We’re thrilled to announce that G-P has once again been recognized as the leader in Employer of Record (EOR) services by The IEC Group in their 2024 global EOR study. Since the study’s inception in 2023, G-P has consistently been positioned as the top provider. This year’s report highlights our innovative technology and services, such as the Global Growth Platform™ and G-P Meridian Suite™, which have set us apart from the competition.
To identify the industry leader, The IEC Group evaluated the scope, depth, and maturity of 110 global EOR providers. Our operations across 180+ countries, advanced automation capabilities, and certified integrations with leading HCM and payroll partners propelled us to the forefront of the expanding EOR industry.
“G-P is the unrivaled leader in the EOR market, with an extensive network of over 100 legal entities supporting operations in more than 180 countries. Over 97% of their activities are managed through their own entities and a robust partner network. G-P leverages its state-of-the-art Global Growth Platform™ and technological solutions to drive its success.” —The IEC Group
The IEC Group forecasts significant growth in the EOR market, projecting a compound annual growth rate (CAGR) of 16.7%, leading to a market value of USD 12 billion by 2030. Between 2023 and 2024 alone, the market saw an increase of USD 1.013 billion, with projections for 2025 anticipating an additional USD 1.108 billion.
As companies increasingly seek to expand into new markets, those that delay global operations risk falling behind their competitors. G-P’s recent Global Growth Report reveals that 77% of executives worldwide struggle to find skilled talent in their current markets, often turning to EOR partners for assistance.
The IEC Group emphasizes the importance of speed to market when partnering with an EOR. As more companies aim to establish a global presence, an EOR can facilitate rapid market entry by enabling businesses to hire talent anywhere in the world without the need to set up a local entity. The EOR handles local labor laws, employment regulations, and payroll, allowing companies to quickly onboard talent and begin operations within minutes, compared to the months it would typically take to establish an entity.
For example, molecular diagnostics leader AmoyDx relied on G-P to hire team members in Japan and South Korea when launching their first approved product in those regions. With G-P’s expertise, AmoyDx swiftly navigated new markets and built their global team in compliance with local laws, resulting in significant returns on investment. By fiscal year 2022, AmoyDx’s international business generated RMB 100 million.
But speed is just one of the many advantages of partnering with an EOR.
The IEC Group report underscores how compliance with local laws reduces legal risks. EORs ensure adherence to local employment laws, tax regulations, and benefits requirements, minimizing the risk of legal issues. This means companies can expand globally with confidence, knowing they’re operating legally and are less exposed to penalties that could harm their revenue and reputation.
Compliance is crucial for the success of any business seeking to go global, particularly for G-P’s client, Australian-based Aurora Expeditions. With cruises visiting remote locations such as the Arctic, Antarctic Circle, and the coasts of Iceland, Scotland, and Costa Rica, expanding their team globally seemed daunting. “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 that make global expansion seem unworthy of pursuit.” However, by partnering with G-P, Aurora Expeditions was able to hire employees with customized local contracts that met all legal requirements.
The IEC Group report highlights how certified integrations drive industry excellence. The study revealed that the EOR space now hosts over 800 providers, with many newcomers offering “all-in-one” solutions. However, this approach often falls short of delivering the best results across all areas.
Attempting to build and maintain every component of an HR tech stack can lead to functionality gaps and operational disruptions, ultimately resulting 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 our EOR products with industry-leading HCM and payroll partners. This enables G-P to offer the most comprehensive and compliant global hiring and HR tech solutions, unmatched by all-in-one providers.
The IEC Group has called G-P a “dominant force with next-generation technologies.” We stay ahead of the curve through continuous innovation. Our fully customizable EOR solutions and global employment products are designed to meet today’s demands while anticipating future needs.
In 2023, G-P introduced GIA™, the first-ever generative AI-enabled Global Intelligence Assistant, to provide guidance and support at every stage of global growth. GIA consolidates G-P’s extensive global expertise and proprietary knowledge into a single, structured knowledge engine. Designed to lower barriers to global growth, GIA helps customers find answers to all their hiring and compliance questions, 24/7, 365 days a year. As of June 2024, GIA has handled over 25,000 customer inquiries.
When you choose G-P, you can streamline the entire global employment lifecycle with automated and self-service workflows that support your team every step of the way. From hiring and onboarding to payroll and end-to-end HR support, managing and building global teams is simple with G-P.
