PEO (Professional Employer Organization), EOR (Employer of Record), and GEO (Global Employment Outsourcing) services offer companies the opportunity to outsource HR tasks and responsibilities to a third party.
These services are particularly beneficial for companies that want to focus on their core business and outsource complex and time-consuming HR tasks to a local expert who knows how to operate in the target country. This helps save time and resources and ensures that the company operates responsibly and complies with all local labor laws and regulations.
Before delving deeper into Econia’s distinct services, it’s crucial to clarify the evolving terminology.
If you’re focused on domestic operations, a PEO suits you well. However, if you want to expand globally while enhancing HR, payroll, and compliance, an EoR Services are ideal for your company.
A professional employer organization (PEO) is a company that handles various HR tasks such as payroll, tax filing, and benefits administration for your domestic workforce (where you do have your own legal entities).
As an example, the employee can be either a Finnish employee living in Finland who works remotely for your foreign company or your foreign candidate whom you want to place to work in Finland for a specific project. If your company intends to establish a permanent office in Finland, while establishing the office, your employees can already work for you through Econia's PEO services.
EoR acts as the sole legal employer for international workers, taking full responsibility for employment compliance, payroll, and HR administration in foreign countries where the client company lacks a legal entity. EORs are specifically designed for international employment and handle all aspects of legal compliance across different countries, making them particularly valuable for companies expanding globally or hiring remote workers abroad.
As an EOR, Econia hires your international talent on your behalf and becomes their legal employer in Finland. We take care of duties related to the employment relationship, such as onboarding, employment contracts, statutory insurances, occupational health care, payroll, taxes and ensure compliance with local labor laws and regulations.
Our PEO/EoR Services offer companies the opportunity to expand their operations or hire employees in Finland without having to establish a local office. In this case, Econia effectively acts as your employer in Finland. We are responsible for
This makes it easier for the customer company to operate and conquer the market in Finland, as it does not have to familiarize itself with the different rules and practices of each country.
“The service is also useful when a company wants to hire remote workers or invest in a new country, but it does not have the expertise, resources, or desire to handle local labor laws and administrative obligations on its own,” said Director Heimo Alatalo of Econia Oy.
“ At Econia, we believe that each customer company should be provided with a service package that supports their operations and is best suited to their needs. This way, each customer company is served as well as possible and at the same time the company does not have to pay for services that do not suit their company or that they do not need,” explains Director Alatalo. “We can serve the company from hiring the first employee to establishing the company and ultimately to payroll and accounting.”
If your company wants to operate in Finland, but the responsibilities and obligations of an employer in a foreign country pose challenges, contact us so that we can design a solution and service package that meets your needs.
Heimo Alatalo, Director, International Services and HR Services
heimo.alatalo(a)econia.com , tel. +358 50 527 9444