By choosing one specific global mobility solution, universities can stand to gain up to a 70% reduction in the costs of expansion - whether that means employee relocation, talent acquisition or even mergers and acquisitions.
That method is working with a Global Professional Employer Organization (PEO), an organization that can streamline the processes of overseas expansion, global payroll, immigration and entity set-up, amongst other things.
So why are Global PEOs rapid mobility services crucial for universities?
- The PEO Use Case for Universities
- How a Global PEO Saves Time and Money
- Benefits of Working With a Global PEO
The PEO Use Case for Universities
Around the world, universities struggle with complex administrative processes and budgetary restrictions. For institutions that want to grow or maintain a global presence, this can make the situation difficult.
Typically, a university may have a complex pattern of multinational relationships, all ran either in-house or independently, which can result in communication or regulatory issues. A decentralized organization structure can create chaos for universities when there should be order.
With cross-border employment, HR, management or payment, compliance is sometimes difficult to achieve. This results in high-risk global operations and the potential for inconsistency.
On the other hand, a Global PEO offers a centralized service for tracking, paying and managing overseas employees, aided by technology that goes beyond the average spreadsheet, combined with real-time data collation.
Even if your educational institution is looking to expand into new territories but isn’t quite ready for a full commitment, a Global PEO allows you to ‘test the waters’, meaning you can experience quick experiments within new markets to further influence and advise your future expansion projects.
How a Global PEO Saves Time and Money
The global regulatory environment for universities is a truly complex world. It’s the key reason why organizations either choose not to pursue making a mark within another country or failing within the process. For universities that offer crucial education services for countless students, maintaining growth is vital.
A Global PEO, through the guidance of its experts, can help bring forward project implementation by a matter of months. They’ll be on the lookout for updates to country-specific legislation and even the ever-changing political and economic relationships between countries, adapting a university’s expansion to remain productive.
Rapid global mobility is achieved by getting employees on the ground in the quickest time possible, in line with regulations and requirements. A key enabler for this is that the Global PEO is registered within the target country, meaning they can quickly meet tight deadlines, eliminating the need for a university to set-up a completely new legal entity. Talent acquisition, background checks and onboarding are then done within a matter of weeks.
In some cases, universities may already have a foreign entity set-up with significant amounts of staff. Economies of scale like these can, through PEO, reduce the expenses involved with payroll fees. Universities can also benefit from bulk savings on things such as healthcare insurance.
Whichever your method of Global PEO, the initial set-up costs are at an incredible minimum. Compare this to the amount of time and money you could have spent on entity set-up and staff relocation - the savings are truly significant.
Benefits of Working With a Global PEO
By providing successful international services to universities, Global PEOs can make sure that higher education institutions continue to have a globally-influential presence in the education markets.
The initial benefit of a PEO is its adaptability and scalability, being able to provide services that fit to the specific needs of the university itself. If your institution needs help with employee relocation - a PEO can do that. If they need Employer of Record services for hiring talent from overseas - a PEO can do that.
But what other benefits can they bring?
100% compliance with domestic and international legislation: Global PEOs are made up of experienced legislative specialists who know the ins and outs of global regulatory compliance when it comes to things such as labor laws, taxation and other requirements.
Full in-country HR support: Different countries require different types of legislative support. PEO specialists handle overseas employees on a case-by-case basis, meaning HR support can be tailored to those circumstances.
Onboarding employees within 24 hours: The average time it takes to set up a new entity, start a new business or create a presence with a country was 19.597 days in 2019. Using a Global PEO, this can be done in one day.
Pre-employment background screening: Universities no longer have to waste time screening employees before they’re hired. A PEO can assume these responsibilities, giving HR teams more time to work on other things.
Simplified global invoicing: Some Global PEOs provide a single monthly invoice for all global employees in any currency, simplifying this process and taking responsibility off the shoulders of busy finance teams.
Fixed single monthly fee: Depending on the requirements, a PEO works with a fixed single monthly fee meaning that you aren’t surprised with unexpected bills. This also helps simplify your accounts.
Universities have always wanted to maintain a worldwide presence and service offering while remaining financially stable. Right now, with the financial issues of COVID-19 presenting themselves, this is more important than ever. To find out more about how higher education can overcome the challenges of the coronavirus pandemic, keep reading.
How Can Universities Overcome the International Challenges of COVID-19?
Securing budgets is one issue - how can universities use them to maintain their services for students and their research projects? These two responsibilities are business-critical challenges that universities have to face. In our guide, we go over the potential solutions for universities provided by Global PEO organizations.
Inside you’ll discover how to overcome the problems of travel restrictions, research implications and more. Just click the link below to see how you can make your mark in other countries across the globe.