Business
Employer of Record vs Staffing Agency
Recruitment and employee management functions are integral to any company’s functioning. Therefore, a company may sometimes prefer to get additional assistance from an employer of record or a staffing agency.
However, there are a few instances where people usually confuse the two and use them synonymously. While that is not the case, it is necessary to draw clear lines between their fundamental meaning and roles when defining their participation with the client.
This article will discuss some of the significant differences between the functioning and role of an employer of record and staffing agency in enabling their client company to achieve their respective goals. But before we focus on the differences between an employer of record in staffing agencies, let us first revisit their respective meanings for a clear understanding.
What is an Employer of Record?
An employer of record is a third-party organization responsible for hiring and paying an employee on behalf of its client company by taking responsibility for executing formal employment functions. Getting assistance from an employer of record allows a company to efficiently engage with its workers and better look after the legal aspects.
Therefore, it becomes easier for the client company to manage its recruitment, payroll, taxation, and other similar functions exceptionally well without taking many loads. An employer of record facilitates businesses to onboard employees and start global operations without setting up a local entity.
What is a Staffing Agency?
Synonymously referred to as a search and recruiting from/service, a staffing agency is an organization that works as a mediator between companies and prospective job candidates. By working with a staffing agency, the client company can proficiently connect with numerous hiring managers to find the right people for a specific job opening. Therefore, it makes the recruitment process smooth and comparatively better if the company cannot find suitable candidates on its own.
Differences between Employer of Record and Staffing Agency
Now that we are aware of the fundamental meaning of an employer of record and staffing agency, let us now discuss the main differences between them. Here are the three main points that distinguish the functioning and other aspects of an employer of record and staffing agency –
1) Roles and responsibilities:
The first and most crucial difference between an employer of record and a staffing agency depends on the roles and responsibilities. Staffing agencies or employment agencies arrange for candidates as per the skillset demanded by the client company. Candidates hired by staffing agencies are not permanent employees but temporary workers on agency payroll.
On the other hand, an employer of record is mainly responsible for managing employment matters such as benefits, administration and taxes, payroll, day-to-day activities, and maintaining employee records.
Since an employer of record is mainly responsible for reviewing compliance and tax laws, the client does not have to worry about any of these matters. It is because they know a team of qualified professionals is caring for them.
However, there are cases where a staffing agency also works with an employer of record. Still, it is possible only if the requirement needs a diverse availability of purposes in the workplace. Therefore, an employer of record and a staffing agency has different roles and responsibilities that differentiate the two in terms of their role while working with the client.
2) Benefits:
An employer of record and staffing agencies also differ based on the client company’s benefits. For instance, getting the right assistance from an employer of record allows a company to save immensely on its time and focus on the cost-effectiveness of outsourcing the fundamental human resource functions, payroll, workers’ compensation, compliance matters, and employee benefits. Moreover, the money a company saves by outsourcing these functions can be used to expand the business, arrange for a steady income, or pursue any other purpose.
In such cases, it is comparatively easier to onboard great talent, especially when a company is taking their assistance from an employee record. Therefore, it becomes easier for client companies to ramp up staff, and it helps to arrange top-quality workers in foreign locations.
On the other hand, staffing agencies usually do not have the resources to manage human resource training, accounting and payroll skills, risk management, compliance knowledge, and employee benefits background to fulfill the employer’s demands. Since there is a significant difference between the benefits the client can expect from an employer of record and staffing agencies, the two are different in terms of the benefits they provide.
3) Objective
The basic functioning of an employer of record and staffing agency also depends on their respective objectives. For example, if we talk about the purpose of an employer of record, they usually look after compliance, taxation, employee benefits, and contracts of their client company. An employer of record, in such cases, is usually responsible for handling all the personnel functions, including tax deposit and filing, payroll processing, and taking care of employment contracts and related paperwork. These functions also include arranging for employee insurance, performing e-verification, unemployment insurance, and workers’ compensation.
In addition, an employer of record is also responsible for conducting background checks and drug screening during the recruitment process and providing administration benefits, including termination of employees and handling worker issues. On the other hand, staffing agencies usually look after the recruitment process by assigning them their specific roles, managing during seasonal work and special projects by filling out the requirements for the temporary skills shortage. Therefore, they are mainly responsible for fulfilling employee requirements of a client company.
In a nutshell, we can say that the roles and responsibilities of an employer of record and a staffing agency are far different. While an employer of record provides diverse solutions to its clients, a staffing agency provides relatively lesser but essential services to its clients. Therefore, play an important role in streamlining recruitment and employee management, although there are significant differences in how they function and the services they provide.
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Business
PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.
(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.
This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.
Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.
Pepsi’s beverage sales fell this quarter.
The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.
Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.
Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.
The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.
Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.
Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.
Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.
Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.
Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”
Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.
The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.
Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.
The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.
Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”
Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.
The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.
Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.
The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:
SOURCE: CNBC
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Old National Bank And Infosys Broaden Their Strategic Partnership.
(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.
This expansion is more likely to take place sooner rather than later, with the likelihood being higher.
For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.
This lets the bank leverage Infosys’ services, solutions, and platforms.
Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”
This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.
This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.
Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.
Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.
Infosys currently ranks Old National thirty-first out of the top thirty US banks.
This ranking is based on the fact that Old National is the nation’s largest banking corporation.
It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.
Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”
This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.
We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.
Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.
SOURCE: THBL
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American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack
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The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.
American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack
American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.
According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.
SOURCE | AP
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