Hire your remote team in Slovakia

Only 499 EUR per employee per month

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Hiring a remote team in a country as Slovakia comes with a lot of overhead, such as compliance, local laws, taxes, etc. As a company, you don't want to worry about knowing all the local laws. Instead you want to focus on your remote team and the business. Rivermate's Employer of Record (EOR) solution helps companies hire remote employees in Slovakia. We take care of global payroll, taxes, benefits, compliance and HR activities. So you can focus on growing your business.

A remote team

1. Hire a remote team in Slovakia with Rivermate

Payroll, benefits, taxes, and compliance can be difficult to manage in Slovakia, particularly if you don't have established local relationships. You can hire employees in Slovakia effectively, conveniently, and in full compliance with all relevant labor laws using Rivermate's global Employer of Record (EOR) solution. We handle the responsibilities and legal risks associated with foreign employment so you can concentrate on growing your company.

2. Introduction

Rivermate is a global employment solutions company that provides Employer of Record services in Slovakia.

As an employer of record, we help you hire employees and run payroll services in Slovakia, allowing you to avoid the necessity of first establishing a branch office or subsidiary in Slovakia.

It is not necessary to establish an entity in order to hire an employee. We can hire your employee in any country with a few mouse clicks. Using our Employer of Record solution, you can have full compliance, benefits, and automated payments.

If you wish to hire a remote team in Slovakia or individually hire remote employees in Slovakia, Rivermate’s global employer of record services will make sure that the process will be as seamless as possible for you.

Send us a message so we can talk about how Rivermate’s Employer of Record Slovakia services can best help your company!

3. Hire a remote team in Slovakia

Slovakia, also known as the Slovak Republic, is a landlocked Central European country. In the year 2020, the Covid-19 pandemic had a significant impact on Slovakian citizens and the economy.

Slovakia handled the situation admirably and is now attempting to return to normalcy. The country is enacting new policies and educating its citizens in order to increase employment opportunities.

4. Cost of living in Slovakia

Slovakia's cost of living is $913, which is 1.02 times less expensive than the global average. Slovakia ranked 76th out of 197 countries in terms of cost of living and 50th in terms of quality of life.

In Slovakia, the average after-tax salary is $994, which is enough to cover living expenses for 1.1 months.

5. Cost of renting in Slovakia

Living in a country is determined by a variety of factors such as the state, location, area, utilities, local policies, and so on. These factors also influence the cost of living in Slovakia. However, the most important aspect of living in a country is always the location. In Slovakia, the average cost of renting a single apartment or a PG, hostel, or shared flat is around 400-600 Euros. Rent is also determined by the standard of living and the location of the apartment.

6. Major industries in Slovakia

Slovakia has stable macroeconomic policies, which makes the country more appealing to US exporters.

Engineering, electronics, automation, service, and tourism are the major industries in Slovakia.

Slovakia's automotive industry continues to be a major source of deficit financing and export growth through FDI inflows.

Despite the disruption of foreign and domestic demand caused by the covid-19 pandemic, Slovakia has strong economic growth.

More emphasis should be placed in Slovakia on improving the skills of the population in order to create more jobs, boost productivity, and make the country's economy more resilient.

7. Hiring cost in Slovakia

The cost of hiring an employee is an important step in the hiring process. It is determined by a variety of factors such as overall expenditure, cost of living, and a variety of other factors such as the cost of:

- Onboarding employees

- Training the employees

- Other miscellaneous costs

8. Employment laws Slovakia

- In Slovakia, employment relationship legislation is governed by the Labor Code.

- An agreement must be drafted and signed by mutual agreement between the employee and the employer in order to establish employment relations.

- The Labour Code categorizes contract work into three types: activity contracts, work performance contracts, and temporary student contracts.

- A contract between the employee and the employer should include the following specifications in the written contract:

- Place of work

- Job Description

- Date of commencement of employment

- Salary (unless the agreement has been agreed in collective bargaining).

- An employee must be aware of the employer's safety, health, and work regulations, as well as the collective agreement.

- Employing people without establishing proper employment relationships is illegal.

- According to the Labour Code, there are two types of contracts in Slovakia. They are contracts that are both definite and indefinite. The Labour Law is more oriented toward a fixed contract period.

- A new employee is entitled to a three-month probationary period. For certain managerial positions, the period may be extended to six months.

- Employees are entitled to some cash and non-cash benefits while on the job.

- A new employee is entitled to a three-month probationary period. For certain managerial positions, the period may be extended to six months.

9. Top skills Slovakia

The service sector in Slovakia has grown in recent years, now employing nearly 69% of the population and contributing significantly to the country's GDP. Slovakia is focusing on skilling its population in order to increase employment and productivity in a variety of sectors. The skills provided are based on the importance of a specific city and its dominant sector.

The following are the major industries hiring in Slovakia:

- Automotive

- Chemical Industry

- Mechanical Engineering

- ICT

- BPO and shared services

- Pharmaceutical and Life Sciences

Bratislava is Slovakia's richest region, accounting for 26% of the country's GDP. Around 75% of Bratislava's population works in service industries such as telecommunications, information technology, tourism, and banking. Bratislava is home to the famous Volkswagen factory.

Koice, located on Slovakia's eastern border, is another economic hub that contributes 9% of the country's GDP. With around 13,500 employees working in the steel mill and other IT solutions, it is Slovakia's second-largest employer. Other important industries in Kosice include:

- Services

- Food Industry

- Trade

- Mechanical Engineering

- Information and communication technologies

PreŇ°ov is the third-largest city in Slovakia and is well-known for its business centers. It is also a popular tourist destination. As a result, the tourism industry employs the most people here.

ŇĹilina is Slovakia's fourth largest city and an important industrial center. The city is well-known for its construction and shopping malls. Kia Motors, a Korean automobile manufacturer, is the city's largest employer. Other industries in Zilina include:

- Constructions

- Transportation Engineering Industry

- Chemical Industry

- Textile mills

10. Economic landscape in Slovakia

Despite the current pandemic situation, Slovakia's economy is expected to grow by 4.2% in 2021. Domestic demand is expected to rebound in the second half of 2021 as restrictions are lifted and vaccines are distributed. Slovakia's economy is expected to grow by 5.2% in 2022, as the unemployment crisis subsides.

11. Market size in Slovakia

Markets in Slovakia are expected to grow over the next few years, according to Statista Digital Market Outlook. Slovakia's market is expected to grow at a compound annual rate of 5% over the next four years.

12. Minimum wage in Slovakia

The Slovak Republic has increased its minimum salary to 623 EUR per month in 2021. However, many workers earn more than 900 EUR a month, and possibly even more depending on the company's health. Salary and perks are both considered part of work income under Slovak Republic compensation rules.

13.Why choose Rivermate to hire your remote team in Slovakia?

Establishing an entity in Slovakia to hire a team takes time, money, and effort. The labor law in Slovakia has strong worker employment protection, requiring great attention to details and a thorough awareness of local best practices. Rivermate makes expanding into Slovakia simple and effortless. We can assist you with hiring your preferred talent, managing HR and payroll, and ensuring compliance with local legislation without the hassle of establishing a foreign branch office or subsidiary. Our PEO and Global Employer of Record (EOR) solutions in Slovakia give you peace of mind so you can focus on running your business. Please contact us if you'd like to learn more about how Rivermate can help you hire employees in Slovakia via our Employer of Record (EOR) / PEO solution.

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