We’re excited to announce that G-P has once again been named the Employer of Record (EOR) leader by research firm The IEC Group in its 2024 global EOR study. G-P has been positioned as the highest leader by The IEC since the inception of the study in 2023. This year’s report cites our cutting-edge technology and services, including our global employment platform and the G-P Meridian Suite™ of global employment products and EOR solutions technology, as true differentiators.
To determine the industry leader, The IEC Group analyzed the breadth, depth, and maturity of 110 global EOR providers. Our presence in 180+ countries, advanced and efficient automation, and certified integrations with major HCM and payroll partners placed us at the front of the growing EOR pack.
G-P is the undisputed frontrunner in the EOR field, boasting a vast network of over 100 legal entities and providing support across 180+ countries. The majority of their operations (over 97%) are managed through their own entities and an extensive partner network. G-P leverages its cutting-edge global employment platform and technology solutions to drive their operations.
The IEC Group
The IEC Group projects the EOR market will continue growing at a substantial rate.
Given the increased need for more agile and flexible hiring solutions, The IEC Group projects that the EOR market will experience a compound annual growth rate (CAGR) of 16.7% and increase to USD 12 billion by 2030.
In fact, between 2023 and 2024, the market has already increased by USD 1.013 billion. The projections for 2025 anticipate an additional USD 1.108 billion in value. The crux of the report’s conclusion is clear:
An increasing number of companies are entering new markets and scaling their businesses worldwide. Those who hesitate to take their operations global will soon be left behind the curve — and their competitors.
But what other factors are contributing to the EOR industry’s rapid growth and why are companies increasingly taking this route over traditional expansion methods? According to G-P’s recent Global Growth Report, 77% of executives worldwide struggle to identify skilled talent in their current markets, so the help of an EOR partner is often needed.
The IEC Group cites speed to market as a key advantage when partnering with an EOR.
As more companies attempt to build a global customer base, partnering with an EOR can facilitate rapid market entry.
An EOR enables companies to hire anyone, anywhere in the world without setting up a local entity. The EOR manages local labor laws, employment regulations, and payroll so companies can quickly hire talent and start operating in minutes instead of the several months it would typically take to establish an entity.
For instance, when molecular diagnostics leader AmoyDx entered Japan and South Korea with their first approved product for the regions, they relied on G-P to hire team members in those countries. With G-P’s expertise and support, AmoyDx was able to swiftly navigate new markets and strategically build their global team quickly and compliantly. This collaboration resulted in significant returns on investment, with AmoyDx’s international business generating RMB 100 million as of fiscal year 2022.
But speed is just one of an EOR’s many benefits.
Grow globally with the undisputed EOR leader.
The IEC Group reported G-P is a “dominant force with next-generation technologies.” G-P stays ahead of the curve through continuous technological innovation. Our fully customizable EOR solutions and global employment products have been developed to meet today’s demands but always with an eye on the future.
In 2023, G-P launched the first-of-its-kind generative AI-enabled Global Intelligence Assistant, GIA™, to offer guidance and support at every stage of global growth. GIA brings together G-P’s years of global expertise and proprietary knowledge into a singular, structured knowledge engine. Aimed at lowering the barriers to global growth, GIA helps customers obtain answers to all their hiring and compliance queries 24 hours a day, 365 days a year. As of June 2024, GIA has answered over 25,000 queries from our customers.
The IEC Group highlights how compliance with local laws reduces legal risks.
EORs ensure compliance with all local employment laws, tax regulations, and benefits requirements, reducing the risk of legal issues. This means that companies can expand globally, knowing that they’re doing so legally and are less exposed to penalties and fines that will shrink their revenue and damage their reputation.
Tapping into new markets compliantly is critical to the success of any business looking to go global, but especially for G-P’s customer Australian-based Aurora Expeditions, whose cruises visit the Arctic and Antarctic Circle and remote coasts along Iceland, Scotland, and Costa Rica. Expanding their team globally appeared time-consuming, costly, and challenging. “For a business with limited resources,” says Mick Mag, Chief Financial Officer at Aurora Expeditions, “this level of administration is not only unwanted but can create additional compliance issues to the point where it becomes a consideration as to whether it is worthwhile to pursue.” However, by partnering with G-P, Aurora Expeditions was able to hire employees with customized, watertight local contracts that met all of the local legal requirements.
Certified integrations drive industry excellence according to The IEC Group report.
The IEC Group’s study revealed that more than 800 providers now occupy the EOR space — and many of the newcomers to the field offer “all-in-one” solutions. Yet, the reality is that this approach can’t match the industry’s best solutions on every front.
Trying to build and maintain every part of an HR tech stack can lead to product functionality gaps and operational disruptions that ultimately result in poor business outcomes. G-P’s best-in-class approach, recognized by The IEC Group in its selection of the industry leader, strategically integrates the strengths of our EOR products with industry-leading HCM and payroll partners.
This enables G-P to provide the most comprehensive and compliant global hiring and HR tech solutions that the all-in-one providers can’t match.
When you choose G-P, you can streamline and simplify the entire global employment lifecycle with automated and self-service workflows that support your team every step of the way. From hiring to onboarding, payroll, and end-to-end HR support, managing and building global teams is simple with G-P.
Download The IEC Global EOR study today to discover more about why G-P is the leading choice for all of your global growth needs.
