With an end to the COVID pandemic now on the radar, many companies are beginning to focus on a return to growth and international expansion. In times past this presented a number of challenges, especially when you were confronted with all the complexities associated with setting up in a new country: different laws, unfamiliar tax regimes, employment regulations, employee benefits and entitlements, currency exchange, payroll issues, bank account opening issues like time and procedural activities etc. As companies explore new markets and pursue global opportunities to be closer to talent, resources and customers, they need an employment solution that helps them rise above the competition. This is why so many companies embarking on international expansion today are utilizing a Professional Employer Organization (PEO) structure in each country of employment – which equips you with next level HR solutions and enables you to reimagine your business and workforce by providing the strategy, expertise and infrastructure to support your global goals.
Professional Employer Organization (PEO) is a third-party organization that works with your company to manage your human resources requirements. Their services include strong HR capabilities to assist you in growing your workforce and improving the employee experience while you concentrate on other elements of your business.
So why consider PEO? Let’s find out.
No local entity
Setting up shop in Bangladesh is a laborious and voluminous work which can take weeks and sometimes months to complete. With a PEO structure you can skip the full process and get right down into business. ACE Advisory allows you to activate a PEO setup in 48 hours.
Limited exposure to compliance
Not having a legal entity setup in Bangladesh limits your exposure to all sorts of regulatory compliances which not only reduces your time managing back-office operation for reporting and compliances but also minimizes costs of doing business. The entire compliance risk is transferred to us at ACE Advisory.
Expert local assistance
With a PEO setup you are partnered with expert consultants who specialize in local legal, tax and labour regulations as well as employment practices and expectations in different local industries. The local expertise aids in providing a rapid and informed response to support local employees.
Educated decisions for Global HR Management
PEO service providers are equipped to advise you on setting up HR policy for specific locations in compliance with your company policy and local regulations which aids in a smooth global HR management process.
Common myths and misconceptions about PEOs
“PEO is a headhunting firm?”
False. While the use of a PEO does help companies to widen the talent pool from which they wish to employ, a PEO is not directly responsible for seeking out talent and supplying organizations with access to talent.
“PEO is a recruitment service?”
False. A PEO allows companies to recruit talent from anywhere, as we are able to ensure they are employed compliantly and in-line with local labor laws, but a PEO does not act as a recruitment service.
“PEO means you only process payroll and that’s it?”
False. Although payroll is an integral feature of the PEO model, it is far from the only function of a PEO. Through partnering with a PEO, organizations are also able to make use of benefits administration, aid when bidding on global projects, support with remote teams and much, much more.
ACE Advisory has been independently judged by RemotePad as one of the leading PEO service providers of Bangladesh. With our PEO setup, companies from all over the world are able to recruit professionals in as little as 48 hours. And we also take care of onboarding, evaluations, termination and monthly payroll processing leaving you to focus on growing core business in Bangladesh.
Written by – Shahriar Hossain
Date – 5 July 2022
