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[127] pages Employer of Record market report is segmented by geographical regions (Europe, Asia Pacific, Latin America, Middle East & Africa) and manufactures (Elements Global Services, PEO Worldwide, Universal Hires, New Horizons Global Partners, FoxHire, Papaya Global, Safeguard Global, Velocity Global, Workforce Logiq , IES, Globalization PartnersI).
"Final Report will add the analysis of the impact of COVID-19 on this industry.
The "Employer of Record Market Insight Report" for the year 20232029 provides in-depth details on the market overview, including segmentation, geographic and regional analysis, current trends, development, and market status and prospects by region. In order to give readers a deeper grasp of their competitors and a thorough understanding of the competitive environment, this study also introduces participants in the industry from the perspectives of market share, concentration ratio, etc. and describes the main firms in detail. Moreover, the keyword market provides data on company profiles, manufacturer fundamentals, production locations, sales regions, rivals, and SWOT analyses.
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Market Analysis and Insights: Global Employer of Record Market
The latest research study on the global Employer of Record market finds that the global Employer of Record market reached a value of USD 851.11 million in 2022. It’s expected that the market will achieve USD 1702.14 million by 2028, exhibiting a CAGR of 12.25% during the forecast period.
An employer of record is a third party organization that assumes all the responsibilities associated with the formal employment of staff. While the end client still manages the work and time of the employee, the EOR is the local, legal employer, and handles all of the administrative and required compliance tasks. This includes sponsoring work visas, running payroll, withholding tax and social contributions and ensuring all labor regulations are being met.
Influence of COVID-19 Outbreak on Employer of Record Industry Development
In 2021, economic and political risks will be intertwined. Trade tensions continue to pose major risks to the global economy, and the outbreak of the new coronavirus (Covid-19) has also disrupted trade and supply chains. The USA death toll from the new crown epidemic has exceeded 700,000, and this number continues to rise. In addition, many more people suffer from severe illness. This year, it is estimated that nearly 90 million people will fall into extreme poverty. Low-income people or people living in areas with high unemployment need income to make ends meet, such as food and rent. There is no additional expenditure for non-necessities for the time being. However, as the epidemic is brought under control in many places and the economy is gradually recovering, More and more enterprises will set aside more expenditures, and investment will resume.
As the impact of the COVID-19 pandemic spread across the globe, businesses were forced to adapt. So they began to work remotely to ensure the safety of their employees. Telecommuting is more than a temporary solution to the global health crisis. This is a completely new way of life. Although COVID-19 may have accelerated the adoption of the telecommuting policy, acceptance of the policy has been increasing over the past few years. From happier and more efficient employees to the ability to create a more positive environmental impact, the effectiveness of telecommuting has been demonstrated. The study found that employees with more flexible work are more involved and enthusiastic about their performance.
From technological progress to the enhancement of the value of a more comprehensive work environment, teleconferencing software such as Zoom and Google Meets paves the way for enterprises to flourish in a remote environment. In addition, corporate culture will be more important than ever. With less physical interaction, companies will need to take steps to build trust and relationships among employees at all levels. This will require commitment and communication well beyond the weekly team lunch. Management must focus on implementing plans to connect employees, keep them informed and promote inclusion. Companies must also provide employees with access to the information they need to achieve good performance.
Telecommuting will result in the redistribution of talent from major cities and business centers. People will have more say in where they choose to live according to the quality of life they want. Not at the expense of their career goals. Recruitment will no longer be subject to geographical restrictions. This will set the tone for the remote team to become the core strategy of the global company. Companies can make hiring calls based almost entirely on talent, not location. Create a global and more democratic professional talent pool.
To address this trend, Employer of Record solutions will play an important role in mobilizing international staff and streamlining related processes.
Market Dynamics
The development of economic globalization urges enterprises to go global. Nowadays, enterprises realize that if they want to compete, they must expand into the international market. In fact, 76% of American and British technology companies plan to expand to more than three international markets by the end of 2024—four times that of 2019. Traditionally, companies set up legal entities in foreign countries to expand new markets; However, the process of establishing an entity is expensive, complicated and time consuming. In addition, this requires valuable internal time and resources, and limits the flexibility required by the company to adapt to new markets and expand the team size. Employer of Record support the global expansion of enterprises.
At the same time, the constant change of society also promotes the flow of different human resources, different cultural backgrounds and local labor culture all pose challenges to the expansion of enterprises, and these factors will promote the growth of Employer of Record service demand.
Market Limitations
Hiring another entity to take charge of the recruitment process generally makes the enterprise feel that it has less influence on the employee entry process. Although Employer of Record enterprises have their own HR experts, who have received training and can prepare candidates for the company, some business owners want to personally review every potential candidate. Asking others to recruit employees may change the original way of developing the company. Even though EOR is a legitimate employer, their behavior towards employees will still reflect the enterprise to some extent. In addition, the use of EOR will generally affect the company culture, adding a little friction to the daily workflow. These factors will affect the demand of downstream enterprises for Employer of Record, thus affecting the development of Employer of Record industry.
Market Opportunities
The global technological landscape is changing, and technological changes have a huge impact on the Employer of Record industry.
Workforce Logiq's employer of record services is seamlessly integrated with direct sourcing IQ Talent Network. Workforce Logiq’s IQ Talent Network take advantage of advanced predictive direct sourcing technology to actively establish a talent pool of qualified candidates interested in temporary, full-time or free/temporary job opportunities. The IQ Talent Network is fast and easy to deploy, using proprietary and proven data science and artificial intelligence to supplement and enhance the supplier-based recruitment plan. The artificial intelligence workflow of IQ Talent Network also recommends talent-specific information and email topics to recruiters to improve the response rate of candidates. Recruitment promotion usually gets more than 50% email opening rate.
Globalization Partners is the only Global Employer of Record (EOR) with an AI-driven technology platform and an in-house global legal infrastructure, which ensures the quality and compliance it provides to customers. The combination is critical given that an EOR manages the intellectual property generated by employees and other complex cross-border matters for its customers. As an EOR, Globalization Partners serves as the legal employer handling payroll, taxes, and benefits, and ensuring compliance with local employment laws and regulationsfreeing up companies to manage and direct the daily work of their team members.
The combination of Employer of Record solution with artificial intelligence technology and Internet is a new development trend of Employer of Record industry, which will bring new development momentum to Employer of Record industry. With the continuous progress of science and technology, more new technologies will appear in the future.
USA had the highest growth rate of all regions.
Globalization Partners is one of the major players operating in the Employer of Record market, holding a share of 16.53% in 2021.
Globalization Partners simplifies international business by enabling companies to hire teams without setting up branch offices or subsidiaries. Globalization Partners focuses on Compliance, Human Resources, International Business, Global Business Expansion, International Legal Expertise, Global Employer of Record Services.
Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and services to large corporations, enables organizations to win and retain the talent they need to grow. With clients in 50+ countries, Workforce Logiq provides expert guidance, real-time and predictive analytics, and patented and award-winning technologies. Workforce Logiq’s universal sourcing solution addresses all elements of its clients’ acquisition and retention programs, including full-time (RPO), contingent (MSP), and freelance/ “gig” (FMS) workers. Backed by global investment firm The Carlyle Group, the company helps clients attain greater management, performance, and financial control over their talent supply chains.
Among different product types, On-Line Service segment is anticipated to contribute the largest market share in 2027.
By application, the Large Enterprises segment occupied the biggest sharefrom 2017 to 2022.
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Major Players in Employer of Record market are:
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Employer of Record Market by Types:
Employer of Record Market by Applications:
Key Factors Considered
COVID-19
Amid the COVID-19 crisis, the Employer of Record market has definitely taken a hit. The report describes the market scenario during and post the pandemic in the vision of upstream raw materials, major market participants, downstream major customers, etc. Other aspects, such as changes in consumer behavior, demand, transport capacity, trade flow under COVID-19, have also been taken into consideration during the process of the research.
Regional Conflict / Russia-Ukraine War
The report also presents the impact of regional conflict on this market in an effort to aid the readers to understand how the market has been adversely influenced and how it’s going to evolve in the years to come.
Challenges and Opportunities
Factors that may help create opportunities and boost profits for market players, as well as challenges that may restrain or even pose a threat to the development of the players, are revealed in the report, which can shed a light on strategic decisions and implementation.
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Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historical data and forecast (2018-2029):
Years considered for this report:
Client Focus
Yes. As the COVID-19 and the Russia-Ukraine war are profoundly affecting the global supply chain relationship and raw material price system, we have definitely taken them into consideration throughout the research, and in Chapters 1.7, 2.7, 4.X.1, 7.5, 8.7, we elaborate at full length on the impact of the pandemic and the war on the Employer of Record Industry.
With the aim of clearly revealing the competitive situation of the industry, we concretely analyze not only the leading enterprises that have a voice on a global scale, but also the regional small and medium-sized companies that play key roles and have plenty of potential growth.
Please find the key player list in Summary.
Both Primary and Secondary data sources are being used while compiling the report.
Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users.
Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.
Please find a more complete list of data sources in Chapters 11.2.1 and 11.2.2.
Yes. Customized requirements of multi-dimensional, deep-level and high-quality can help our customers precisely grasp market opportunities, effortlessly confront market challenges, properly formulate market strategies and act promptly, thus to win them sufficient time and space for market competition.
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Chapter including in Employer of Record market report:
Some of the key questions answered in this report:
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Detailed TOC of Global Employer of Record Industry Research Report
1.1 Objective of the Study
1.2 Employer of Record Market Definition
1.3 Market Scope
1.3.1 Market Segmentation by Type, Downstream Industry and Marketing Channel
1.3.2 Major Geographies Covered (North America, Europe, Asia Pacific, Middle East and Africa, Latin America)
1.4 Years Considered for the Study (2018-2029)
1.5 Currency Considered (U.S. Dollar)
1.6 Stakeholders
3 Key Companies’ Profile
3.1 Competitive Profile
3.1.1 Global Employer of Record Sales and Market Share by Companies
3.1.2 Global Employer of Record Revenue and Market Share by Companies
3.2 Manufacture 1
3.2.1 Brief Introduction of Manufacture 1
3.2.2 Manufacture 1 Sales, Growth Rate and Global Market Share from 2018-2023
3.2.3 Manufacture 1 Related Products/Service Introduction
3.2.4 Manufacture 1 Business Overview/Recent Development/Acquisitions
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4.1 Global Sales, Revenue and Growth Rate by Type 2018-2023
5 Global Employer of Record Market Segmented by Downstream Industry
5.1 Global Sales, Revenue and Growth Rate by Downstream Industry 2018-2023
6 Employer of Record Industry Chain Analysis
6.1 Value Chain Status
6.2 Upstream Raw Material Analysis
6.3 Midstream Major Company Analysis (by Manufacturing Base, by Product Type)
6.4 Distributors/Traders
6.5 Downstream Major Customer Analysis (by Region)
6.6 Value Chain Under Regional Conflicts
7.1 Driving Factors of the Market
7.2 Factors Challenging the Market
7.3 Opportunities of the Global Employer of Record Market (Regions, Growing/Emerging Downstream Market Analysis)
7.4 Technology Status and Developments in the Employer of Record Market
7.5 Industry News
7.6 Market Investment Scenario Strategic Recommendations
7.7 COVID-19 Impact on Employer of Record Industry
7.7.1 Employer of Record Business Impact Assessment - Covid-19
7.7.2 Supply Chain Challenges
7.7.3 Market Trends and Potential Opportunities of Employer of Record in the COVID-19 Landscape
7.8 Industry SWOT Analysis
8 Global Employer of Record Market Segmented by Geography
8.1 Global Revenue and Market Share by Region 2018-2023
8.2 Global Sales and Market Share by Region 2018-2023
9 North America
9.1 North America Employer of Record Sales, Price, Revenue, Gross Margin (%) and Gross Analysis from 2018-2023
9.2 North America Sales Analysis from 2018-2023
9.3 North America Import and Export from 2018-2023
9.4 North America Market by Country
9.4.1 North America Sales by Country (2018-2023)
9.4.2 North America Revenue by Country (2018-2023)
9.4.3 United States Sales and Growth (2018-2023)
9.4.4 Canada Sales and Growth (2018-2023)
10 Europe
10.1 Europe Employer of Record Sales, Price, Revenue, Gross Margin (%) and Gross Analysis from 2018-2023
10.2 Europe Sales Analysis from 2018-2023
10.3 Europe Import and Export from 2018-2023
10.4 Europe Market by Country
10.4.1 Europe Sales by Country (2018-2023)
10.4.2 Europe Revenue by Country (2018-2023)
10.4.3 Germany Sales and Growth (2018-2023)
10.4.4 UK Sales and Growth (2018-2023)
10.4.5 France Sales and Growth (2018-2023)
10.4.6 Italy Sales and Growth (2018-2023)
10.4.7 Spain Sales and Growth (2018-2023)
10.4.8 Russia Sales and Growth (2018-2023)
10.4.9 Netherlands Sales and Growth (2018-2023)
10.4.10 Turkey Sales and Growth (2018-2023)
10.4.11 Switzerland Sales and Growth (2018-2023)
10.4.12 Sweden Sales and Growth (2018-2023)
11 Asia Pacific
11.1 Asia Pacific Employer of Record Sales, Price, Revenue, Gross Margin (%) and Gross Analysis from 2018-2023
11.2 Asia Pacific Sales Analysis from 2018-2023
11.3 Asia Pacific Import and Export from 2018-2023
11.4 Asia Pacific Market by Country
11.4.1 Asia Pacific Sales by Country (2018-2023)
11.4.2 Asia Pacific Revenue by Country (2018-2023)
11.4.3 China Sales and Growth (2018-2023)
11.4.4 Japan Sales and Growth (2018-2023)
11.4.5 South Korea Sales and Growth (2018-2023)
11.4.6 Australia Sales and Growth (2018-2023)
11.4.7 India Sales and Growth (2018-2023)
11.4.8 Indonesia Sales and Growth (2018-2023)
11.4.9 Philippines Sales and Growth (2018-2023)
11.4.10 Malaysia Sales and Growth (2018-2023)
12 Latin America
12.1 Latin America Employer of Record Sales, Price, Revenue, Gross Margin (%) and Gross Analysis from 2018-2023
12.2 Latin America Sales Analysis from 2018-2023
12.3 Latin America Import and Export from 2018-2023
12.4 Latin America Market by Country
12.4.1 Latin America Sales by Country (2018-2023)
12.4.2 Latin America Revenue by Country (2018-2023)
12.4.3 Brazil Sales and Growth (2018-2023)
12.4.4 Mexico Sales and Growth (2018-2023)
12.4.5 Argentina Sales and Growth (2018-2023)
13 Middle East and Africa
13.1 Middle East and Africa Employer of Record Sales, Price, Revenue, Gross Margin (%) and Gross Analysis from 2018-2023
13.2 Middle East and Africa Analysis from 2018-2023
13.3 Middle East and Africa Employer of Record Import and Export from 2018-2023
13.4 Middle East and Africa Market by Country
13.4.1 Middle East and Africa Sales by Country (2018-2023)
13.4.2 Middle East and Africa Revenue by Country (2018-2023)
13.4.3 Saudi Arabia Sales and Growth (2018-2023)
13.4.4 UAE Sales and Growth (2018-2023)
13.4.5 Egypt Sales and Growth (2018-2023)
13.4.6 South Africa Sales and Growth (2018-2023)
14.1 Forecast of the Global Employer of Record Market from 2023-2029 by Region
14.2 Global Employer of Record Sales and Growth Rate Forecast by Type (2023-2029)
14.3 Global Employer of Record Sales and Growth Rate Forecast by Downstream Industry (2023-2029)
14.4 Employer of Record Market Forecast Under COVID-19
15 Appendix
15.1 Methodology
15.2 Research Data Source
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