With evolving workforce requirements and ever-changing hiring processes, businesses need to onboard global employees effectively and efficiently. While it takes weeks to complete onboarding the traditional way, Multiplier simplifies the processes by finishing it in a few minutes!
How does Multiplier make it possible?
Let’s find out.
Onboarding an employee – A detailed guide
With Multiplier, companies can employ full-time or part-time skilled professionals anytime from anywhere in the world, facilitating global employment.
Usually, setting up an entity is a challenging part of global expansion. Multiplier solves the issue by employing the right talent through its local entity in that country. Thus Multiplier’s customers can expand globally without the need to set up an entity, leading to cost savings and reduced time and effort.
In this section, we discuss the various stages involved in the onboarding process, which include:
- Collecting employment details
- Generating and signing the contract
- Setting up payroll
- Verification of details
Let’s get into each of these sections separately.
Step 1: Eligibility
The user can log in to the Multiplier platform with the allotted credentials. Once logged in, click on the ‘hire and onboard’ tab on the left, which takes the user to the screen shown above.
Since the icons are self-explaining, one can easily click on the Onboard an Employee part, which takes the user to the below screen, to gather details on:
- The country of employment
- If the person is eligible to work in that country
Step 2: Basic Details
This step is to gather information on the employee, such as:
- Name
- Gender
- Mail id
- Job title
- Starting date
- Type of employment – Permanent or fixed-term contract
Step 3: Compensation
The compensation segment holds the data on remuneration details – the pay, frequency of payroll, additional compensation, and ESOPs details.
Once the additional compensation is selected, it opens a sub-window regarding the details of joining bonus, performance incentive, and other allowances available.
Next comes the ESOPs or the Employee Stock Option Plan. This is an optional benefit feature the employers can provide the employees as a long-term benefit.
By clicking on the ‘ESOP for the employee’ box, employers can choose the type of ESOP to provide, the vesting period to follow, and other details without getting into the nuances of handling it separately.
Also, Multiplier is not an ESOP management tool but only facilitates companies to provide employee benefits and make it official in the contract generated.
Step 4: Insurance Plans
With the traditional way, the employers need to meet an insurance provider, negotiate the prices and set up an insurance plan – which is time-consuming.
Multiplier’s expertise in handling insurance is the solution to such complexities.
With insurance partners in every entity country, Multiplier provides insurance as a benefit structured as a Multiplier platform-specific benefit.
Employers can select individual or family insurance for their employees. Currently, the family insurance feature is available in three countries: the USA, Canada, and India. In other countries, individual insurance is the popular choice.
Step 5: Compliance
Employers must remain compliant with the labor laws and regulations of the countries where they hold an entity or hire employees. The Multiplier platform helps with templates of the various regulations, which makes it easier for employers to follow.
All you need to do is make any edits if you wish to provide more than the mandatory terms.
For US employees, these are the available labor law-mandated employment :
- Leave entitlement
- Notice period
- Non-compete
- Non-solicitation
- 401k retirement plan
These vary from country to country, depending on their regulations.
Thus, global employment with full compliance with local labor laws is the value proposition Multiplier put forward.
Step 6: Contract generation
By clicking on the continue button on the compliance page, the next page facilitates the option to review the contract, make any changes if needed, and send it for signatory and employee signature.
With adequate changes made, the contract goes to the signatory for approval.
The signatory is then informed through email, and once it is signed, the employee will receive the notification as a welcome email describing the seamless onboarding experience. Shortly after that, the contract will be sent, and once the employee signs, it will be sent for final approval from Multiplier.
Step 7: Issue laptops and IT accessories
At this stage, there is an option to provide laptops and other necessary accessories to the employees on behalf of the employer.
The feature helps in the smooth onboarding of the employees and reducing the pressure on the employers, particularly in regard to:
- Ordering the devices from local vendors in foreign countries
- Shipping to the employee’s location
- Handling reimbursements in case the employee makes the purchase and more
All these can be eliminated with a single click on the Multiplier’s platform.
Step 8: Request details from the employee
It is a self-serving section for the employees. They can easily upload the requested documents and proceed to the final verification step. The verification will be done by Multiplier, with which the entire onboarding process will be completed.
Advantages of Multiplier’s smooth onboarding process
With the process we discussed so far, you would have already gotten an outlook on Multiplier’s smooth and convenient onboarding process.
It is time we collect and present the advantages in a single place.
Contract generation turnaround time
While the usual turnaround time for contract generation extends from a day to 2 weeks, Multiplier completes the entire contract generation process in JUST 3 Minutes! It is unbelievably quick and hassle-free.
Compliance ensured
Multiplier streamlines the compliance part of global employment by providing:
- Country-based leave entitlements,
- Overtime pay scale prevailing, and
- The payroll cycle followed, along with other information.
This saves the employers the pain of spending long hours researching the data themselves, and thus utilize the valuable time on growing business.
Dedicated support system
Multiplier offers a strong support team to assist customers in case they find themselves in a difficult situation. Instead of ticketing systems or automated chatbots interacting with customers, we prefer to bring in the human touch to deal with troubling situations.
Affordable pricing
We ensure our product makes the employers’ tasks easier and does not burden them with operational complications. With a budget-friendly solution, we ensure companies get the best of our services without burning holes in their pockets.
No hidden fees
Many play word games in marketing, creating confusion and not completely revealing the amount needed. We believe in transparent communications and focus on developing trust with the customers.
Customizable insurance
Multiplier offers a unique feature that allows you to choose individual or family insurance along with an insurance plan customization option. Rather than delivering insurance through a provider, we offer it as a Multiplier Platform-specific benefit plan.
Issuing laptops
Multiplier saves employers the hassle of purchasing, assigning, or reimbursing laptops in foreign countries. We handle the entire process of ordering the laptop and necessary IT accessories, handling logistics, and delivering it to the employees in the shortest possible time.
Conclusion
With a reach in over 150 countries, Multiplier is the only player in Asia with worldwide coverage. This makes the onboarding process much more transparent and simple. The affordable solution at localized pricing makes us stand out from the competition.
Do you wish to ease up the onboarding process in your firm?
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