Compensation and benefits are two of the most important parts of employment. Providing the appropriate level of compensation and coming up with a competitive Burkina Faso benefit management plan can help your company stand out from those offering other open positions. It can also encourage high retention rates. Plus, meeting Burkina Faso’s compensation laws will help your company stay compliant without the risk of fines or delays.
Globalization Partners also understands the importance of compensation and benefits, which is why we provide Burkina Faso benefit and compensation outsourcing. As a global PEO, we have a suite of global expansion services that will take the risk of compliance off your shoulders and onto our own. You won’t have to incorporate, and you can run your company knowing your employees will receive the compensation and benefits they deserve.
Burkina Faso Compensation Laws
Burkina Faso’s compensation laws include a minimum wage of 34,664 West African CFA francs a month for formal sector employees. The minimum wage last changed in 2012, and it doesn’t apply to the agricultural industry or other informal occupations. As an employer, you need to meet this minimum wage or separate compensation guidelines outlined in an applicable collective bargaining agreement (CBA).
Guaranteed Benefits in Burkina Faso
Your employees must receive all statutory benefits required by law through your Burkina Faso benefit management plan, including paid time off for the country’s 13 national holidays and at least 22 days of paid annual leave. That said, a CBA could have other regulations related to time off that your company will need to follow to stay compliant.
Maternity leave is another guaranteed benefit that all employers must provide. Female employees should receive 14 weeks of paid maternity leave that both you and social security pay for. Your male employees should generally get 20 days of leave that they can use for any home life events.
Burkina Faso Benefits Management
Once you add specific benefits to your plan, you need to find the best way to give out those benefits. Providing additional benefits as part of your Burkina Faso benefit management plan is a great way to show employees how valuable they are to your company. Check to see what benefits other companies in your industry are providing, and also work with employees to see what rewards would mean the most. You may provide performance-based bonuses, a stipend for health care, or something else.
Restrictions for Benefits and Compensation
Your company cannot provide benefits and compensation until you incorporate in Burkina Faso. However, setting up a subsidiary from start to finish can take several months or even years as you learn complicated tax laws, hire employees, and more. Globalization Partners can change the timeline from a few months to a few days. We’ll use Burkina Faso compensation and benefits outsourcing to make your expansion fast and simple, and our experts will make sure you’re staying compliant.
Choose Globalization Partners Today
Your overseas expansion doesn’t have to break your budget or take up all your time. Contact Globalization Partners to learn more about Burkina Faso benefits and compensation outsourcing.