Hiring and Payroll in Finland
Finland is one of the most attractive countries in Europe and arguably the world. According to Visit Finland, Kilpisjärvi in Lapland — a city in Finland has one of the cleanest airs in all of Europe. But that’s not all there is to Finland’s charm. Finland’s small, albeit young, population are highly skilled and are responsible for some of the world’s innovative creations, such as the world’s first heart rate monitor, the famous Nokia phones, the popular Angry Birds game, and more recently, the 5G technology.
Rated as the World’s happiest place to live, Finland also has one of the safest cities in the world — Helsinki, according to Reader’s Digest global test.
As one of the world’s leading technology regions, Finland has a vast pool of young and highly skilled talent. This article highlights all you need to know about hiring a remote team and managing payroll in Finland efficiently.
How to hire employees in Finland
Are you looking to hire employees in Finland? Organizations planning to hire employees in Finland must comply with Finland’s employment laws. Also, the two primary ways of hiring employees in Finland are via two processes — partnering with an Employer of Record and hiring via Job boards.
To hire via the conventional job boards ad placement and search for talent, organizations in Finland use job sites such as Monster.fi, Oikotie.fi, Duunitori.fi, and CareerJet. Alongside these popular job placement sites, employers in Finland use Glassdoor and LinkedIn as well.
Hiring with an Employer of Record in Finland
An Employer is an employment platform that enables employers to hire and onboard contractors and full-time employees in over 160 countries without setting up a subsidiary or an entity. It also allows organizations to manage payroll efficiently and ensure full compliance with country-specific employment laws.
Employer of Record platforms in Finland helps organizations hire their preferred employees without going through the hassle of ensuring compliance with Finland’s employment laws. As the organization’s legal employer, the Employer of Record shoulders all legal responsibilities and consequences, ensuring the organization carries out business in Finland with no hassles.
Payroll in Finland
Organizations can pay employees in Finland via subsidiaries or an Employer of Record platform. However, managing payroll in requires strict adherence to Finland’s payroll and employment laws. In most cases, the payroll cycle in Finland is monthly. However, organizations can agree on beneficial cycles with the employee.
Paying employees via subsidiaries
Many organizations pay employees in other countries by establishing subsidiaries. Establishing subsidiaries ensures organizations have legal rights to hire and pay employees in Finland. Managing payroll in Finland is possible by establishing subsidiaries.
Managing Payroll in Finland with an Employer of Record platform
Due to the challenging process of setting up a subsidiary in Finland, midsize or small organizations can pay employees in Finland using an Employer of Record platform.
With an Employer of Record platform, global organizations can pay their employees seamlessly without setting up a subsidiary in Finland.
The Cost of Hiring an Employee in Finland
Organizations planning to hire a remote team in Finland must take note of the cost and resources it will require. Like every business pursuit, understanding the financial requirements is key to managing growth expectations and helps in efficient planning and structure of the organization.
Therefore, the cost required to hire an employee in Finland involves the following.
- The subsidiary establishment expenses and cost of running the business
- Acquisition of a legal team
- The employment and payroll platform costs
- Job boards ad placement costs
- Interviews and background checks expenses
Organizations planning to hire a remote team in Finland can do so at a cost-effective price by partnering with an Employer of Record platform like Skuad. Skuad is a global employment and payroll platform that handles the entire employment lifecycle of organizations in Finland by managing all employment-related activities and ensuring compliance with Finland’s employment laws.
Organizations planning to hire a remote team or manage payroll in Finland can make the process easier by partnering with Skuad’s global employment and payroll platform.
Skuad simplifies the process of hiring employees, paying employees, and ensuring compliance with country-specific employment laws in over 160 countries across the globe without setting up a subsidiary or an entity.
With Skuad, you will save time and money while enjoying the benefits of top-notch HR administration anywhere in the world.
To know more about Skuad, book a demo today.