Permanent establishment risk
- Worker misclassification risk
- Under-taxation risk
- HR & immigration compliance risk
- Intellectual property right risk.
3. Need for Local Incorporation
- Outsourced HR support upon new market testing
- HR arm upon global expansion
- Business in transition – M&As, close-downs.
4. Employee Transfer
- From PEO to PEO
- From EOR to EOR
- From legal entity to legal entity
- Convert Independent Contractors to full-time employees.
5. All-in-one Solution
Acumen Global Employer of Record offers integrated global employment solutions under one roof and can replace multiple vendors, including:
- Payroll Company
- Employee Benefits Broker
- HR Consultants
- Background Checks Vendors
- IP Attorney
- Tax Advisor
- Translation service
- Legal Advisor
- Immigration Advisor
- HR Compliance Advisor.
6. Global Knowledge. Local Expertise and Support
- Faster time-to-hire with streamlined paperwork and communication
- One platform to onboard and manage all team members
- Streamlined global payroll
- Single source of truth for contracts and documents
- Dedicated customer service
- 24/7 local support
- Simplified hiring for Full-time employees and contractors
- Expertise with hiring and firing local and foreign workforce.
Why Work with a Global Employer of Record in Burkina Faso?
Payroll taxes and service fees can be an enormous burden for employers. Many companies use a Global EOR (Employer of Record) to help with these costs. PEOs typically charge a percentage of the total payroll, including employee insurance fees. It can be challenging to determine the actual costs for these services, especially when some employer taxes are only paid on wages up to a certain threshold.
1. Single Global Service Agreement
A global PEO can cover all your international projects within a single contract and add new employees and services as you expand your global workforce in new countries.
2. No Required Minimums
We accept projects of any length with any number of employees.
3. Flexible Pricing — Pay As You Grow
At Acumen, we adjust your pricing based on the project employee number, whether you need to scale up or down.
4. End-to-end Global Employment Solution
We manage all your global services, including employment, recruitment, immigration, legal and global HR consulting, saving you valuable time. And Acumen International covers the cost and saves you the effort of finding and selecting local employment-related service providers.
5. Avoid Lawsuits
If you don’t want to get sued, you should become a Global Employer of Record. Doing so limits your vulnerability to lawsuits by ensuring compliance procedures are followed, taxes are paid correctly, and payroll is appropriately managed.
6. Reduced Expenses
A global employer of record (EOR) will bundle the cost of payroll, benefits, and workers’ compensation onto one payroll. The EOR will also handle tax filing on your behalf. This means that you only pay one set fee per month for all services, which can save you time and money by preventing multiple invoices from being mailed to you.
7. Free Yourself From HR Hassles with a Global Employer of Record
When you partner up with a Global Employer of Record, you’ll have someone who’s always there to handle the small and large tasks that are going to come up in your HR department. You’ll never have to worry about filling out paperwork or managing new hires again—you can focus all your attention on growing your business. A Global Employer of Record will handle the HR headaches so you can concentrate on what really matters: your business.
EOR vs PEO: What Is the Difference?
Hiring international workers can be a complicated and daunting task for any business. An EOR, in particular, can be a valuable asset to your company, taking on the administrative duties for a portion f your international workforce management.
Partnering with a global EOR can free your HR team to focus on more important tasks and ensure that all of your employees are taken care of. Seasonal workers, contractors, project-specific hires, and foreign employees can all be handled by an EOR, making the workload lighter for your HR Department.
Several compliance and payroll issues must be considered when hiring staff from overseas. One way to overcome these difficulties is to work with an employment partner, such as an employer of record (EOR) or professional employer organization (PEO). These organizations can help businesses navigate the complexities of international law and make global employment a much easier process.
Business owners looking to expand globally should be aware of two types of organisations: PEO (Professional Employment Organization) and EOR (Employer of Record). While they may perform similar functions, it is essential to understand their differences to choose the right one for your company. Knowing which organization is right for your business can ensure you get the best results.
EOR (Employer of Record) vs. PEO (Professional Employment Organization)
|EOR (Employer of Record)||PEO (Professional Employment Organization)|
|Serves as the legal employer||Serves as a co-employer|
|Assumes all legal responsibilities and liabilities||Shares legal responsibilities and liabilities|
|Can take over a portion of HR functions||Can take over the entire HR function|
|Can be used for a part of the workforce||Can be used for the entire workforce|
|Allows companies to expand globally without setting up e local business entity||Only works with clients that have established entities in all countries where they have employees.|
|Handles payment based on payment terms (provides payroll funding)||Requires payment before payroll (no payroll funding)|
|Takes care of employee insurance||The client needs to arrange insurance for payroll employees|
5 Benefits of Using a Global Employer of Record in Burkina Faso
Our EOR acts as the legal employer and assumes all responsibility and liability for employees while they perform work for you. As a bonus, we can provide an end-to-end payroll solution.
We have over 20 years of experience working with multinational businesses to help them grow their business in emerging markets worldwide. Our team has helped thousands of companies get their feet in international markets through our EOR service.
The benefits of Global Employer of Record are the following:
- No need to set up a new entity in every country where you have operations. You are not required to hire local employees or worry about local compliance requirements.
- The ability to scale your business quickly by hiring employees in multiple countries without having to set up a new entity in each country.
- A single point of contact for all employment-related questions and concerns.
- A single point of contact for all tax compliance questions and concerns.
- No need to worry about managing multiple payroll systems, tax filing requirements, or employee benefits programs across multiple countries since everything is handled by Acumen Global Employer of Record (EOR).
Spotlight on Burkina Faso
- Location: Burkina Faso is a landlocked country in West Africa.
- Capital: Burkina Faso’s capital city is Ouagadougou.
- Population: Burkina Faso has a population of about 20,8 million and an area of 274,200 sq. km.
- Labor force: The labor force participation rate in Burkina Faso is 66 percent.
- Currency: The national currency of Burkina Faso is West African CFA franc.
- Holidays: Burkina Faso has 9 major public holidays: New Year’s Day, Anniversary of the 1966 Upper Voltan coup d’état, Women’s Day, Labor Day, Independence Day, Assumption, All Saints Day, Proclamation of the Republic, Christmas.